Pyypl, a fintech company in the Middle East and Africa (MEA) has announced its Principal Licence Membership and strategic framework agreement with Visa.
The partnership with Visa is a testament to Pyypl’s mission to democratise access to financial services, its business model and the large market opportunity.
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The Principal licence also enables Pyypl to issue virtual and physical prepaid Visa cards, through its accessible mobile application, directly to its hundreds of thousands of active users, elevating its users from cash, mobile money and being financially underserved to the world of digital payments.
The Strategic Framework Agreement further recognises the licence approval process in other markets that Pyypl is entering. With the support of local regulators, Pyypl is able to provide access to prepaid Visa cards in these markets, fast-tracking financial inclusion across the MEA region.
The partnership is aligned with Visa’s growth strategy of enhancing access to capabilities for 850 million digital natives across MEA
This marks the latest innovation in Pyypl’s consumer offering and accelerates Pyypl’s international expansion by enabling, over time, the Company to offer prepaid Visa cards on a pan-regional basis.
Antti Arponen, CEO and co-founder of Pyypl, commented: “We are excited to announce our partnership with Visa. Our payments ecosystem has multiple benefits for Visa and will accelerate the provision of financial services to the vast population of underserved digital natives in the region. Working closely with Visa and local regulators in new markets, we are focused on growing Pyypl’s presence and contributing to advancing financial inclusion across the region.”
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By GlobalDataHasan Kazmi, VP, head of strategic partnerships and ventures, CEMEA, Visa, added: “We are delighted to welcome Pyypl to our mission of advancing financial inclusion. We believe in empowering underbanked consumers by providing them with innovative, secure payment solutions. This not only gives them access to the digital economy, but also helps them thrive in this increasingly digital age.”
