Comera Pay, the fintech subsidiary of Comera Financial Holding, today announced it has received the final approval from the Central Bank of the UAE to operate as an authorised fintech company, offering services under the Retail Payment Services and Card Schemes, category II (RPSCS) and Stored Value Facilities (SVF) licenses. Following the approval, Comera Pay is set to launch its services within officially
the next month.
This approval allows Comera Pay to provide various digital financial services to consumers and businesses in the UAE. For consumers, Comera Pay will offer a range of digital payment solutions including a digital wallet, remittance services, prepaid cards, virtual IBANs, bill payments, mobile top-ups, peer-to-peer payments, QR code payments. Comera Pay also plans to integrate with Instant Payment Platform (IPP), become a direct participant of Aani, and issue cards under the Jaywan scheme.
For businesses, Comera Pay will provide payment processing solutions, loyalty programs, QR code payment acceptance, multi-currency wallets, virtual IBANs, B2B remittance services, debit and prepaid cards solutions for corporate expense management, merchant acquiring, aggregation and settlement services.
“There is huge potential for growth in digital payments and financial services in the UAE, and Comera Pay is well positioned to enable more convenient, flexible and rewarding experiences for both consumers and businesses,” said Harish Parameswaran, Vice President of Comera Financial Holding. “We will continue investing in cutting-edge technologies and forging strategic partnerships to expand our range of services and reach more customers across the country.”
Comera Pay is building a state-of-the-art payment infrastructure, with advanced features like instant payment notifications, real-time balance updates, and robust security protocols to safeguard customer data and transactions. Comera Pay aims to provide convenient, affordable and secure financial solutions to UAE citizens and residents through the latest technologies.
