MoneyHash, Spare team up on UAE Pay By Bank push

Merchants finally found a way to dodge credit card fees entirely. MoneyHash partnered with open banking infrastructure provider Spare to bring direct bank payment options into the UAE market. This deal allows sellers to ditch traditional processing methods for faster settlements and reduced transaction costs.

Open banking acts as the main driver here, enabling secure account-to-account transfers that satisfy strict Gulf regulations. Businesses get to optimize their spending while offering customers more choices at checkout. MoneyHash insists this collaboration supports broader innovation regarding compliant financial practices.

Chief Operating Officer Maram Alikaj argued that linking accounts directly offers better security and speed than legacy systems. She feels this alignment helps the industry adopt modern capabilities while adding value for companies. The goal involves simplifying operations without ignoring necessary rules.

Spare Country Manager Shaima Ghafoor claimed they want to make these tools accessible for every organization. She stated that working together reinforces the financial infrastructure needed for handling direct transfers. This push apparently aids market development in key areas like Saudi Arabia.