Abu Dhabi - Sharikat Mubasher: Pyypl, a leading fintech company in the Middle East and Africa (MEA), concluded a strategic framework agreement with the global payment card services corporation Visa to democratize access to financial services in the region, the company revealed in a press release.

Pyypl also obtained Visa’s principal license that enables it to issue virtual and physical prepaid Visa cards through its accessible mobile application directly to its users.

The agreement further recognizes the license approval process in other markets that Pyypl is entering, enabling it to provide access to prepaid Visa cards in these markets with the support of local regulators.

This partnership underpins Pyypl’s innovative business model, highlights the latest innovation in the company’s transformational consumer offering, and expedites its global expansion by enabling Pyypl to provide Visa cards on a pan-regional basis.

Commenting on this partnership, Antti Arponen, CEO and Co-founder of Pyypl, said: “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.”

For his part, Hasan Kazmi, Head of Strategic Partnerships and Ventures for Europe, the Middle East, and Africa (CEMEA) at Visa, stated that the partnership with Pyypl came as part of Visa’s efforts to advance 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," Kazmi added.

Pyypl aims to offer transformational financial services to 850 million financially underserved smartphone users across Africa and the Middle East in a single application via internationally accepted virtual and physical prepaid cards, instant domestic and international user-to-user transfers as well as remittances to 80 countries.