Licensed to conduct the Stored Value Facilities (SVF) and Retail Payment Services and Card Schemes (RPSCS) by The Central Bank of the UAE, Whizmo is designed to make a significant impact on the financial landscape of the nation
Whizpay Technology LLC, has introduced its all-in-one financial app Whizmo for citizens, residents and businesses of the UAE, building upon the country’s broader vision of democratizing financial services and fostering economic growth. The company has been granted the Stored Value Facility (SVF) and Retail Payment Services and Card Schemes (RPSCS) licenses from the Central Bank of the UAE and the app will be available for download on both the Play Store and App Store.
The Whizmo App is a secure digital wallet with a multitude of innovative features and a speedy onboarding process for individuals authenticated by the UAE Pass. It empowers users to securely store funds, make contactless smart QR transactions, pay utility bills and mobile recharges, and make instant local and international money transfers—all within its intuitive, chat-based interface.
Moreover, with a robust network of merchants and partners, users can conveniently pay for purchases directly through the app. Users can also load e-money into their wallets by converting cash at designated retail outlets, known as ‘Whizmo Cash Points,’ and then withdraw cash from the same locations. Built to serve both individuals and enterprises, the app addresses important issues related to managing daily transactions and provides users with improved control over financial activities, especially since it does not require users to link it to their bank account. With these features, Whizpay Technology is empowering the UAE’s financial landscape with reliable money solutions for all.
Saeed Bin Khalaf Bin Ahmed Al Otaiba, Chairman, and the driving force behind Whizmo, stated, “We are extremely delighted to introduce the Whizmo app to the UAE. With an unwavering commitment to financial inclusion and empowerment, we are confident that Whizmo will emerge as a preferred digital money solution, enabling users to take control of their money and streamline financial activities for all, especially among the unbanked communities.”
Echoing his views, Eric G. Karobia, CEO of Whizmo, stated: “Whizmo is more than just a financial app; it is a catalyst for change.” He further elaborated on the organization’s journey, explaining how the app was conceived in response to the challenges faced by individuals and business owners who have encountered financial frictions in their daily transactions due to strong dependence on cash or have been largely disenfranchised.
“Our goal was to develop a solution that bridges existing financial gaps, provides people with financial freedom, reduces their reliance on cash, and nurtures opportunities for holistic growth,” Karobia added.
While individuals will be able to effortlessly manage their everyday finances with Whizmo, businesses can also benefit from its wide range of features designed to simplify daily transactions. Notably, Whizmo will facilitate instant realization of funds, eliminating the long waiting periods often observed in traditional non-cash payment methods. This will allow business owners to focus on their operations without disruptions and enjoy improved cash flow and much-needed working capital.
Soon, they will also be able to make swift B2B and B2C payments, receive money digitally across the Emirates, pay supplier bills, and disburse salaries directly to their staff members’ Whizmo wallets with just a few clicks using their smartphones. As a result, users’ reliance on physical currency will be reduced and geographical proximity issues will be addressed.
There has been a growing sense of anticipation among consumers, businesses, and industry experts with regard to Whizmo’s offerings. With its innovative features, commitment to user satisfaction, advocacy for financial inclusivity, and a vision for a cashless future aligned with the UAE government’s digital economy goals, Whizmo is determined to create a meaningful impact on the financial landscape of the country and beyond.
