Qpal, a UAE-based payment tech startup has won the Visa’s Everywhere Initiative in MENA – an international program by Visa that seeks to find the next disruptive payment technique.
The UAE-based startup developed a mobile payment solution that enables quicker and cashless purchases at events. Qpal managed to beat 12 other finalists that were selected from a total of 190 entrants. They also received a US$50,000 award as the winner of the “Acceptance Challenge”, and the overall prize as well. Additionally, the startup gets the awesome opportunity to work at Visa’s Innovation Center located in Dubai, that will allow them to develop their concept with the guidance and support of the Visa team.
“It was a really forward-thinking initiative run by Visa for the Middle East region, [and it was] great to be a part of its inception,” commented Craig Buchan, founder & CEO, Qpal, about the Visa Initiative.
The objective of Visa’s Everywhere Initiative is to find the next big payment tech, which is done through three business challenges: Acceptance challenge – enabling electronic payments and e-commerce solutions among small merchants, Airport Transit- transforming transit experience at airports, and Loyalty challenge – tech that helps build customer loyalty. Swvl, an Egypt-based startup that provides shuttle services won the Airport Transit challenge and $25,00, while Bebuzzd, a UAE-based startup, a consumer loyalty app, won the Loyalty challenge and $25,00.
Shiv Singh, SVP – Innovation and Strategic Partnerships, Visa, said: “The future of digital payments will be shaped through collaboration, and we look forward to working with our startup partners to transform the payments landscape over the coming years to the benefit of consumers, merchants and issuers alike.”
For more information, you can read here.