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UAE’s Astra Tech now leads the country’s remittance industry through its subsidiary Botim.
Botim’s fintech arm, PayBy, reported a 41-fold increase in remittance transactions of Dhs1.3bn since its launch in January 2023.
The platform has positioned itself as a financial powerhouse, equalling the capabilities of traditional banks. The transformation is driven by an expansion in its user base, which now exceeds 150 million users, demonstrating a remarkable surge in user adoption.
Since January, PayBy has witnessed a 75 per cent increase in the number of transactions quarter-on-quarter across its fintech offerings. The most substantial remittance corridors are from the UAE to India, Pakistan and the Philippines.
The platform recorded a 98 per cent success rate on all processed transactions to date. Botim’s milestone is a result of its strategic acquisitions and partnerships that have been instrumental in underpinning this growth, including a recent collaboration with Fawry in Egypt and the acquisition of Y Finance in the Philippines.
“In just a few months, we have already emerged as the UAE’s foremost player in remittances. Botim has seamlessly evolved into an extensive platform, offering a wide range of financial services, including peer-to-peer transactions, international money transfers, and cards,” said Abdallah Abu Sheikh, co-founder of Astra Tech and CEO of Botim.
“The platform’s inclusive approach empowers individuals without traditional banking access to conduct seamless global transactions, benefiting both users and merchants.”
Botim partnered with MoneyGram earlier this year, positioning itself as a pivotal player in the remittance industry. The partnership also paved the way for the company to facilitate cross-border transactions.
Astra Tech’s strategic acquisitions and innovative solutions, reaffirm the platform’s commitment to revolutionising the remittance landscape and pioneering transformative financial services for users worldwide.
The company remains committed to reshaping fintech accessibility and experiences while championing a more connected and empowered future.
Botim’s growing ecosystem
Meanwhile, Astra Tech partnered with Mastercard in August to introduce Botim-branded multi-currency prepaid cards. The initiative gave the platform’s users in the UAE who do not meet banks’ minimum income requirements access to digital payments and banking services.
Botim prepaid card users will have access to a wide range of integrated financial services conveniently and securely, enabling digital and offline transactions and allowing for efficient budgeting, while eliminating the need to carry cash.
The Botim prepaid debit card is accepted in more than 200 countries, offers UAE dirham and the US dollar, and the company plans to additional currencies in the future.
The cards require a single upfront payment and come in two variants – the Standard Card, which goes for Dhs25 and the Metal Card, a premium option available for Dhs200.
Earlier in September, Astra Tech partnered with Ant Group to integrate Alipay+’s global cross-border digital payment and marketing solutions through the PayBy merchant network.
The integration seeks to enable over 1.4 billion wallet users to conduct transactions seamlessly, directly from their home e-wallets while visiting the UAE, devoid of any currency conversion.
