Beyond ONE™, the digital services provider and TMT-sector (technology, media, telecommunications) investment and operations company, has announced the launch of FRiENDi Pay— a digital mobile wallet service that will simplify remittances, reduce costs, and increase efficiency for FRiENDi mobile subscribers in Saudi Arabia.
Simplifying Remittances
Remittances play a crucial role in the banking sector in Saudi Arabia, especially with its 40 percent expatriate population (13.4 million), many of whom send money back to their home countries every month. FRiENDi Pay introduces a new level of convenience, transparency, and peace of mind for its customers.
The service enables access to banking services and fosters financial inclusion for a demographic that hasn’t always been accommodated. With seamless and instant international money transfers to countries that include Bangladesh, India, Pakistan, and the Philippines, among others, FRiENDi Pay offers cash-to-account (CTA), account-to-account (A2A), and wallet transfers.
Incorporating fintech services into FRiENDi Mobile's digital platform is part of Beyond ONE's overarching mission to enrich, streamline, and broaden the horizons of its customers, regardless of their location. More digital services are in development for all its brands, with a primary focus on closing gaps and fostering communities, challenging the existing industry norms.
Markus Tagger, Group CEO, Beyond ONE, said: “Beyond ONE empowers its customers to take the lead in as many decisions as possible, and we do this by helping to build and reshape their digital ecosystems so that they are more connected, more inclusive, and more enriching, but always as simple as possible. FRiENDi Pay is an excellent example, and we are delighted to introduce it to our customers in the Kingdom. It is also just the beginning of the suite of innovations that Beyond ONE will be bringing to the worlds of FRiENDi Mobile and Virgin Mobile, in the Middle East, Latin America and beyond.”
Adeel Niazi, Group Chief Fintech Officer, Beyond ONE, said: “Successfully launching FRiENDi Pay is a milestone moment for us; with more than 875,000 downloads of the app already, there’s a real need for instant, user-friendly financial services that provide immediate benefits. Not only are we making it as simple, convenient, and accessible as possible to initiate payments, FRiENDi Pay is also adding immediate value by waiving transfer costs for the first transaction.”
With a focus on simplicity, cost reduction, and enhanced efficiency, this new offering aligns with Beyond ONE's commitment to empowering and enhancing the digital experiences of its users in the ever-evolving landscape of technology, media, and telecommunications. The introduction of FRiENDi Pay exemplifies Beyond ONE's dedication to providing cutting-edge digital services that cater to the evolving needs of its customer base in the Kingdom.
