A Dubai based fintech company specialising in payment processing is set to launch OG Bank and OG Pay (On the Go) a digital banking solution, chat based payment wallet and a digital point of sale (POS) all to be operated from mobile devices.
It comes as a deal has been signed by OG Bank and OG Pay with Bankable, the global architect of “Banking as a Service” solutions, to offer digital banking and digital payment solutions primarily in the UK and Germany.
Whilst OG Bank will be a digital bank, OG Pay claims that with a chat-based payment solution and digital pos through mobile phones in a closed loop environment they will cause major disruption in these markets.
Chat based payment solutions and mobile payment processing is widely and commonly used in Asia. For the last few years a cashless race has been seen in Asia with global players emerging however this type of technology has rarely been seen in Europe. A closed loop system can create advantages for consumers due to the competitive nature and low costs for operators.
Mohammed Ibraheem Khan, CEO of OG Bank and OG Pay said: “I chose Bankable as a technology partner to support my ambition in multiple markets. OG Pay will change the way individuals and businesses send and receive money along with how businesses process payments. We are going to ruffle feathers… A disruption is needed and disrupt we shall.”
Whilst digital banks are emerging and growing in popularity the emergence of payment wallets and adoption in the UK and Europe has been slow. With the world in a cashless race only time will determine the success of such technology in established markets.
Eric Mouilleron, Founder and CEO of Bankable added: “Bankable is delighted to partner with Dubai based OG Pay, a chat based payment pioneer, to launch new payment solutions in the UK and Germany.
“OG Pay is an ambitious organisation planning to launch digital banking services supported by Bankable API infrastructure, not only in Europe but also in Pakistan, Egypt, Malaysia, Indonesia and other jurisdictions. Bankable will partner with OG Pay in all its markets, appointing new regional bank sponsors in the process.”