FOO Ties with Paymentology to Launch a Digital First Virtual Card Platform

UAE-based B2B SaaS solution provider FOO has partnered with global issuer-processor Paymentology to launch a Digital First virtual card platform.

This out-of-the-box virtual card platform aims to update the digital offering for businesses across various industries while also improving customer experience. The virtual cards delivered by the platform are issued instantly, and they can be used for e-commerce transactions, app payments, online payments, and in-store payments.

While FOO is responsible for the financial technology behind the platform, Paymentology takes charge of the card issuing process. Through this partnership, the two companies aim to deliver a solution to activate virtual card issuance services within any industry.

Officials from FOO have stated that their partnership with Paymentology represents a step towards global expansion, as FOO is looking to expand into other markets such as Africa.

FOO works with banks, fintech companies and retailers across the MENA region, Africa, Europe, and USA, including Mastercard, Visa, Benefits, Zain Group, PwC, and MAF. The company relies on a modular platform built on digital micro-services in order to deliver personalised digital products. Some of these products include solutions for remittances, digital wallets, tokenised transactions, fully automated micro-lending and BNPL.

Officials from Paymentology have stated that their goals align with FOO's ambitions to enable payments in diverse markets. Paymentology has established a presence in 49 countries across Africa, Asia, the Middle East, Latin America, and Europe.

In December 2021, Paymentology merged with third-party payments enabler Tutuka in order to offer banks and fintechs the technology and experience to issue and process Mastercard, Visa, and UnionPay cards.

In September 2021, Paymentology went live on the Temenos Marketplace in order to offer Temenos banking clients a pre-integrated solution for card products with spend controls and improved features, backed by cloud-native payment processing technology.

(Source: The Paypers)