Foloosi is a UAE Fintech startup facilitating consumer-to-business card payments by enabling the business to display QR code, Payment Link and API integrations for the customer to scan & pay in a tap.
United Arab Emirates has the highest banking penetration rate in the Middle East region. Though in contrary, according to UAE central bank figures (in 2017): 75% of the whole UAE economy is based on cash transactions.
Furthermore, compareit4me.com survey (2018) shows that 85% of online orders are processed through cash-on-delivery option as a method of payment. Residents need more advanced and modern options in line with the UAE’s 2021 vision.
Foloosi enables digital economy empowerment for local businesses, operating merchants and most importantly the e-commerce sector. Foloosi features a wide range of advanced technological products on its modern platform – including the core function of ‘Scan to Pay’ feature, which allows a business to accept card payment by displaying QR code technology.
We have a unique offering, since no other digital platform in our region serves to onboard businesses and consumers alike while complimenting the banking system using the QR code technology.
In hindsight, Foloosi is not a ‘wallet’ as the definition of the UAE central bank where value or funds are stored, rather it is a technological software using advanced methods of integrations to connect card payment processors, payment gateways, businesses and consumers all under one platform to make possible displaying QR code for the scan to pay.
It is the easiest option for a delivery driver to accept card payments and it is definitely a much more secure method of payment than cash.
Foloosi was founded by Omar Bin Brek and Mohan Karuppiah along with their in-house team of only 6 people. They leveraged the idea and finally made it to this stage of value for the UAE market.
- Foloosi provides POS system for small and medium-size businesses that will enable merchants to process payments digitally.
- POS software helps to manage your business on your device with the Foloosi POS app. Also adjust items, manage employees, and see real-time reports from anywhere.
- People of UAE can pay their utility bills online for free using digital payments app Foloosi.
- Foloosi had launched a specially designed service to help users pay their bills in just seconds without paying any transaction charges.
We distinguish ourselves by offering local financial intelligence educational feeds using machine learning techniques and artificial intelligence, besides great user retainment features such as social event bookings.
Together we have come up with a fresh concept, in line with the UAE’s 2021 vision, complimenting the banking system and an ambitious but achievable plan to build into a thriving new business.
Foloosi enables a simple and easy way to accept, process, disburses payment solution for businesses. We help businesses by providing payment gateway, payment link, subscriptions, and POS software. Foloosi payment solutions can be integrated by both web and mobile applications.
Mr. Omar Bin Brek, founder of Foloosi says…
“Our aim is to bring innovative payment transactions throughout UAE. We developed Folossi platform in order to make transactions simple, fast and secure and to reform older method of transaction i.e. cash payments and our technological innovation solves the teething problem of processing payments.”
Also read: UAE Fintech Startup Foloosi Raises Pre-Seed Funding
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