UAE-based fintech company Foloosi is out with their upcoming launch, the Foloosi Book! This phone-based digital ledger serves to record inward and outward payments in a merchant’s everyday business.
Foloosi has served the Middle East merchants with a range of payment products. With nearly 5000+ merchants and 100K Customers already using their Payment services and a transaction value of over 10 million AED, they are quite in the limelight.
In the fast-developing countries with overpopulated SME Sectors, the Digital Ledger Concept is skyrocketing. KhataBook app and Okcredit, India based digital ledger book from the launch date within 18 months, claimed to be active and achieved 10 million+ downloads. Digital ledger is one of the fastest-growing B2B apps in the world of SME’s Merchants.
The SME sector of UAE contributes to more than 60 percent of its non-oil GDP, and the UAE retailers saw an increase of 4% in consumer spend in the last quarter, compared to Q1 2021. Although post-pandemic the UAE retail market’s recovery is continuing, there are a few downsides of the typical retail non-digitized businesses. The manual record-keeping of transactions involved in the businesses which includes calculating pending estimates, gross income, tallying expenses, sending notifications and bills is still a tedious task. Outward payment records to customers and vendors in a chronological manner are all mostly manual and non-automated. Bookkeeping of fund flows is in great need to be streamlined and fully automated.
To help resolve these issues Foloosi has launched the all-inclusive ledger app called the Foloosi Book, this app is free of cost and saves retailers from the manual paper markings and tallying effort of all their business transactions. The app provides a simple and quick way to make note of all business transactions with customers and buyers. From sharing overall transactions to particular customers and downloading a summary of business finances the app has it all. Notifications for payment dues, smart search for specific customers and gross totals of income and expense are the App’s salient features.
Foloosi Book that’s compatible with Android and iOS, proves to unburden a merchant on tedious and manual accounting calculations.
“Foloosi wishes to offer a variety of payment products to help ease the growth of businesses in UAE on the digital front,” – says its CEO Omar Bin Brek.
Foloosi book is out on December 1st 2021 in a testing mode launch. In a span of 3 months the company is all set to release an upgraded version where merchants can receive payments on Payment Links and QR codes. Tap to Phone service is also in the pipeline. The UI/UI aspect of the Foloosi Book app is rollicking and it is sure to find its place on every merchant’s handset.
