Fintech News Startups

LuLu Group partners with fintech startup to bring shoppers contactless payment solutions

Fintech startup PayBy is partnering with the LuLu Group.

Following a pilot project in Abu Dhabi, PayBy’s contactless payment solutions are now operational across more than 60 LuLu hypermarkets and stores in the UAE.

When shopping in LuLu stores and hypermarkets, customers present the QR code in the PayBy app, let the cashier scan it and wait for the payment confirmation. After entering their PIN, TouchID or Face ID on their device, they can check the payment confirmation – the quick, contactless transaction is thus completed.

For online shoppers too, PayBy reduces transaction time. On the LuLu website at checkout, shoppers select PayBy as a payment method, scan the QR code on the screen with their smartphone to process the payment, then enter the password, TouchID or Face ID.

On the LuLu Shopping app, they are redirected to authorise the transaction through a password. PayBy eliminates the need to save or type in credit card details, wait for a one-time password (OTP) and then the verification code.

V. Nandakumar, Director – Marketing and Communications, LuLu Group, says: “The LuLu Group is entering an ambitious phase of accelerated digital transformation and will rely on partnerships with innovative payment solutions such as PayBy that can be easily and swiftly integrated with existing payment infrastructure. Moving away from cash-based transactions offers greater safety, convenience and efficiency for consumers and businesses, and supports the UAE government as it strives towards increased financial inclusion in the economy.”

The QR code generated by PayBy is based on tokenisation – widely acknowledged as a more secure payment method as it is processed without exposing sensitive payment information.