Fintech startup CWallet Services and Visa have forged a strategic partnership, which will see the two companies work to expand their product offerings.
CWallet is a financial technology firm that develops and delivers online, mobile, and point-of-sale solutions across Qatar and the region, providing digital wallet, marketplace, payment gateway, and prepaid cards to banked and unbanked consumers, as well as online merchants and offline merchants.
Under the agreement, CWallet will issue prepaid cards to its customers and make available payment gateway for both online and offline merchants. CPay, a product of CWallet for acquiring services, will be offered to CWallet’s local merchants. The move expands CWallet’s current digital wallet, marketplace, payment gateway, and prepaid cards offering.
“This is a huge vote of confidence in CWallet, which looks to go well beyond the concept of a digital wallet. With the power of the global Visa payments brand in our payment processing portfolio, we are providing an added degree of assurance to our expanding customer base, many of whom are now accessing digital payment solutions for the first time directly through the CWallet app. This helps further our aim of delivering financial inclusion and literacy in a digital and cashless society without leaving anyone behind,” said Michael Javier, CEO & founder of Doha-based CWallet.
Visa will also advise CWallet on its future financial institution relationships and to support the fintech innovators with system functionality enhancements, integration, and new market launches.
Dr Abdulmohsin Abdulla al-Yafei, COO &andco-founder of CWallet, said: “This is a very golden opportunity to partner with Visa. This strategic partnership with Visa will help us in achieving our goal to become one of the leading fintech startups in the region. We are assured that we will have a flourish steady growth in the upcoming years.”
Alex McCrea, vice president and head of Digital Partnerships &andVentures in CEMEA at Visa, said: “Visa is committed to extending the benefits of digital commerce and payments to more consumers and businesses. With partners like CWallet, our goal is to enable businesses to access our payment solutions and network so they can provide the innovative and secure money movement experiences more consumers seek. This partnership with CWallet is an important step towards achieving this goal. We are delighted to partner with them and support their mission of promoting financial inclusion and cashless society in Qatar and the wider region.”