The National Bank of Kuwait announced its acquisition of a 51% majority stake in UPayments, the leading payment services provider and e-commerce enablement platform in Kuwait. This acquisition represents an important step forward in the field of digital payments in Kuwait by combining the extensive banking experience of the National Bank of Kuwait with the innovative capabilities of UPayments. The collaboration aims to revolutionize the way digital payments are made in the country.
The National Bank of Kuwait’s decision to acquire a majority stake in UPayments is based on a strategic integration of expertise and capabilities. The National Bank of Kuwait, through its well-established presence in the banking field, has acquired a wealth of knowledge and experience in facilitating various payment mechanisms, by issuing payment methods to customers (debit card, credit card, prepaid card, Apple Pay, and Samsung Pay) as well as enabling payment acceptance at merchants, at point of sale (POS) and payment gateway (PG).
Furthermore, the bank’s understanding of the regulatory framework, customer behavior and market dynamics in Kuwait’s financial sector gives it a strong foundation to continue driving innovation in digital payments.
On the other hand, UPayments offers a cutting-edge technology platform and a range of digital products that can enhance the digital payments ecosystem. Their competency lies in formulating and implementing secure, user-centric payment solutions for organizations at different scales – ranging from large enterprises to medium-sized enterprises and even small businesses.
UPayments’ dedication to expanding its service offerings across diverse sectors has strengthened its position, making its acquisition an important step in line with NBK’s strategy to enhance digital transformation efforts.
“This pivotal step signals the beginning of an exciting journey,” said Mohammed Al-Othman – CEO of Consumer and Digital Banking. “This investment is the latest investment to support the innovative financial services provided by the National Bank of Kuwait, in line with the bank’s forward-looking vision that focuses on putting technology first.” the first.”
He added: “Over the past four years, Kuwait has witnessed an extraordinary increase in e-commerce activities and digital payment transactions, prompting the need for financial institutions and payment service providers to adapt and innovate, in order to keep pace with this rapid development of new payment methods.
He continued: “This acquisition enhances the capabilities and strengths of both the National Bank of Kuwait and UPayments, and equips them to effectively address the growing demands of the market.”
“The synergy between NBK and UPayments is evident in how their respective strengths complement each other. NBK’s deep understanding of payment processes and regulations aligns seamlessly with UPayments’ technological prowess, enabling it to design and implement innovative digital payment solutions that meet the evolving needs of customers.” In Kuwait.”
“Together, NBK and UPayments aim to simplify and simplify digital payment experiences for various businesses in Kuwait and beyond. We are very confident that this integration will accelerate value creation, enhance NBK’s suite of services for merchants, and unleash synergies that contribute to improving operating margins.” And creating paths for regional expansion.”
National Bank of Kuwait’s promotion of electronic payment solutions is also in line with Central Bank of Kuwait guidelines. The central bank has been supportive of FinTech companies by creating a favorable regulatory environment that encourages innovation while ensuring consumer protection and financial stability.
UPayments has emerged as a leading electronic payment services provider in Kuwait, having been named as the Best FinTech Company by Valuer.ai. Furthermore, UPayments was recognized as one of the best FinTech companies in Kuwait by Forbes magazine and received the prestigious distinction for providing the best payment solutions in the country, an honor bestowed by Pan Finance. These achievements are a clear testimony to its vision to bring the latest technologies to the market.
Thanks to the impressive steps taken by the bank in implementing its digital transformation strategy, National Bank of Kuwait has become one of the highest-rated banks in the region for the quality of its digital products and services. The bank has consistently received numerous international accolades including nine prestigious awards from Global Finance magazine. These awards underscore NBK’s pioneering role in innovation and its delivery of superior digital personal banking services across Kuwait and the Middle East in 2024. A demonstration of its unwavering commitment to innovation. National Bank of Kuwait continues its journey towards digital transformation to provide a truly exceptional banking experience to its customers.
