CashU: Difference between revisions
Citation bot (talk | contribs) Alter: title. | Use this bot. Report bugs. | Suggested by Whoop whoop pull up | Category:Maktoob | #UCB_Category 4/4 |
Put truth Tags: Reverted Mobile edit Mobile web edit |
||
Line 12: | Line 12: | ||
}} |
}} |
||
'''CASHU''' is a [[digital wallet]] that allows consumers to pay and [[Electronic funds transfer|transfer]] [[money]] online, and issue [[Stored-value card|prepaid]] virtual and plastic [[Mastercard]]. The company was established by [[Maktoob]] (currently “'''Jabbar Internet Group'''”) in July 2002, and it is [[Headquarters|headquartered]] in the [[British Virgin Islands|British Virgin Islands (BVI)]]. |
'''CASHU''' is a BIGGEST Jordanian SCAMMER company [[digital wallet]] that allows consumers to pay and [[Electronic funds transfer|transfer]] [[money]] online, and issue [[Stored-value card|prepaid]] virtual and plastic [[Mastercard]]. The company was established by [[Maktoob]] (currently “'''Jabbar Internet Group'''”) in July 2002, and it is [[Headquarters|headquartered]] in the [[British Virgin Islands|British Virgin Islands (BVI)]]. |
||
CASHU is considered the first [[Financial technology|FinTech]] company in the [[Middle East and North Africa]], serving nearly 3 million consumers in the region, being accepted by more than 7,000 [[Online shopping|online stores]], and being available at over 300,000 [[Point of sale|points of sale]] for the [[E-Wallet|e-wallet]] funding, which has helped merchants around the globe to grow businesses and to expand smoothly and securely in the [[MENA]] region, offering their products and services to millions of buyers residing in this raw region. |
CASHU is considered the first [[Financial technology|FinTech]] company in the [[Middle East and North Africa]], serving nearly 3 million consumers in the region, being accepted by more than 7,000 [[Online shopping|online stores]], and being available at over 300,000 [[Point of sale|points of sale]] for the [[E-Wallet|e-wallet]] funding, which has helped merchants around the globe to grow businesses and to expand smoothly and securely in the [[MENA]] region, offering their products and services to millions of buyers residing in this raw region. |
Revision as of 17:00, 17 July 2022
Company type | Private |
---|---|
Industry | Financial Technology |
Founder | Jabbar Internet Group |
Headquarters | The British Virgin Islands (BVI) |
Area served | MENA |
Key people | Ala Dawod (CEO) |
CASHU is a BIGGEST Jordanian SCAMMER company digital wallet that allows consumers to pay and transfer money online, and issue prepaid virtual and plastic Mastercard. The company was established by Maktoob (currently “Jabbar Internet Group”) in July 2002, and it is headquartered in the British Virgin Islands (BVI).
CASHU is considered the first FinTech company in the Middle East and North Africa, serving nearly 3 million consumers in the region, being accepted by more than 7,000 online stores, and being available at over 300,000 points of sale for the e-wallet funding, which has helped merchants around the globe to grow businesses and to expand smoothly and securely in the MENA region, offering their products and services to millions of buyers residing in this raw region.
CASHU is built upon and encapsulates the most sophisticated and up-to-date fraud prevention and anti-money laundering systems, reducing the risks associated with online payments for both buyers and sellers, which all allow for wider, safer, and faster consumer participation in e-commerce.
In addition to the Company's headquarters in the British Virgin Islands; the Company has an office in Amman, Jordan, and an office in Cairo, Egypt, through which all CASHU operations are managed.
History
Early History
The continuous success of Maktoob led to the company's desire to launch new e-businesses, the first of which was in 2002 when CASHU was launched as an alternative online payment method for the use of credit cards online,[1] which was considered the first of its kind in the MENA region.
On August 25, 2009, Yahoo! acquired Maktoob in a deal that exceeded $85 million.[2] According to the agreement between the two companies, the deal did not include the rest of Maktoob’s products, including CASHU, Souq.com, Araby and Tahadi MMO games, which became part of Jabbar Internet Group headed by Maktoob founder, and Tiger Global as the major shareholder.
Souq Group Subsidiary (2012-2015)
In 2012, Naspers Limited took a stake alongside Jabbar Internet Group and Tiger Global in CASHU and Souq.com, and so it was listed under the umbrella of Souq Group, which included Souq.com, Sukar.com and Qexpress (a logistics and shipping company), as well as CASHU.
While Souq Group continued to focus on growth in the e-commerce field, CASHU has grown in its own vision towards cashless societies and Financial Inclusion and started to move away from the vision of Souq, especially that the regulations and compliance conditions for electronic payments in general and e-wallets in particular are still in the development stage in the region, so it was important for CASHU to leave Souq Group.
Later in 2013, CASHU launched a new online payment gateway, PAYFORT.[3]
The Management Buyout (2015 – present)
In December 2015, CASHU Management purchased CASHU in the first Management Buyout deal in the Middle East,[4] consistent with most of the region’s central banks’ visions of developing a “cashless society.”
Regulation
After the management buyout was completed, CASHU started in 2016 with a major milestone by migrating its business to Singapore and got approved to operate as a Stored Value Facility by the Monetary Authority of Singapore. All CASHU's merchants, vendors, and consumers were then required to maintain a full KYC (Know Your Customer) record that complies with MAS’ rules and regulations, which was a major step towards regulating the core business of CASHU. To do so, CASHU has invested heavily in its Compliance and Risk platform and technology, introducing the KYC concept for the first time since its inception.[5]
This has caused an immediate loss of business and irritation to the authorities of Saudi Arabia, who didn’t feel comfortable sharing its citizen ID’s with a non-regulated entity. Accordingly, the Saudi Arabian Monetary Agency blocked CASHU website in Saudi Arabia on January 28, 2016.
On October 1, 2016, CASHU partnered with Mastercard and Noor Bank in the United Arab Emirates to launch the first prepaid virtual card in the region, which is approved by the Central Bank of the UAE. This product gave CASHU legal approval to operate in the UAE as a FinTech Company in cooperation with Noor Bank.[6]
Later on, Bank Albilad in Saudi Arabia announced on October 10, 2016, that it has entered into a strategic partnership with CASHU to develop innovative payment products and services in Saudi Arabia. The partnership with Bank Albilad allowed CASHU to recommence its operations in Saudi Arabia before the end of 2016 since it had met the requirements of the Saudi Arabian Monetary Authority.[7]
In October 2017, CASHU and Bank Albilad completed the compliance requirements of SAMA and received its approval to operate in KSA. Bank Albilad issued a letter to CASHU allowing it to operate in KSA accordingly.
Services
The e-wallet
This original model that is the umbrella of all the other services. It provides turn-key solutions to all consumers’ dreams when it comes to their micro-financial interactions. It is available for both adults and juniors with different rules and limitations.
Prepaid Virtual Card
A prepaid virtual Mastercard that allows consumers to shop at the entire Mastercard merchant network online. It is offered in partnership with Mastercard and reputable issuing banks in the region.
Debit Card
A Mastercard debit card that is connected to the e-wallet balance directly, which allows consumers to shop at the entire Mastercard merchant network and withdraw cash from ATMs.
Peer-to-Peer Transfer Between Wallets
This allows consumers to send and receive credit through their e-wallets, including scheduled and recurring transfers.
Remittance with a Cash-Out Option
This allows consumers to transfer money from their e-wallets to anyone, even if they don’t have an e-wallet, with a cash-out option through Money Express Integration. Consumers can create and manage beneficiary accounts to which they frequently use to transfer.
Savings Program
The Savings Program enables consumers to buy deposit certificates with fixed due dates and specific amounts, which are locked up for a period of time (keeping their money inside their e-wallets), after which they can start earning profit.
Bill Presentment
An aggregated hub for regional and global bill presentment network, which enables the e-wallet holders to pay their bills remotely.
References
- ^ "Maktoob.com Unveils New e-Shopping Solution". Arabian Business. July 17, 2002. Archived from the original on April 15, 2013.
- ^ "Confirmed: Yahoo Acquires Arab Internet Portal Maktoob". TechCrunch. August 25, 2009.
{{cite web}}
: CS1 maint: url-status (link) - ^ "How CashU Spinoff PayFort Is Trying to Improve Cash on Delivery". Wamda. August 14, 2013. Archived from the original on October 25, 2013.
- ^ "Souq.com Sells CashU". Wamda. December 28, 2015. Archived from the original on February 24, 2016.
- ^ "CashU Moves Regulated Business to Singapore". Saudi Gazette. February 23, 2016. Archived from the original on May 4, 2020.
- ^ "CashU, MasterCard and Noor Bank Launch the UAE's First Virtual Prepaid Card for Online Shopping". Mastercard. June 1, 2016. Archived from the original on July 28, 2016.
- ^ "Bank Albilad, CashU Launch Partnership in Saudi Arabia to Boost Online Payments". The Paypers. October 10, 2016.
{{cite web}}
: CS1 maint: url-status (link)