National Bank of Kuwait (NBK) announced that it has acquired a majority stake of 51% in Kuwait-based Payment Services Provider, and e-commerce enablement platform, UPayments.

This acquisition represents a significant step forward in the digital payments landscape in Kuwait by combining NBK’s extensive banking expertise with UPayments’ innovative capabilities. The collaboration aims to bring about a revolution in the way digital payments are conducted in the country.

NBK’s decision to acquire a majority stake in UPayments is based on a strategic integration of expertise and capabilities. NBK, with its established presence in the banking domain, has accumulated a wealth of knowledge and experience in facilitating various payment mechanisms, by issuing payment methods for customers (Debit Card, Credit Card, Prepaid Card, Apple Pay, Samsung Pay) as well as enabling payment acceptance with merchants, on Point of Sale (POS) and Payment Gateway (PG).

Moreover, the bank’s understanding of the regulatory framework, customer behavior, and market dynamics in Kuwait’s financial sector gives it a solid foundation to continue driving innovation in digital payments.

On the other hand, UPayments brings to the table a cutting-edge technology platform, and an array of digital products that can enhance the digital payments ecosystem. Their proficiency lies in crafting and implementing secure, user-centric payment solutions for enterprises of varying scales – spanning from sizable corporations to medium-sized and even smaller businesses.

UPayments’ dedication to broadening its service offerings across diverse sectors has led to a strengthened position, rendering its acquisition a significant move in line with NBK’s strategy to advance its digital transformation endeavors.

Mr. Mohammed Al Othman – Chief Executive Officer Consumer and Digital Banking said:

“This pivotal move signifies the commencement of an exhilarating journey. This is the latest investment to support NBK’s innovative financial services, aligning with and reinforcing the bank’s forward-thinking vision focused on putting technology first.”

“Together, NBK and UPayments aim to simplify and streamline digital payment experiences for various businesses in Kuwait and beyond. We are highly confident that this integration will accelerate value creation, enhance NBK’s range of services for merchants, unleash synergies that contribute to improved operating margins, and create pathways for regional expansion.”

NBK’s promotion of e-payment solutions also aligns with the Central Bank of Kuwait’s (CBK) guidelines. CBK has been supportive of FinTech companies by creating a conducive regulatory environment that encourages innovation while ensuring consumer protection and financial stability.

UPayments emerged as a leading e-payment service providers in Kuwait, as it was named best FinTech company by Valuer.ai. Moreover, UPayments was recognized as one of Kuwait’s top FinTech companies by Forbes Magazine and received the prestigious distinction of offering the best payment solutions in the country, an accolade bestowed by Pan Finance. These achievements serve as a clear testament to its vision to introducing cutting-edge technologies to the market.

Featured image credit: Nasser Al Humaidi Co-Founder & CEO at UPayments and Mr. Mohammed Al Othman – Chief Executive Officer Consumer and Digital Banking at National Bank of Kuwait