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Bridg Payment Solutions Ltd.

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Bridg Payment Solutions Ltd.
IndustryFinancial technology
Founded 📆2015
Founder 👔Moussa Beidas (CEO)
Headquarters 🏙️,
Dubai
,
Area served 🗺️
United Arab Emirates
Key people
Nadim Jarudi (Co-Founder & COO)
Products 🎛️ 🧴mobile payment, money transfers, B2B & P2P payment services
Members
Number of employees
Websitewww.bridgtheapp.com
address
telephone

Bridg is a mobile payment software platform provided by Bridg Payment Solutions Ltd.,that allows users to make payments in person using a Bluetooth enabled device. The mobile software allows a transaction to occur between two devices while only one of them has a connection to the internet. The technology aims to target the software at developing countries, with people having limited internet access. The company is headquartered and operates in Dubai, the United Arab Emirates.[1][2][3][4]

Company overview[edit]

Bridg’s core technology was developed in 2013-2015 by Moussa Beidas, a former design consultant, and the team of researchers and software engineers. Moussa Beidas teamed up with Nadim Jarudi to found Bridg Payment Solutions Ltd. in 2015.[5] In 2015, Bridg won the first Startup MENA GCC Pitch Challenge, a part of the EU-GCC Trade and Business Cooperation Facility project.[6] [7]In 2017, the company joined the first cohort of the DIFC fintech hive (Dubai International Financial Center), the financial institution supporting technological innovations in the UAE.[8][9][10] The mobile application has been fully available and operational in the United Arab Emirates since 2017.[11][12] [13]

Technology[edit]

The company claims that its mobile payment platform enables any smartphone to become a POS/wallet and process transactions regardless of connectivity through Bluetooth. Bluetooth Low Energy (BLE) connectivity enables merchants to charge a consumer’s smartphone without needing a data connection.[14][15] For customers, the app operates like a wallet, with all the expendable cash in their smartphones.[16] Money is transferred into the Bridg app from a traditional savings or checking account. The money is then transferred via Bluetooth to a participating vendor.[17] Bridg’s patent-pending software application, OneConnect, allows users to make wireless payments between two Bluetooth-enabled smartphones, even if only one of the phones has connection to the internet. It is achieved by using smartphones as a network of offline ledgers — like blockchain stored on physical devices.[18] The app operates on iOS and Android.[19]

Operations and business model[edit]

Consumer-to-merchant smartphone payment platform operates as SaaS (software as a Service) on subscription basis. The communication protocol is pervasive and operating system agnostic which allows to apply any model of smartphone for wireless banking. The technology applies for the SMEs and large enterprises.[20] [21]

References[edit]

  1. Moukhallati, Dana (March 16, 2015). "UAE resident devises 'revolutionary' easy payment smartphone app". The National. Retrieved 27 July 2019.
  2. “Arabia Inc:"Bridg (by Naina Aidasani)”
  3. Dutt D'Cunha, Suparna (January 3, 2017). "UAE Tech Duo's 'Bridg' Offers Bluetooth Route To Smarter Mobile Payment". Forbes. Retrieved 27 July 2019.
  4. Dutt D'Cunha, Suparna (December 11, 2017). "Fintech Is The New Oil In The Middle East And North Africa". Forbes. Retrieved 26 July 2019.
  5. Shubber, Kadhim (December 14, 2016). "Into the fintech sandbox of the United Arab Emirates". Financial Times. Retrieved 27 July 2019.
  6. Pupic, Tamara (May 4, 2015). "Dubai start-up wins Startup MENA GCC Pitch Challenge". Arabian Business. Retrieved 28 July 2019.
  7. “Temenos:"‘Bridg’ from the UAE takes top spot at the Dubai Temenos Fintech Innovation Jam”
  8. “Medium:"The revolution of offline digital payments”
  9. “Fintech News:"Fintech In Dubai: A Short Overview”
  10. “Startup bootcamp Fintech Dubai”
  11. Purushotham, Sanjiv (March 6, 2017). "'Bridg'ing the electronic payments gap". Khaleej Times. Retrieved 29 July 2019.
  12. “StepFeed:"UAE-Payment App Bridg To Be Unveiled at The Next Web in Amsterdam”
  13. “https://lovindubai.com/dubai/10-of-the-best-start-ups-in-dubai-right-now”
  14. McKechnie, Krysia (March 30, 2016). "How fintech is set to disrupt the UAE's financial services sector". The National. Retrieved 30 July 2019.
  15. “UAE-Based “Bridg” Plans to Transform Payments”
  16. “Gulf News:"Trash the cash, and bin the plastic: Why people are moving to mobile wallets”
  17. Wali, Sarah (July 8, 2015). "Dubai-based Bridg shakes up mobile payment industry". Gulf News Journal. Retrieved 28 July 2019.
  18. Strachan Matranga, Heather (May 8, 2019). "The revolution of offline digital payments". Medium. Retrieved 29 July 2019.
  19. McArthur, Rachel (May 18, 2015). "Will the UAE's Bridg revolutionize the way we pay in the Middle East and the developing world". Wamda. Retrieved 29 July 2019.
  20. “DubaiNews:"Dubai Tech Ideas and Innovations”
  21. “Fintechnews:"UAE Poised To Become The Fintech Nexus In MENA”


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