What is PayKey used for?

What is PayKey? PayKey is a Social Banking Solution that enables your customers to access a variety of financial services within any social network and messaging app by utilizing the mobile keyboard.

How does PayKey work?

PayKey is linked to existing bank payment systems, which means no changes to their current security practices. Instead of relying on customers to go where their banks are, PayKey enables customers to connect with banks where a lot of their daily interactions already take place — social networks and messenger apps.

What is meant by social banking?

Social banks provide financial services to individuals and organizations that create social, environmental or sustainability benefits. Social banks provide long- term relationships with clients and a direct understanding of their economic activities and the risks involved.

What is the concept of Islamic banking?

What is Islamic Banking? Islamic banking is an interest free banking system and is governed by the principles laid down by Islamic Sharia’h. Commonly Islamic modes used for saving deposits is Mudharaba and Qarz for current deposits while Murabaha, Ijarah, Diminishing Musharakah and other modes used for financing.

What is the difference between current account and savings account?

A savings account is a deposit account which allows limited transactions, while a Current Account is meant for daily transactions.

What is the limit of savings account?

There is no ceiling on maximum balance in Savings Bank account, except for Minors account and BSBDA-Small Account.

Can I withdraw money from current account?

In current account, amount can be deposited and withdrawn at any time without giving any notice. It is also suitable for making payments to creditors by using cheques. Cheques received from customers can be deposited in this account for collection.

Is interest banned in Saudi Arabia?

This can either be taken to refer to “usury” or to “interest”. Interest-related transactions are not, therefore, illegal in Saudi Arabia. Rather, they are void and unenforceable. The Saudi Arabian courts and judicial tribunals, do not award interest in any manner or form.

Is Saudi banking interest free?

In 1985, the al-Rajhi Banking and Investment Company was authorized to engage in interest-free banking, but on the condition that it did not use the word “Islamic” in its name. Saudi Arabia does not officially recognize the concept of Islamic banking.

What are the disadvantages of Islamic banking?

Disadvantages of Islamic Finance

  • Sharia interpretations of innovative financial products is not always agreed upon.
  • Documentation is often tailor-made for the transaction,so high transaction/issue costs.
  • Islamic finance institutions have extra compliance increasing issue / transaction costs.

What can you do with PayKey mobile app?

With PayKey, any service that is offered on your mobile app can be accessed through our telco keyboard. You can offer users instant access to bill payments, top-ups, credit checks and credit transfers, merchant pay, service chatbots, notifications, promotions – and more.

Why is PayKey important to the banking industry?

At PayKey we are putting banks at the forefront of embedded banking, by weaving the financial services customers need within their everyday lives. Our patented keyboard solution allows customers to access a variety of mobile banking services within all the social & messaging apps they are already using.

What can you do with PayKey from a telco?

With PayKey, everyday telco services become simple and frictionless. Users enjoy trusted, instantaneous and contextual services, such as topping-up, while chatting with friends and family.

Where can I buy my first mechanical keyboard?

Don’t be overwhlemed looking for your first Mechanical Keyboard! We’ve put together a short and simple survey that will make finding your first mechanical keyboard a breeze. A list of mechanical keyboard and accessory shipments on their way to our store.