FinTech iOL Pay extends to 37 countries

Global FinTech Platform iOL Pay, a subsidiary of Illusions Online, has been commissioned in 37 countries to support the hospitality payment space in North America, Europe, Middle East, Asia -Pacific and Africa, according to a press release emailed to PYMNTS on Tuesday (Nov. 30).

iOL Pay adopts an unprecedented approach in the industry to develop “scalable value” in several areas for the hotel space. It offers a suite of solutions that allowed the startup to successfully pre-launch with deployment in hotels in several countries.

Founded in 2020 by Faisal Memon, who is also CEO, iOL Pay is headquartered in Dubai and aims to provide a seamless payment solution for hotel chains and independent hotels. The company has been backed by veterans of the hospitality and technology industry.

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On a mission to redefine the way hospitality companies handle payments, iOL Pay has been brainstorming with FinTech professionals and financial services gurus to find a better way, according to the release.

“While digitalization has swept through the hospitality industry, consumer and B2B payment systems and processes have not kept pace. iOL Pay draws on our decades of experience in solving the problems of renowned hotel chains through innovative, forward-looking technology and key global strategic partnerships, ”said Memon.

“As the world’s first multi-functional FinTech platform for the hospitality industry, iOL Pay will simplify transactions, accelerate savings and improve revenue streams. The platform reduces fraud and chargebacks and streamlines the management of canceled reservations, while transforming the experience of guests at multiple points in their online and offline interactions with the hotel, ”he added.

iOL Pay intends to become the world’s first hotel FinTech unicorn within the next 12 months. The startup also plans to expand to 19 additional countries.

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