23rd February 2018

FAB launches UAE’s first fully featured digital wallet

First Abu Dhabi Bank (FAB) has launched ‘payit’, the country’s first fully featured digital wallet. The safe and secure service is available to anyone with a valid Emirates ID, regardless of who they bank with, and the sign-up process takes less than two minutes.

Using ‘payit’, Emiratis and residents can send and receive money instantly, 24/7, make payments through merchant partner apps, websites or by scanning QR codes, which is a first for the UAE, and can split bills with friends and track their spending.

Accounts can be topped up via UAE issued debit and prepaid cards, most FAB Cash Deposit Machines, and transfers from any UAE bank account. ‘payit’ customers can also easily access their money through cardless cash withdrawals at an ATM or by transferring it back to their bank account.

Ramana Kumar, Head of Payments, said: “Despite high levels of Point Of Sale (POS) and e-commerce penetration in the UAE, cash is still used for a considerable number of transactions. ‘payit’ allows customers to send money in real-time to anyone in the UAE, split bills in a very effective way, pay their bills in one click, and enables merchants to receive funds instantly.

"‘payit’ will become a transformative solution for all customer needs. We are aiming to introduce new services including remittance soon to continuously evolve the app, drive financial inclusion and support the transition towards a cashless economy.”