International Finance

UAE’s digital start transforms to a cashless economy

UAE, cashless economy, ATM, money transfer, digital wallet, Cash Deposit Machines, First Abu Dhabi Bank, FAB,Emirates ID, mobile wallet
First Abu Dhabi Bank launches payit for seamless money transfer

First Abu Dhabi Bank (FAB) announced last week the launch of the country’s first digital wallet, payit. The launch came in an effort to bolster UAE’s plan to become a cashless economy.

This mode of service is the first in the UAE. Emiratis and residents can enjoy round-the-clock money transfer. payit customers can avail other transaction services such as payments by scanning QR codes, or through merchant partner apps and websites can be done effortlessly.

Using UAE issued debit or credit cards or FAB Cash Deposit Machines, account top-up is possible. In addition, the payit customers can easily withdraw cash at ATMs without cards or transfer the money back to their account, according to a report on Arabian Business.

Group Head of the Personal Banking Group, Hana Al Rostamani, said: “In line with our objectives to become a leader in innovation and customer-centric banking experiences, payit is a new mobile wallet solution that allows UAE residents to send and receive payments whenever and wherever they are, instantaneously.”

payit is a fully-digitised service that is safe and secure to use. The Bank said in a statement, all that users need is a valid Emirates ID to utilise the money transfer service.

“It provides an easy and convenient alternative to physical cash, which benefits merchants and customers and is aligned with the UAE’s ambition to become a cashless economy,” Al Rostamani added.

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