UAE banking giant launches digital wallet payit

First Abu Dhabi Bank says launch is in support of the UAE's goal to become a cashless economy
By Staff writer
Fri 02 Mar 2018 10:38 AM

First Abu Dhabi Bank (FAB) has launched payit, the country’s first fully-featured digital wallet, in support of the UAE’s goal to become a cashless economy.

The safe and secure service is available to anyone with a valid Emirates ID, the bank said in a statement.

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, the statement added.

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.

Hana Al Rostamani, group head of the Personal Banking Group, 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.

"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."

Current figures show that 75 percent of payments in the UAE are still made using cash, while at the same time, the UAE is number one in global smartphone penetration, which stands at 81 percent.

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