UAE to Launch Two New Digital Payment Solutions

Authorities in the United Arab Emirates have recently made announcements concerning new payment solutions. 

First Abu Dhabi Bank (FAB), the FinTech Magnati and PayRow Net, a PCFC company, announced recently that they would collaborate on a new digital payment platform in a joint press release. 

The new platform is being designed to "transform the existing payment gateway, leading to an advanced customer payment journey and improved user experience," the release stated.

Through the platform, users will be able to make payments for government services by using a variety of digital methods, including point-of-sale (POS) transactions, card payments, and digital wallets.

"This collaboration combines FAB's technological expertise and Magnati's payment know-how to transform Dubai Ports' payment platform and in turn support Dubai's transition to a cashless economy," said Magnati CEO Ramana Kumar.

He added that "the new payment platform is a continuation of the efforts in Dubai to advance the payments landscape across areas which cover civic and government domains such as utilities, transport, logistics, social services, healthcare, and public convenience."

From commercial to consumer payments, the UAE has recently been ramping up efforts to modernize its payment infrastructure.

In the second recent development affecting the UAE's payment platforms, the UAE's new Instant Payment Platform (IPP) will launch in the first quarter of 2023, according to a report earlier this month.

Similar to other schemes elsewhere, the IPP will allow instant transfers between Dirham-denominated bank accounts.

(Source: PYMNTS)