ABU DHABI- 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.

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. 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." Suvrat Saigal, Head of Mass Segments and Products, said, "This aligns with our objective to create market leading solutions for our retail customers and merchants.

Current figures show that 75% 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%.

There is no doubt that we are moving towards a cash-free future and for financial institutions, this is a huge opportunity to accelerate this transformation. With the launch of payit, we aim to leverage on the excellent infrastructure of the UAE to minimise cash usage."

© Copyright Emirates News Agency (WAM) 2018.