Abu Dhabi, UAE: In support of the UAE’s goal to become a cashless economy, First Abu Dhabi Bank (FAB), the UAE’s largest bank and one of the world’s largest and safest financial institutions, 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.

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. ‘payit’ 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 & 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.”

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.”

UAE residents can download the payit app from the App Store or Google Play Store. For more information, please visit https://www.payit.ae/.

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About First Abu Dhabi Bank (FAB)

FAB, the UAE’s largest bank and one of the world’s largest and safest institutions, offers an extensive range of tailor-made solutions, and products and services, to provide a customised experience. Through its strategic offerings, it looks to meet the banking needs of customers across the world via its market-leading Corporate and Investment Banking and Personal Banking franchises.

Headquartered in Abu Dhabi in Khalifa Business Park, the bank’s international network spans over 19 countries outside the UAE, providing the global relationships, expertise and financial strength to support local, regional and international businesses seeking to do business at home and abroad.

In line with its commitment to put customers first, to Grow Stronger, FAB will continually invest in people and technology to create the most customer-friendly banking experience, and will support the growth ambitions of its stakeholders across countries in which the bank operates.

To empower its customers and clients to Grow Stronger, FAB initiated a powerful movement, which goes beyond banking. The Grow Stronger movement represents the bank’s promise to support its stakeholders’ goals and growth ambitions, providing ideas, tools and expertise to help them become stronger, today and in the future.

Based on audited financial information as at December-end 2017, FAB had total assets of AED 669 Billion (USD 182 Billion). FAB is rated Aa3/AA-/AA- by Moody’s, S&P and Fitch respectively, the strongest combined ratings of any bank in the MENA region. The Bank has been ranked by Global Financeâ as the safest bank in the UAE and the Middle East, 4th in emerging markets, 17th amongst commercial banks worldwide, and 31st in the world. Through a strong, diversified balance sheet, leading efficiency and a solid corporate governance structure in place, FAB is set to drive growth forward.

For media inquiries, please contact:

Jennifer Cain

Weber Shandwick MENA

Phone: + 971 55 4741105

Fax: + 971 2 449 4833

Email: JCain@webershandwick.com

Sahar Makki

Weber Shandwick MENA

Phone: + 971 50 1972441

Fax: + 971 2 449 4833

Email: smakki@webershandwick.com

© Press Release 2018