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Abu Dhabi: payit mobile wallet, powered by First Abu Dhabi Bank (FAB), has partnered with Mastercard to deliver instant remittances to select bank accounts and wallets internationally. payit is the first wallet in the region to launch this Mastercard service through a push-payments platform that allows for international fund transfers to more than 100 corridors.
payit customers will now be able to make transfers to their bank accounts, mobile and digital wallets, allowing for secure, predictable and fast delivery of funds internationally with the few clicks on the app.
Commenting on this agreement, Hana Al Rostamani, Group Head of Personal Banking at FAB, said: “Bringing this technology to the market as early as possible is crucial now more than ever. It is important to switch to digital channels and with advanced risk frameworks in place, our customers now have an easy option to make fast, frictionless cross-border transfers. Our partnership with Mastercard for cross-border remittance is a testament to our continued commitment to invest in digital solutions to deliver a safe, secure and forward-looking remittance experience to our clients.”
Ramana Kumar, SVP and Head of Payments at FAB: “We want to drive the cashless objective of the UAE and through Mastercard on payit, we are providing instant transfers to our customers. The customers do not need to stand in queues or pay high fees and carry cash anymore. payit has created an innovative ecosystem for its customers where we provide seamless and unique remittance solutions. This partnership with Mastercard clearly demonstrates our commitment towards a real time, instant and cashless payments ecosystem”.
With the platform now live, the new solution will enable FAB’s payit customers to transfer money instantly with zero fees to bank accounts in the Philippines, Bangladesh, Pakistan, Nepal, Kenya, Egypt, Nigeria, Sri Lanka, Vietnam, Ghana with several other countries to follow.
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About payit
payit is the UAE's first fully-featured digital wallet. Send and receive money to anyone instantly 24/7, pay at restaurants and shops, split bills with friends when you eat out and track your spending on the go. Whether you're going out with friends or ordering food online, payit is the easiest way to pay. payit is open to all – it doesn’t matter who you bank with, all you need to start using payit is an Emirates ID. Download the app and start using payit today!
Web – www.payit.ae
App Store – https://itunes.apple.com/ae/app/payit-wallet/id1291753848?mt=8
Play Store – https://play.google.com/store/apps/details?id=com.payit.wallet
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 five continents, 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 continually invests in its 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.
With total assets of AED 822 Billion (USD 224 Billion) as of December-end 2019, 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. The Banker Magazine, has named FAB as the second largest bank in the Middle East by Tier 1 Capital in its Top 1000 World Banks 2019 ranking. FAB is well positioned to unlock the full potential of a unified bank with a strong focus on customer experience, digitisation and continued growth, as we enter the next phase of our journey to grow stronger.
For further information, visit: www.bankfab.com
For media inquiries, please contact:
Mira Assaf
Weber Shandwick MENA
Phone: + 971 50 3123518
Fax: + 971 2 449 4833
Email: Massaf@webershandwick.com
Talal Natafji
Weber Shandwick MENA
Phone: + 971 50 9010077
Fax: + 971 2 449 4833
Email: Tnatafji@webershandwick.com
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