Aani, a key initiative under the CBUAE’s Financial Infrastructure Transformation (FIT) programme, seeks to signal a new era of simplified, secure, and instant digital payments.
In alignment with the UAE’s vision of becoming a global digital payment hub, Aani enables licenced financial institutions (FIs) and payment service providers (PSPs) to offer customers an improved user experience. Aani provides consumers, businesses, corporates, and government entities with an advanced digital payment experience, enabling transactions to be processed in an instant and secure manner, 24/7.
Aani includes a suite of convenient features that allow users to transfer money instantly leveraging only the recipient's phone number. Other functions of the platform include ‘Request Money’ and ‘Split Bills’, simplifying varied payment experiences effectively. What is more, Aani supports QR codes, helping facilitate hassle-free, cashless payments at merchants. Additional functionalities of the likes of real-time direct debit and e-checks are set to be introduced in the time to come.
Per the press release information, the launch involves participation from eight licenced financial institutions, namely Abu Dhabi Commercial Bank, Al Fardan Exchange, Emirates NBD, Finance House, First Abu Dhabi Bank, Habib Bank AG Zurich, Mashreq Bank, and National Bank of Fujairah. Al Etihad Payments is working to onboard the remaining licenced FIs by the end of 2024.
Aani can be accessed through the existing channels of the participating FIs or through AEP’s Aani mobile app. What is more, Al Etihad Payments has been collaborating with Magnati, Mashreq/Neo Pay and Network International to enable Aani QR-based payments with merchants, with a view to onboarding thousands of merchants in the upcoming months through these and other licenced merchant acquirers.
When commenting on the launch, AEP officials said that it exemplifies the company’s commitment to digitising the economy and advancing the financial sector, in alignment with the leadership’s goals and the CBUAE’s objectives. Per their statement, Aani is not just a payment platform, but a catalyst for economic growth, innovation, and financial inclusion, and the company is dedicated to fostering an ecosystem that encourages advancement, competition, and growth, benefiting the entire financial system.
More to this point, company representatives expressed excitement towards the introduction of Aani, a platform that looks to redefine the digital payment experience and reinforce the UAE’s position as a global digital payment hub. Cooperating closely with its partners, the company is committed to unlocking the full potential of Aani through current and future features that look to address ever-changing market needs.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now