Throughout this partnership, FAB is set to launch the SlicePay card under its Dubai First trademarks in the region of UAE, which will represent the debut of the Mastercard Installments Program in the Eastern Europe, Middle East, and Africa (EEMEA) area.
The BNPL solution was designed to allow shoppers to convert their purchases into four interest-free installments in a secure and convenient manner, with the overall aim to optimise the customer experience. The users of the First Abu Dhabi Bank will also benefit from instant approval and issuance of the digital-only card, which can be leveraged across the UAE in almost all the places where Mastercard is accepted, whether online or in-store.
In addition, as the SlicePay card is powered by the Mastercard Installments Programme, equal payments will be made without any customer fees or interest. At the same time, all purchases and transactions made with the solutions will be backed by Mastercard’s customer protection services. The financial institution aims to improve the overall financial security of clients and users, as they will focus on unlocking new opportunities and accelerating sustainable and economic developments in the region.
At the beginning of January 2023, the financial institution announced its partnership with UAE-based platform bank Wio Bank in order to provide cash and cheque solutions to Wio Business clients through FAB’s ATM and CDM network.
Wio Bank was set to offer its suite of digital-fist solutions, with a strong focus on meeting the needs, preferences, and demands of growing start-ups and small and medium-sized enterprises (SMEs). In addition, Wio Bank was looking to make its tools available to business owners in an optimised manner, as well as connecting simplified and secure digital banking products with essential cash and cheque deposits. These tools and features were set to be included alongside cash withdrawal services, by using FAB’s regulated physical infrastructure.
According to the information published in the press release, by integrating with the FABePay portal, the Wio Business application aimed to enable clients and users to have cash and cheque deposits initiated in a simple, secure, and convenient manner directly within the app. This was set to offer them a unique reference number that needed to be used on each deposit transaction. By leveraging the `Wio deposit` solution, the code could be utilised at any FAB cash deposit machine (CDM) in order for the transaction to be completed.
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