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The United Arab Emirates authorities recently made an announcement about the new payment solution.
First Abu Dhabi Bank (FAB), Fintech tycoon PayRow Net and PayRow Net, a PCFC-owned company, announced in a joint press release on Friday (Dec. 23) that they will be collaborating on a new digital payments platform.
The new platform aims to “retrofit existing payment gateways, bring a more advanced customer payment experience and improve user experience,” according to the press release.
Through the platform, users will be able to pay for government services using various digital methods, including point-of-sale (POS) transactions, card payments and digital wallets.
“This collaboration combines FAB’s technical expertise and Magnati’s payments know-how to transform Dubai Ports’ payments platform, thereby supporting Dubai’s transition to a cashless economy,” said Magnati CEO. Ramanakumar.
“The new payments platform is a continuation of Dubai’s efforts to advance the cross-sector payments sector, covering civic and government areas such as utilities, transport, logistics, social services, healthcare and public convenience,” he added.
From business payments to consumer payments, the UAE has recently been ramping up efforts to modernize its payments infrastructure.
In a second recent development affecting payment platforms in the UAE earlier this month, PYMNTS reported that UAE’s new instant payments platform (IPP) will be launched in the first quarter of 2023.
Similar to other schemes elsewhere, the IPP will allow instant transfers between dirham-denominated bank accounts.
Originally slated for an October release, the latest announcement is at statement From the Central Bank of the United Arab Emirates (CBUAE). The IPP will be rolled out in stages, with the initial rollout involving a pilot group of licensed financial institutions, the statement said.
In that initiative, ACI Worldwide has been helping CBUAE Build the platform and connect the country’s banks to the new real-time track.
For all PYMNTS EMEA coverage, subscribe to the daily EMEA Communications.
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