UAE central bank launches instant payments platform Aani

The Central Bank of the UAE (CBUAE) has launched Aani, a new instant payments platform produced by CBUAE subsidiary Al Etihad Payments

The Central Bank of the UAE (CBUAE) has launched a new instant payments platform in partnership with its subsidiary Al Etihad Payments, Aani. 

One of the Middle East’s largest banking institutions, CBUAE says the launch of Aani will transform the landscape of digital payments in the country. 

Aani: Instant payments in the UAE

The platform is available as a mobile app and will be taken to market by CBUAE’s partner financial institutions – who can now offer consumers payments processing instantly and securely, and at any given time.

Aani offers more than just instant payments, though, including features that will allow consumers to split bills and transfer funds just through the use of phone numbers. 

What’s more, Aani will enable businesses to accept payments made using QR codes.

More features are expected to be introduced to Aani as it roles out across the UAE, namely real-time direct debit and e-cheque processing. 

CBUAE’s immediate goal is to onboard tens of thousands of merchants to use Aani in the coming months. 

It already has eight licensed financial institutions involved with integrating Aani at launch, including Al Fardan Exchange, Emirates NBD, First Abu Dhabi Bank, National Bank of Fujairah, Abu Dhabi Commercial Bank, Finance House, Mashreq Bank, and Habib Bank AG Zurich.

CBUAE subsidiary Al Etihad Payments aims to onboard the rest of the UAE’s licensed financial institutions with Aani by the end of 2024 at the latest.

The launch of Aani comes after Al Etihad Payments signed a partnership agreement with  India’s NPCI International to help develop an inaugural domestic card scheme for UAE citizens, which, alongside the launch of Aani, forms part of CBUAE’s Financial Infrastructure Transformation (FIT) programme. 

The FIT programme was launched in February 2023, with the aim of rapidly accelerating digital transformation across the UAE’s financial sector. 

******

For more insights from FinTech Magazine, you can see our latest edition of FinTech Magazine here, or you can follow us on LinkedIn and Twitter.

You may also be interested in our sister site, InsurTech Digital, which you can also follow on LinkedIn and Twitter.

Please also take a look at our upcoming virtual event, FinTech LIVE London, coming on 8-9 November 2023.

******

BizClik is a global provider of B2B digital media platforms that provides executive communities for CEOs, CFOs, CMOs, Sustainability Leaders, Procurement & Supply Chain Leaders, Technology & AI Leaders, Cyber Leaders, FinTech & InsurTech Leaders as well as covering industries such as Manufacturing, Mining, Energy, EV, Construction, Healthcare, and Food & Drink.

BizClik – based in London, Dubai, and New York – offers services such as Content Creation, Advertising & Sponsorship Solutions, Webinars & Events. 

Share

Featured Articles

Sustainability LIVE Net Zero: Sustainable Finance Insights

Financial services and banking executives have the opportunity to hear from the world’s biggest sustainability leaders discussing the future of Net Zero

EPAM: 96% of Consumers Happy With AI in Banking

EPAM Continuum has conducted its 2024 Consumer Banking Report, suggesting that 96% of consumers are happy with banks adopting AI

Bitcoin Reclaims US$1tn Valuation; the Bull Market is Here

Bitcoin, the world’s largest cryptocurrency, has hit the US$1tn valuation mark again after the cost of one Bitcoin jumped 22% to US$52,005

COMING SOON: Top 100 Women in FinTech 2024

Digital Payments

FinTech LIVE Dubai: Linoy Kidd, CIO at HSBC

Financial Services (FinServ)

NASDAQ: Banks Need Fintech Trust to Combat US$3tn in Fraud

Fraud & ID Verification