Abu Dhabi National Insurance Company (Adnic) said it has signed a partnership agreement with First Abu Dhabi Bank (FAB) to offer customers new payment options through Payit, the UAE's first fully-featured digital wallet.
The payit was launched by First Abu Dhabi Bank (FAB) to support the UAE’s goal to become a cashless economy and to drive digital solutions that benefit both residents and merchants alike.
One of the leading regional multi-line insurance providers for corporates and individuals, Adnic said it is continuously seeking to expand its product offering to deliver innovative insurance solutions to individual customers, as well as corporations.
FAB’s digital wallet is the first of its kind in the region and one of the first integrated sound-based solutions in the world. It is available to all UAE residents with an Emirates ID and is not linked to any specific bank.
The secure, low-cost tool will help to streamline payment collection, providing customers with a convenient alternative to cash, said the statement.
"It gives me great pleasure that Adnic is partnering with FAB to provide our customers with another best-in-class payment option," remarked Abdulla Al Nuaimi, Executive VP (Shared Services).
"Not only will this innovative payment tool reduce cash handling costs, it will also streamline Adnic's payment collection. Payit will serve as a cash replacement tool that removes the hassle associated with physical money as the UAE moves closer to becoming a cashless society," he added.
Hana Al Rostamani, the group head of personal banking at FAB, said: "Our latest partnership with Adnic is testament to the continued success of payit, and we are delighted to work with one of the largest companies in the UAE on this project."
"The payments industry is currently undergoing massive change and we aim to be at the forefront of this evolution. Our objective is to enable UAE-wide adoption of payit, using existing infrastructure to deliver a safe, secure and forward-looking payment experience," observed Al Rostamani.
"At FAB we are continuously investing in the development of innovative solutions to deliver value to our clients," he stated.
Ramana Kumar, SVP and Head of Payments at FAB said: "Our solution to Adnic demonstrates the importance of API banking through payit. We provided immense value to Adnic through seamless integration and outstanding customer experience."
"This partnership is a testament to how corporates can drive greater efficiency in working capital and cash flow management," he added.
Alongside payit, the insurer offers customers an extensive range of payment methods, including cash, credit card, online using payment gateway, and kiosk at 900 locations.-TradeArabia News Service