FAB launches Digital Marketplace through payit to support retailers, SMEs and local businesses in moving online
Abu Dhabi, 14 October 2020: payit digital wallet, powered by First Abu Dhabi Bank (FAB), the UAE’s largest bank and one of the world’s largest and safest financial institutions, has launched “Digital Marketplace”, which allows small and medium businesses to list and sell their products and services on the platform conveniently and make them accessible to a growing base of payit customers.
The Covid-19 pandemic has presented significant challenges to businesses in the region, most notably the need for SMEs to quickly adapt from providing products and services in physical locations to moving them to online platforms. “Digital Marketplace” is another way payit is supporting local businesses and consumers alike during this time, a move that is the first of its kind to be implemented by a bank in the region.
The new platform will include a range of products and services, such as groceries, electronics, pharmaceuticals, specialty stores, educational software and others. “Digital Marketplace” also offers a fee collection module where businesses like gyms, educational institutes or rental companies can now collect recurring payments through payit.
Through the platform, merchants can quickly launch a digital business with no set up investment, leverage on payit’s order management system, attract new sales as well as benefit from the merchant support programme which includes competitive transaction rates, data analytics and marketing and promotional activities.
Hana Al Rostamani, Deputy Group CEO and Head of Personal Banking at FAB, said: “We are committed to supporting SMEs and local merchants and empowering them through our technology infrastructure investments. In an increasingly digital economy, the move to Digital Marketplace is a milestone in the region, as we continue to focus on delivering a safe, secure and cashless transactions to customers.”
Ramana Kumar, SVP and Head of Payments and Digital Banking, PBG, FAB, said: “FAB is continuously looking for innovative solutions that benefit both its merchant partners and customer base, and the launch of our Digital Marketplace is an addition to the innovative solutions we offer to our merchants and customers. We are excited about the advantages this new feature brings and we will continue to expand upon payit’s innovative services to provide a comprehensive digital wallet that serves our customers’ needs. We have plans to expand marketplace to other services like remittances in the near future.”
payit is the fastest growing wallet in the UAE, and is a lifecycle wallet that can be used for paying friends, family, merchants, sending money abroad, government payments and KLIP.