In a significant stride towards enhancing its digital payment ecosystem, the United Arab Emirates has witnessed the launch of a groundbreaking instant payment platform, Aani. Developed by Al Etihad Payments (AEP), a subsidiary of the Central Bank of the UAE (CBUAE), Aani emerges as a pivotal element of the CBUAE’s Financial Infrastructure Transformation (FIT) program. This launch marks a momentous step in the UAE’s journey to establish itself as a premier global hub for digital transactions.
Aani’s introduction aligns perfectly with the UAE’s vision of revolutionizing digital payments. It empowers licensed financial institutions (LFIs) and payment service providers to elevate the consumer experience to new heights. Aani is designed to cater to a wide array of users, including individuals, businesses, corporates, and government entities, offering them an unmatched level of convenience and security. The platform guarantees that digital transactions are processed instantly, operating around the clock.
One of Aani’s standout features is its user-friendly approach to money transfers, which allows users to send funds instantly using just the recipient’s phone number. It also incorporates innovative functionalities like “Request Money” and “Split Bills,” streamlining various payment scenarios. Additionally, Aani embraces the convenience of QR codes, facilitating effortless, cashless transactions at merchant outlets. Future enhancements, including real-time direct debit and e-checks, are already on the horizon.
The launch of Aani has been bolstered by the participation of eight licensed financial institutions, including prominent names like Abu Dhabi Commercial Bank, Emirates NBD, and Mashreq Bank, among others. AEP is committed to integrating more LFIs into the platform by the end of 2024.
Users can access Aani through the existing channels of these LFIs or by using AEP’s dedicated Aani mobile app. Moreover, AEP is collaborating with entities such as Magnati, Mashreq/Neo Pay, and Network International to enable Aani’s QR-based payments in various merchant locations, aiming to incorporate thousands of merchants in the upcoming months.
The chairman of AEP, Saif Humaid Al Dhaheri, emphasized Aani’s role as more than just a payment platform. He regards it as a catalyst for economic growth, innovation, and financial inclusion, aligning with the UAE’s strategic goals and the CBUAE’s objectives. Aani is expected to play a crucial role in nurturing an ecosystem that fosters innovation, competition, and overall growth in the financial sector.
Jan Pilbauer, CEO of Al Etihad Payments, expressed his enthusiasm about Aani’s role in redefining the digital payment experience. He highlighted the platform’s potential in reinforcing the UAE’s status as a leading digital payment hub and the commitment to evolving Aani with features that meet the changing market demands.
This initiative is a continuation of the UAE’s digital transformation agenda, following the announcement of the UAE’s first Domestic Card Scheme (DCS). These developments collectively contribute to reducing payment costs and boosting the UAE’s competitive edge in the global digital economy.
