- The Central Bank of the UAE (CBUAE) launches a new instant payments platform called Aani.
- Aani is available through partner financial institutions and as a mobile app, allowing for instant and secure transactions at any time.
- Customers can split bills and transfer money using phone numbers, and businesses can accept payments via QR codes.
- Additional features such as real-time direct debit and e-checks will be added in the future.
- CBUAE aims to onboard “tens of thousands” of merchants in the coming months.
- Eight licensed financial institutions, including Abu Dhabi Commercial Bank, Emirates NBD, and others, are participating in the launch.
- Al Etihad Payments plans to onboard the remaining licensed financial institutions by the end of next year.
- The instant payments system is part of CBUAE’s Financial Infrastructure Transformation (FIT) program, focused on accelerating digital transformation in the country’s financial sector.
- Al Etihad Payments recently formed a strategic partnership with India’s NPCI International to develop the UAE’s first national domestic card scheme.
