UAE’s Aani: Revolutionising Digital Payments with New Instant Platform
In a groundbreaking move towards digital transformation, the United Arab Emirates (UAE) has introduced Aani, an instant payment platform under the aegis of Al Etihad Payments (AEP), a subsidiary of the Central Bank of the UAE (CBUAE). Aani promises to redefine the landscape of digital payments in the UAE, ushering in a new era of seamless, secure, and immediate financial transactions.
Aani: Pioneering UAE’s Digital Payment Hub
Aani, unveiled on October 16, represents a significant stride in the UAE’s aspiration to become a global digital payment hub. Developed as part of the CBUAE’s Financial Infrastructure Transformation (FIT) program, Aani aims to deliver an unmatched user experience to consumers, businesses, corporates, and government entities. This innovative platform enables users to conduct transactions 24/7, 365 days a year, with the utmost security.
Aani’s User-Friendly Features
Aani boasts a suite of convenient features designed to simplify payment experiences. Users can initiate instant transfers using only the recipient’s phone number, a feature that will undoubtedly revolutionise peer-to-peer payments. Moreover, Aani offers functionalities like “Request Money” and “Split Bills,” streamlining various financial transactions.
QR Codes for Hassle-Free Payments
In a bid to encourage cashless transactions, Aani integrates QR code support. This feature allows users to make swift and convenient payments at merchants, eliminating the need for physical currency. In the near future, Aani plans to introduce real-time direct debit and e-check functionalities, further expanding its capabilities.
Collaborative Efforts for Success
The launch of Aani witnessed the active participation of eight licensed financial institutions: Abu Dhabi Commercial Bank, Al Fardan Exchange, Emirates NBD, Finance House, First Abu Dhabi Bank, Habib Bank AG Zurich, Mashreq Bank, and National Bank of Fujairah. AEP aims to onboard additional licensed financial institutions by the end of 2024. Aani is accessible through the existing channels of participating LFIs or via AEP’s dedicated mobile app.
Aani: A Catalyst for Economic Growth and Financial Inclusion
Saif Humaid Al Dhaheri, Chairman of AEP, emphasised that Aani is more than just a payment platform—it represents a catalyst for economic growth, innovation, and financial inclusion. Al Dhaheri stated that AEP is committed to fostering an ecosystem that encourages innovation, competition, and growth, benefiting the entire financial system.
Jan Pilbauer’s Vision for Aani
Jan Pilbauer, CEO of Al Etihad Payments, expressed his delight in introducing Aani. He believes Aani redefines the digital payment experience, reinforcing the UAE’s global digital payment leader position. Pilbauer stressed their commitment to unlocking Aani’s full potential through current and future features that cater to evolving market needs.
Aani and UAE’s Digital Transformation Agenda
The launch of Aani aligns with the UAE’s broader agenda for digitisation. It follows closely with the announcement of the UAE’s first Domestic Card Scheme (DCS), a strategic move to reduce payment costs and enhance the nation’s competitiveness in the digital payments landscape.
Domestic Focus for Now
It’s important to note that Aani currently supports domestic transfers only. Customers can send and receive money exclusively between accounts held at licensed financial institutions or payment service providers within the UAE, and transactions are conducted in dirhams.
With Aani’s introduction, the UAE takes a meaningful step towards reshaping its financial ecosystem, fostering innovation, and promoting financial inclusion while positioning itself as a global leader in digital payments. The future of digital payments in the UAE has never looked brighter.
