First Abu Dhabi Bank unveils region’s 1st sound-based payment technology
abu dhabi — First Abu Dhabi Bank (FAB), one of the UAE’s largest banks and the world’s largest and safest financial institutions, has launched a new sound-based payment system through its digital wallet, payit.
The sound-based payment technology is the first of its kind in the region and one of the first integrated sound-based solutions in the world.
Payit offers customers a range of payment services through person-toperson, bill payments, money transfers, splitting the bills, in addition to dedicated “payit offers” from many outlets. It also creates value to merchants through offering economic, real-time settlement, with no required investment in new hardware.
“The payments industry is going through an enormous evolution, and at FAB we aim to be at the forefront in driving innovation,” said Hana Al Rostamani, group head of the Personal Banking Group.
Sound-based payments can be made through electronic cash registers, point of sales (POS) machines, POD devices or even the mobile phones of merchants. It also provides integrated solutions by enabling real-time reporting, settlements, refund capabilities, transaction level mapping and reconciliation, allowing merchants to market their services and launch with optimised customer reach.
FAB is continuously investing in developing innovative solutions for clients to deliver value. Solutions like payit and sound-based payments align to FAB’s commitment to the UAE’s goal to become a cashless economy and to driving digital solutions that benefit both residents and merchants alike.
Ramana Kumar, head of Payments, said: “Payit is a lifecycle solution for all our customers’ needs and is an easy, secure and convenient alternative to cash. Our objective is to enable UAE-wide usage of payit utilising existing infrastructure and delivering a safe, secure and forwardlooking payment experience.”