First Abu Dhabi Bank, the largest bank in the United Arab Emirates and one of the largest and safest financial institutions in the world, announced its cooperation with “TAPI”, the emerging financial technology company headquartered in the United Arab Emirates, with the aim of providing “buy now and pay” service. Later on “with the bank’s commercial partners. This service was offered for the first time by “Toys R Us” stores in the United Arab Emirates, which are affiliated with Al-Futtaim Group.
This cooperation will contribute to strengthening the position of First Abu Dhabi Bank as a leading provider of electronic payment services in the United Arab Emirates, and is part of the integrated payment platform service (Payment as a Platform) recently launched by First Abu Dhabi Bank, which provides a range of payment services within a single digital package. Unique.
Commenting on this, Arjun Veer Singh, Executive Vice President of Payments Division at Al-Futtaim Group said: “As a market leader, the Al-Futtaim Group has been keen to provide a new generation of payment solutions for our various brands that will contribute to meeting the ever-changing customer needs. Thanks to this distinguished cooperation with TAPI and First Abu Dhabi Bank, we were able to provide a ‘buy now, pay later’ service quickly and according to the highest levels of security and efficiency. ”
Ramana Kumar, Senior Vice President and Head of Payments and Digital Banking Services Division, Retail Banking Division at First Abu Dhabi Bank, said: “We are excited to announce this collaboration with TAPI to provide customers with a convenient shopping experience and more flexible payment options, in another step. It confirms our commitment to our business partners, and our keenness to provide them with the best seamless payment services.This service is the first within an integrated payment platform (Payment as a Platform), which confirms the flexibility of our software applications and their ability to fully integrate with the solutions developed by our financial technology partners. We are pleased to provide the Al-Futtaim Group stores and brands with the ‘Buy Now, Pay Later’ option for the first time in the United Arab Emirates, and confirm our keenness to continue working with partners to create new solutions that enhance payment options and enrich the shopping experience. ”
Hossam Arab, Co-Founder and CEO of TAPI, said: “We at TAPI are delighted to launch a pioneering technology solution to buy now and pay later for First Abu Dhabi Bank’s business partners, and for Al-Futtaim Group shoppers and customers, giving them a multi-channel electronic payment experience. Wishing to provide more flexible payment options for their customers to participate immediately in this service due to its ease and flexibility in preparation.
The “Buy Now, Pay Later” service allows customers to shop and buy products in-store and pay in installments extending up to 6 months without interest, after registering using the phone number and the Emirates ID card and linking the registration account with the credit and debit card.
This cooperation is the latest in a series of partnerships through which First Abu Dhabi Bank aims to enhance the pace of adoption of digital solutions in the UAE and the region in general. These partnerships have enjoyed great acceptance and widespread adoption by trading partners, and also include the use of an integrated Payit digital wallet that eliminates the need to use banknotes.
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