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24 March 2020
TECHNOLOGY

FAB, Mastercard partner to enhance cross-border payment solutions

payit customers will now be able to make transfers to their bank accounts, mobile and digital wallets, allowing for secure and fast delivery of funds internationally

payit is the first wallet in the Middle East to launch this service through a push-payments platform

by Kudakwashe Muzoriwa

First Abu Dhabi Bank’s (FAB) payit mobile wallet has partnered with Mastercard to allow instant remittances to select bank accounts and wallets internationally.

payit is the first wallet in the Middle East to launch this service through a push-payments platform that allows for international fund transfers to more than 100 corridors.

Hana Al Rostamani, Group Head of Personal Banking at FAB, said that bringing this technology to the market as early as possible is crucial now more than ever and it is important to switch to digital channels and with advanced risk frameworks in place.

FAB stated that the new solution will enable the bank’s payit customers to transfer money instantly with zero fees to bank accounts in the Philippines, Bangladesh, Pakistan, Nepal, Kenya, Egypt, Nigeria, Sri Lanka, Vietnam, Ghana with several other countries to follow.

“payit has created an innovative ecosystem for its customers where we provide seamless and unique remittance solutions,” said Ramana Kumar, SVP and Head of Payments at FAB.


RELATED STORIES: First Abu Dhabi Bank payit mobile wallet Mastercard

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