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03 March 2020
TECHNOLOGY

First Abu Dhabi Bank launches new payment service for merchants

The new service consolidates a complete range of payment technology into a single platform, reducing the cost and future proof digital disruption to business

The new service also allows merchants and large corporates to accept frictionless in-store, mobile and online payments

by Kudakwashe Muzoriwa

UAE’s First Abu Dhabi Bank (FAB) has launched a new ‘payment as a platform’ for merchants, consolidating a full range of payment needs into a single, digital-first package.

Hana Al Rostamani, Group Head of Personal Banking at First Abu Dhabi Bank, said, “The payments industry is going through significant disruption, and retailers and merchants face ever-increasing technology investments and integration costs to keep pace as the market evolves.”

The platform can converge card payments, new payment methods such as domestic and international digital wallets, loyalty programmes, QR solutions, and value-added services such as buy-now-pay-later and easy-instalment plans, onto a single service layer.

The platform will also support users in launching their own offerings, such as gift cards or prepaid cards.

Additionally, merchants can connect to the platform through a single API-driven integration, where they will be able to access the complete scope of built-in payment services.

FAB said that the new service also allows merchants and large corporates to accept frictionless in-store, mobile and online payments.

The bank will partner with retailers and merchants not only to optimise their technology investments but to also drive a unified customer experience and to support real-time offers and campaigns to promote growth, said Al Rostamani.

In a statement, FAB said that in addition to payment layers, this service provides the merchants an omnichannel solution to deliver a unified customer experience across multiple brands, locations or touchpoints.

The service will also provide AI-driven data monetisation tools that drive real-time campaigns utilising brand affinity and brand referral models.

FAB’s payment platform was launched as a pilot with a selection of large retailers and will be rolled out at a larger scale to the entire FAB merchant base in the coming months.

 


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