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UAE’s central bank launches Aani, a new instant payments platform | Fintech InShorts: Latest fintech news, analysis by experts

UAE’s central bank launches Aani, a new instant payments platform

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UAE’s central bank launches Aani, a new instant payments platform

October 18, 2023

The Central Bank of the UAE (CBUAE) launches a new instant payments platform called Aani.
Aani is available through partner financial institutions and as a mobile app, allowing for instant and secure transactions at any time.
Customers can split bills and transfer money using phone numbers, and businesses can accept payments via QR codes.
Additional features such as real-time direct debit and e-checks will be added in the future.
CBUAE aims to onboard “tens of thousands” of merchants in the coming months.
Eight licensed financial institutions, including Abu Dhabi Commercial Bank, Emirates NBD, and others, are participating in the launch.
Al Etihad Payments plans to onboard the remaining licensed financial institutions by the end of next year.
The instant payments system is part of CBUAE’s Financial Infrastructure Transformation (FIT) program, focused on accelerating digital transformation in the country’s financial sector.
Al Etihad Payments recently formed a strategic partnership with India’s NPCI International to develop the UAE’s first national domestic card scheme.

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