First Abu Dhabi Bank (FAB), the UAE’s biggest lender, has created a cashless payment system in collaboration with Magnati, PayRow Net and the Ports Customs and Free Zone Corporation (PCFC).
The bank said government entities and merchants will now be able to receive cashless payments from customers, which will help plan and forecast, and focus on core business services.
Users can now make payments for government services through digital methods, including point of sale transactions, card payments and digital wallets.
Ramana Kumar, CEO, of payments company Magnati, said: “Magnati is excited to support FAB in its collaboration with Dubai Ports and PayRow Net to usher in the next era of digital payments infrastructure.”
“This collaboration combines FAB’s technological expertise and Magnati’s payment know-how to transform Dubai Ports’ payment platform and in turn support Dubai’s transition to a cashless economy.”
FAB will issue co-branded prepaid cards in collaboration with PayRow, the bank added.
PayRow Net Payment Services and Technologies Solutions LLC is a subsidiary of the Ports Customs and Free Zone Corporation (PCFC).