First Abu Dhabi Bank (FAB) with the support of its affiliate, Magnati, is collaborating with PayRow Net through the Ports Customs and Free Zone Corporation (PCFC) to establish a best-in-class digital payment platform to spur Dubai’s shift towards becoming a cashless economy.
The new payment ecosystem is set to transform the existing payment gateway, leading to an advanced customer payment journey and improved user experience.
Government entities and merchants will now be able to receive payments from their customers in an easy, flexible, unified, and secure manner. The streamlining and automating of revenue collection will also help government entities to better plan and forecast as well as focus on their core business and services.
To improve the delivery of services, the platform enables users to make payments for government services through a variety of digital methods, including point of sale transactions, card payments and digital wallets. Additionally, FAB in collaboration with PayRow will issue co-branded prepaid cards to promote seamless and secure payments.
Mustafa Al Khalfawi, Head of Global Banking UAE & Global Head of Government, Sovereigns & Public Sector at FAB said: “We’re delighted to partner with PCFC to offer a seamless solution and establish a best-in-class digital payment platform. FAB’s holistic commitment to technology ensures we keep pace with innovation thereby empowering our partners to grow their digital capabilities.”
Ramana Kumar, Chief Executive Officer of 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.”
As Dubai consistently ranks as the smartest city in the Middle East and North Africa, smart payment technology such as this new ecosystem will continue to play a critical role in achieving the smart vision of the city alongside Dubai’s shift towards becoming a cashless economy.
The new payment platform is a continuation of the efforts in Dubai to advance the payments landscape across areas which cover civic and government domains such as utilities, transport, logistics, social services, healthcare, and public convenience.
It is important to note that PayRow Net Payment Services and Technologies Solutions LLC is a subsidiary of the Ports Customs and Free Zone Corporation (PCFC) and, and by engaging with third party payments services providers, is facilitating access to a wide range of online payment methods such as online banking, credit cards, debit cards, e-wallets, cash invoices, and more.
These methods not only improve customer experience but also ensure customer transactions are made safely and securely.
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