Al Etihad Payments (AEP), a subsidiary of the Central Bank of the UAE (CBUAE), has officially launched ‘Aani’, an instant payments platform aiming to transform the landscape of digital payments in the UAE. With a vision to establish seamless, secure, and instant digital payments, Aani is a key initiative under the Central Bank of the UAE’s Financial Infrastructure Transformation (FIT) program.
Background
In an increasingly digital world, the need for efficient and convenient payment solutions has become paramount. Recognizing this, the Central Bank of the UAE has taken a proactive approach through its FIT program to create a robust financial infrastructure that caters to the evolving needs of its citizens and businesses. Aani, as a flagship product of this program, represents a significant step forward in the journey towards a cashless society.
Features and functionality
Aani enables licensed financial institutions (LFIs) and payment service providers to offer their customers an exceptional user experience. One of the standout features of Aani is its ability to facilitate instant money transfers using only the recipient’s phone number. This eliminates the need for complicated account details and makes peer-to-peer transactions quick and hassle-free.
Furthermore, Aani includes a suite of convenient features such as ‘Request Money’ and ‘Split Bills’, which streamline various payment experiences. With ‘Request Money’, users can easily send a payment request to their contacts, simplifying financial transactions among friends, family, or colleagues. The ‘Split Bills’ function allows users to split expenses seamlessly, making shared payments for outings or group purchases effortless.
Aani also supports QR codes, enabling users to make cashless payments at merchants by simply scanning a code. This feature eliminates the need for carrying physical cash or cards, providing convenience and security to both consumers and businesses.
Future functionalities
While the current features of Aani are impressive, the platform’s potential does not stop there. The Central Bank of the UAE has ambitious plans to introduce additional functionalities in the near future. Real-time direct debit will enable users to set up automatic payments, providing a convenient and efficient way to pay recurring bills. Additionally, e-checks will offer a digital alternative to traditional paper checks, simplifying the process for businesses and individuals alike.
Participating financial institutions
The successful launch of Aani involved the collaboration of eight licensed financial institutions. These institutions recognize the immense potential of Aani and have joined forces with Al Etihad Payments to offer their customers a cutting-edge digital payment experience.
Quote from the Chairman
Saif Humaid Al Dhaheri, Chairman of Al Etihad Payments, expressed his excitement about the launch of Aani, stating, “The launch of Aani exemplifies our unwavering commitment to digitize the economy and advance the financial sector. We believe that Aani will revolutionize the way people make payments in the UAE, creating a safer, faster, and more convenient financial ecosystem for all.”
Quote from CEO
Jan Pilbauer, CEO of Al Etihad Payments, also shared his enthusiasm for Aani, stating, “We are delighted to introduce Aani, a platform that redefines the digital payment experience and reinforces the UAE’s pioneering position as a global digital payment hub. Aani’s seamless functionalities and robust security features will undoubtedly transform the way people transact financially, making digital payments the preferred choice for UAE residents and businesses.”
The launch of Aani marks a significant milestone in the UAE’s journey towards a digital future. By creating a seamless, secure, and instant payments platform, Aani sets the stage for a cashless society in the country. With its suite of convenient features, support for QR codes, and future enhancements, Aani promises to revolutionize the way people make payments, providing a superior user experience and reinforcing the UAE’s position as a global digital payment hub. The future of digital payments in the UAE has arrived with Aani.