INSTANT PAYMENT PLATFORM
REVOLUTIONISING PAYMENT SOLUTIONS
Elevate your digital payment experience with state-of-the-art solutions, pioneering convenience & security
Aani Al Etihad Payments has emerged as a trailblazer in the realm of payment solutions in the UAE. Established with a vision to transform the way businesses and individuals conduct financial transactions, Aani Al Etihad Payments has rapidly risen to promi-
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nology (fintech),
company has carved a niche for itself in the competitive market, setting new standards for efficiency and convenience in payment processing. One of the key pillars of Aani Al Etihad Payments’ success is its comprehensive suite of payment solutions tailored to meet the evolving demands of modern businesses. Whether it’s facilitating seamless online transactions, enabling secure point-of-sale payments, or empowering merchants with advanced payment processing tools, Aani Al Etihad Payments offers a diverse range of services designed to streamline the payment experience for both businesses and consumers.
Central to Aani Al Etihad Payments’ approach is its unwavering commitment to security and compliance. In an era marked by growing concerns over data privacy and cybersecurity, the company prioritizes the protection of sensitive financial information, implementing robust security measures to safeguard
Nagainst fraud and unauthorized access. Through adherence to stringent regulatory standards and continuous investment in cutting-edge security technologies, Aani Al Etihad Payments instills confidence and trust among its users, ensuring peace of mind in every transaction.
Nandan Mer, Group Chief Executive Officer (CEO) of Network International is a big fan of AANI. “In today’s world, ‘instant’ is the operating word for everything. And all types of commerce are literally on your fingertips. With instant payments, the buyer makes the payment, and the seller can validate the payment received instantly. And it builds and establishes trust between the parties,” Mer said.
Moreover, Aani Al Etihad Payments places a strong emphasis on user experi-
Payments remains at the forefront of innovation, continuously exploring new avenues to enhance its offerings and exceed customer expectations.
“Our focus is on meeting the unique needs of our customers in the UAE with cutting-edge solutions. We are a forwardthinking and customer focused payments company with a growth mindset, constantly driving innovation to meet the rapidly evolving demands of the national digital payments industry,” said Jan Pilbauer, CEO, Al Etihad Payments. Looking ahead, Aani Al Etihad Payments is poised for further growth and expansion, fueled by its unwavering commitment to innovation, excellence, and customer satisfaction. As the UAE continues to position itself as a global hub for fintech innovation, Aani Al Etihad Payments stands ready to lead the charge, driving the future of payment solutions in the region and beyond. With a steadfast focus on innovation, integrity, and excellence, Aani Al Etihad Payments is poised to redefine the payment landscape and empower businesses and individuals to thrive in the digital economy. anam@khaleejtimes.com
In today’s world, ‘instant’ is the operating word for everything. And all types of commerce are literally on your fingertips. With instant payments, the buyer makes the payment, and the seller can validate the payment received instantly. It builds and establishes trust between the parties.”
Latha Krishnan
etwork International began operations in the UAE in 1994 and has completed three decades of helping businesses and economies prosper through delivering innovative solutions that drive revenue and profitability for their customers. “Currently, we are the leading digital payment company in the region. Over the years we have grown from strength to strength to become the largest acquirer in the UAE and the leading enabler of digital commerce in the Middle East and Africa (MEA) region,”says Nandan Mer, Group Chief Executive Officer of Network International. “A decade ago, we were the first acquirer in the region to launch a dedicated ecommerce solution. In 2019, we joined the London Stock Exchange (LSE) through a Premium Listing on the Main Market, becoming the largest-ever technology IPO from a MEA-based firm globally and the largest technology company to list on LSE since 2015,” he said. SIMPLIFYING DIGITAL PAYMENTS The group simplifies digital payments through their innovative products and services to customers all over the MEA region With operation centres in 17 countries including primary hubs in UAE, Saudi Arabia, Egypt, Jordan, Kenya, South Africa, Ghana and Nigeria, and the corporate head office in Dubai, Network International simplifies digital payments through their innovative products and services to customers all over the MEA region. “In these countries we connect buyers and sellers by helping financial institutions issue debit, credit, prepaid and commercial products, and individuals to make electronic payments. We are also hosting and maintaining more than 20 derful tool to make digital payments between two counter-parties. “In today’s world, ‘instant’ is the operating word for everything. And all types of commerce are literally on your fingertips. With instant payments, the buyer makes the payment, and the seller can validate the payment received instantly. It builds and establishes trust between the parties.” Network International is the first acquirer of JAYWAN, the CBUAE domestic card scheme, also facilitating the issuance of JAYWAN cards. These efforts support Network International’s shared vision with CBUAE and Al Etihad Bureau to empower businesses with the latest payment technologies. AANI, JAYWAN and other such products are revolutionising digital payments and accelerating the UAE towards a cashless economy. Anam
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Nandan Mer Group Chief Executive Officer of Network International million issued credit/debit cards including MasterCard, Visa, etc for about 200 banks,” he said. “We enable the trade of goods and services for financial institutions, banks and merchants of various sizes and help them conduct their business efficiently by making digital and instant transfer of payments,” explains Mer. Network International were one of the first companies in the UAE to accept and embrace AANI, the new online instant payment platform launched by Al Etihad Payment under the Central Bank of the UAE. AANI provides an enhanced digital payment experience and, , allowing users to transfer money instantly using only the recipient’s phone number. Mer says he is a big fan of AANI, which he believes is a great advance and a wonAANI AT A GLANCE SAFE TRANSACTIONS Aani is a payment experience that enables customers of licensed financial institutions (LFIs) and payment service providers to offer instant payment services to consumers, businesses, merchants, retailers, government and other entities in the UAE. INNOVATIVE SERVICES The platform offers innovative services such as Proxy Payments, QR-code based payments, Request to Pay and split payments. LAUNCH MEMBERS ♦ Abu Dhabi Commercial Bank ♦ Emirates NBD ♦ Frist Abu Dhabi Bank ♦ Finance House ♦ Habib Bank Zurich ♦ Mashreqbank ♦ Al Fardan Exchange ♦ National Bank of Fujairah HOW TO ACCESS AANI Aani is accessible through the existing channels of the participating LFIs or through Al Etihad Payments’ mobile app. Al Etihad Payments has also been working with Magnati, Mashreq/Neo Pay and Network International to enable Aani QR-based payments with merchants. KEY FACTS & FIGURES Dh50,000 Is the maximum amount that can be transferred in each transaction 10 Seconds are required to process a payment ence, recognizing that simplicity and convenience are paramount in today’s fastpaced world. Whether conducting transactions through its user-friendly mobile app, accessing real-time payment data through its intuitive online portal, or receiving personalized support from its dedicated customer service team, Aani Al Etihad Payments strives to deliver a seamless and hassle-free payment experience at every touchpoint. In addition to its commitment to excellence in service delivery, Aani Al Etihad Payments is also dedicated to fostering innovation and driving positive change within the industry. Through strategic partnerships with leading fintech companies, collaboration with industry stakeholders, and ongoing investment in research and development, Aani Al Etihad Our focus is on meeting the unique needs of our customers in the UAE with cutting-edge solutions. We are a forwardthinking and customer focused payments company with a growth mindset, constantly driving innovation to meet the rapidly evolving demands of the national digital payments industry.” Jan Pilbauer Chief Executive Officer Al Etihad Payments
AANI — INSTANT PAYMENT PLATFORM
Bank will continue to set the standard for digital excellence in the financial industry
Muzaffar Rizvi
Aani represents a paradigm shift in the way financial transactions are conducted in the UAE, signifying seamless experience, efficiency, transparency, and inclusivity at its core, says an expert.
Kartik Taneja, Head of Payments and Consumer Lending at Mashreq, said the bank will continue to set the standard for digital excellence in the financial industry, driving innovation and fostering financial inclusion in the UAE and beyond.
“At Mashreq, we are committed to driving the adoption of Aani in the UAE through proactive measures and customer-centric initiatives,” Taneja said.
Excerpts from the interview:
Please describe Aani, the new online instant payment platform launched by Etihad Payment under the Central Bank of the UAE?
Aani is a groundbreaking online instant payment platform introduced by Etihad Payment under the Central Bank of the UAE, and this marks a significant leap forward in the world of financial transactions.
Aani enables individuals to transfer funds instantaneously to anyone, leveraging simple identifiers such as mobile numbers, email addresses, or Emirates IDs, thereby eliminating the need to grapple with cumbersome IBANs. This transformative approach to payments, already embraced in countries like the UK, China, India, Singapore, and Thailand, not only streamlines transactions but also enhances the overall user experience exponentially.
One of Aani’s distinguishing features lies in its remarkable speed, processing transactions in a matter of seconds — generally under 10 seconds. This unparalleled efficiency allows users to track the status of their transactions in real time, affording them unprecedented transparency and immediacy. Additionally, Aani’s integration across all participating financial institutions’ apps
LEADING DIGITAL EXCELLENCE
and channels ensures widespread accessibility, accommodating users across diverse banking platforms seamlessly. Aani’s innovative ‘Request Money’ feature adds another layer of convenience, enabling users to effortlessly solicit funds from their contacts with ease. The platform’s versatility is underscored by the introduction of QR codes at the point of sale, offering a convenient solution for merchants facing challenges in accepting card payments. This functionality not only empowers smaller merchants to embrace digital transactions but also fosters a more inclusive financial ecosystem by facilitating real-time money transfers through QR code scanning, thereby democratising access to financial services.
What is Mashreq doing in the field of digital payments in the UAE?
At Mashreq, we are dedicated to advancing digital payments in the UAE, leveraging innovation to enhance convenience and accessibility for all stakeholders in the economy. Our commitment to digital transformation is evident in our range of initiatives aimed at streamlining payment processes and promoting financial inclusion. We have made significant strides in developing a robust digital ecosystem for online banking and digital payments. Our dedication to digital banking innovation is exemplified by Mashreq NEO and NEOBIZ, offering fully integrated, customercentric digital experiences exclusively tai-
Our dedication to digital banking innovation is exemplified by Mashreq NEO and NEOBIZ, offering fully integrated, customer-centric digital experiences exclusively tailored for individuals and SMEs in the UAE, respectively.”
lored for individuals and SMEs in the UAE, respectively. Recognizing the economic benefits of digital payments, including enhanced convenience and efficiency, we continue to lead the way in encouraging their adoption in the UAE and beyond.
One of our key milestones was being the first bank in the region to introduce Alipay, China’s popular mobile and online payment platform. Additionally, we were early adopters of Samsung Pay and Apple Pay when they launched in the UAE, providing our customers with seamless payment experiences. In 2017, we launched Mashreq Pay, our digital wallet, enabling customers to tap and pay at retail outlets for a quicker, easier, and more secure payment experience.
In response to the growing demand for fast and secure payment solutions in e-commerce, we introduced NeoPay in 2022. This paytech business simplifies payments for goods and services, cater-
What incentives Mashreq offers under Aani platform?
As part of our dedication to promoting seamless and efficient payment solutions, we are pleased to announce that Mashreq is offering Aani services free of charge to our customers. This decision reflects our commitment to ensuring that our clients experience the benefits of utilising a modern, real-time payment system without any additional financial burden, according to Kartik Taneja, Head of Payments at Mashreq Bank.
Key features of our Aani Instant Payment Services include:
Instant real-time payments: Customers can enjoy near-instantaneous payment transfers, ensuring that their financial transactions are completed swiftly and securely.
• 24/7 accessibility: Aani ensures that customers and merchants can transact anytime, providing unparalleled convenience and flexibility. Flexibility: Customers have the flexibility to make payments using various identifiers such as a contact’s phone number, email address, or even their IBAN, facilitating seamless transactions.
• Advanced features: Aani incorporates advanced options such as Send Money, Request Money, Split Bill, and QR-based payments, empowering users with comprehensive payment capabilities. Merchant payments: Merchants benefit from near-instant credits in their bank accounts for transactions made by customers at store locations, enhancing cash flow and operational efficiency.
ing to the evolving needs of consumers and businesses. Our partnership with i2c Inc underscores our dedication to innovation. Leveraging i2c’s agile SaaS platform, we are offering innovative payment experiences to consumers, merchants, and fintech clients, supporting the fintech ecosystem in the UAE with unmatched speed, reliability, and security. At Mashreq, our focus on digital experience is unwavering. We are proud to be the first in the UAE to accept UPI/PhonePe and Alipay, reflecting our commitment to pioneering digital innovations. Our awardwinning remittance service, QuickRemit, allows real-time or near-real-time money transfers to 40 countries, providing customers with unparalleled convenience and efficiency. With over 99.5 per cent of payment transactions processed digitally at Mashreq, we continue to set the standard for digital excellence in the financial industry, driving innovation and fostering financial inclusion in the UAE and beyond.
How is Mashreq facilitating businesses involved in this innovative payment platform directly or indirectly?
For businesses, Aani’s collaboration strategy with licensed financial institutions and payment service providers contributes to financial inclusion by expanding the reach of the platform. Through these partnerships, Aani ensures that businesses, regardless of size, can easily integrate the
platform into their financial operations. Aani is live on NEO PAY terminal across multiple merchants and we are constantly adding more merchants for acceptance.
NEO PAY is working on enablement of Aani acceptance on ecommerce, which will enable merchant to offer additional form of payments to the customers.
Any other matter related to digital payments you would like to add?
Aani’s collaboration strategy with licensed financial institutions (LFIs) and payment service providers (PSPs) is pivotal to its expansion and increased user base. AEP actively engages in partnerships with LFIs, integrating Aani into their mobile apps. This collaboration benefits both parties: LFIs can provide their customers with access to Aani’s platform, while Aani expands its user base through these established financial entities.
Aani aims to onboard over 70 additional licensed financial institutions in 2024, for a significant expansion of its ecosystem. This collaborative approach extends to Merchant Acquirers, with plans to include all players to facilitate seamless transactions at Point of Sale. Aani’s new features for 2024 include integration with the Wage Protection System, the launch of the Electronic Direct Debit Authorisation, and facilitating cross-border transactions.
— muzaffarrizvi@khaleejtimes.com
Kartik Taneja Head of Payments and Consumer Lending at Mashreq