Al Etihad Payments, a subsidiary of the UAE Central Bank, has opened Aani, an instant payments platform aimed at transforming the digital payments landscape in the Emirates. Aani allows users to transfer and settle funds in less than 10 seconds, offering an unparalleled digital payment experience to consumers, businesses, corporates, and government entities. This initiative is a key part of the central bank’s Financial Infrastructure Transformation program, aligning with the country’s objectives to digitize the economy and advance the financial sector.
Aani supports payments of up to Dh50,000 ($13,612) and is expected to modernize the UAE’s payments infrastructure, boost financial inclusion, and facilitate the transition towards a cashless society. The platform operates 24/7, and its launch demonstrates a commitment to fostering innovation and growth in the financial system.
Furthermore, the UAE recently announced a strategic agreement with India to introduce a domestic card initiative, based on India’s RuPay cards. This initiative, set to launch in the middle of the next year, will enhance e-commerce, digital transactions, and financial inclusion in the UAE, reducing payment costs and reinforcing the country’s position as a global payments leader.
During the pandemic, digital payments gained rapid popularity globally, with credit cards being the preferred method for e-commerce transactions in the UAE. This trend is expected to continue, as over half of UAE consumers plan to go cashless by 2024. Aani makes it simple for users to transfer money using only the recipient’s phone number or email, and it supports QR code payments at merchants. Additional features like real-time direct debit, electronic direct debit authorization, and instant digital cheques are on the horizon.
Aani’s launch involves eight licensed financial institutions, with plans to add more by the end of 2024. It enables instant fund transfers for various services, from government payments to online shopping. Accessible through participating entities or the Aani mobile app, the platform is working to expand its merchant base through partnerships.
For now, Aani payments are limited to domestic transfers within licensed financial institutions or payment service providers in the UAE. However, the platform has aspirations to connect with international instant payment platforms to facilitate cross-border transactions, including international remittances.
