back Back

Payit digital wallet and Magnati partner with WOW to offer digital payments

By Leandra Monteiro

August 09, 2021

  • Payit
  • UAE
Share

Magnati, Payit digital wallet, WOW, digital payments, First Abu Dhabi Bank, FAB, Payit digital wallet, powered by First Abu Dhabi Bank (FAB) and Magnati, the fully owned payment subsidiary of FAB, has partnered with WOW Electronics Transport Services to launch digital payment service for its leaders and their riders.

With this partnership, WOW riders can now make cashless mobile payments for their rides seamlessly using the payit digital wallet from within the comfort of the WOW cars. In addition to this, the WOW app has been powered by the payment gateway solution as well as empower its leaders with payroll cards offered by Magnati.

As one of the newest and fast-growing ride-hailing apps in the UAE, WOW will leverage on the platforms to operate a complete digital and cashless payment operation offering their riders multiple convenient payment methods with an improved customer experience.

Bader Alzaabi – President of WOW said, “We thank First Abu Dhabi Bank for recognizing and supporting young and new projects of technologies. Now Regarding WOW and Payit, the world changes, financial and commercial transactions change, cash and methods of managing their change, thanks to the combination of technology and mental experiences in the service of humanity. So why not develop and adapt with the development of man and the means in his hand, which facilitates him and reduces distances, saves effort and time in various fields. With these digital tools, we can reduce work gaps and focus on addressing the needs that we aspire to reach, design, and support with our means and ideas from artificial intelligence available with continuous creativity ideas. WOW and Payit is one of those means that need ideas and are the continuous creativity in the development of the world.”

Ramana Kumar – CEO, magnate said, “We are pleased to partner with WOW with this partnership and support them in their endeavor to operate a digital-centric business. As payments are core to their offerings, Payit and Magnati offer them the perfect digital solutions to power their business as they look to expand across the UAE. This partnership is a testament to the robustness of our platforms, which offers businesses like WOW tailored-made solutions.”

Launched in 2018, payit is among UAE’s leading digital wallet offering a whole host of lifestyle payment solutions for its users – both consumers and merchant partners alike. This free, safe, and secure app is available to anyone with an Emirates ID regardless of their banking relationship and enabling them to benefit from the payit ecosystem services.

Magnati is the carve-out of FAB’s payments business and its transition from a transactional to a data-driven and platform business. Magnati is a fully owned FAB subsidiary, strengthening the Group’s leadership position in the rapidly expanding payments sector and accelerating its digital transformation agenda.

Previous Article

August 09, 2021

Sonect will enable lottery terminals as ATMs in the UK and Italy

Read More
Next Article

August 09, 2021

PVcomBank choses CMC Telecom to provide Cloud Computing services by AWS

Read More






IBSi Daily News Analysis

Data privacy

June 19, 2024

Payit

EMEA faces $85bn annual financial crime compliance costs, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

June 19, 2024

POP raises $2.4m in Seed Funding from India Quotient to launch UPI Play

Read More

June 19, 2024

FinTech Zilch secures £100m debt finance ahead of its public listing

Read More

June 19, 2024

Corpay expands global footprint with launch of a new office in New Zealand

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023