FAB’s Payit, Magnati team up with WOW for digital payment solutions

  • August 08, 2021

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 a state-of-the-art 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 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: Link the payroll cards can be seamlessly to the Payit wallets of these leaders enabling them to benefit from the various digital payment services offered by the wallet platform.  

As one of the newest and fast-growing ride-hailing apps in the UAE, WOW will leverage the platforms to operate a complete digital and cashless payment operation offering their riders multiple convenient payment methods with a best-in-class 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 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 of Magnati, added: “We are pleased to partner with WOW with this partnership and support them in their endeavour 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 tailor-made solutions.”

Launched in 2018, payit is the 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 enables 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.