Key Facts Statement

Key Facts Statement - Payit

Payit is a mobile digital wallet service operated by First Abu Dhabi Bank PJSC (the “Bank“) that can be used to hold, send and receive funds via the Payit mobile application (the “App”).

Product description and purpose Payit is a secure, easy-to-use digital wallet accessed through the Payit mobile application with no minimum balance requirement, no annual fees and no service charges.Your account with Payit (the “Payit Account”) can be used to hold, send and receive funds. If you are employed, you may also be eligible to have your salary paid directly into your Payit Account (the “Payit Plus Account”).
Eligibility You must be 18 years or above and resident in the UAE to use Payit.
Cooling off period You may change your mind about opening a Payit Account within five (5) business days of agreeing to the Payit Terms and Conditions. You let us know by contacting us at help@payit.ae or via the App.
Currency ê (Arab Emirates Dirhams).
Fees Payit and Payit plus Fees & Charges Fees ê (Price exclusive of VAT)
Monthly Fee
Monthly fee 0
Annual fee 0
Letsgo Payit Card fees
Decline transaction fees (if no sufficient funds) 0
Value added service fees 0
Digital Letsgo Payit Card Issuance Fee 0
Physical Letsgo Payit Card Issuance Fee 0
Card dispatch fee 0
Card replacement fee 25
Card renewal fee every 5 years 25
Cross currency conversion fee 0
Closure fee 0
False charge back fee 100
ATM fees
FAB ATM – Cash withdrawal 0
FAB ATM – Balance inquiry 0
Non-FAB ATM – Balance inquiry 1
Non-FAB ATM – Cash withdrawal 2
SMS Cash out 3
International & GCC ATM- Balance inquiry 3
GCC ATM – Cash withdrawal 6
International ATM – Cash withdrawal 20
International Money Transfer fees
Easy bank transfer by Payit (Mastercard) 5-9
Express bank transfer by Federal bank 5-7
Bank transfer By SWIFT 25-45
MoneyGram cash Pick-up 10
Domestic Transfers Fees (Send money locally)
Payit Wallet to Payit Wallet 0
Payit Wallet to FAB 0
Payit Wallet to other Banks in UAE 2
OnDemand Payit
Key Fact Statement Click here
Minimum Balance No minimum monthly balance required.
Maximum Wallet Limit
  • ê 3,500 initially before completing the full registration process.
  • ê 25,000, once the full registration process has been completed.
Load options You can load funds into your Payit Account through the following channels:
  • via the App using the debit card linked to your Payit Account;
  • by bank transfer from your nominated bank account; and
  • if you hold a bank account with us, via our mobile banking application.
You may also be eligible to have your salary paid directly into your Payit Plus Account. You can contact us via the App or by email at payitplus@payit.ae to find out if you are eligible for this service.
Warning:
Important Notes:

Letsgo Payit Card

The product is a virtual/physical card issued for full KYC individuals. The card helps cardholders to take care of their expenses efficiently. This prepaid card is linked to the AED balance available on Payit (similar to a debit card linked to the account).
Key Features:
Product description and purpose Payit is a secure, easy-to-use digital wallet accessed through the Payit mobile application with no minimum balance requirement, no annual fees and no service charges.Your account with Payit (the “Payit Account”) can be used to hold, send and receive funds. If you are employed, you may also be eligible to have your salary paid directly into your Payit Account (the “Payit Plus Account”).
Eligibility You must be 18 years or above and resident in the UAE to use Payit.
Cooling off period You may change your mind about opening a Payit Account within five (5) business days of agreeing to the Payit Terms and Conditions. You let us know by contacting us at help@payit.ae or via the App.
Currency ê (Arab Emirates Dirhams).
Fees Payit and Payit plus Fees & Charges Fees ê (Price exclusive of VAT)
Monthly Fee
Monthly fee 0
Annual fee 0
Letsgo Payit Card fees
Decline transaction fees (if no sufficient funds) 0
Value added service fees 0
Digital Letsgo Payit Card Issuance Fee 0
Physical Letsgo Payit Card Issuance Fee 25
Card dispatch fee 0
Card replacement fee 25
Card renewal fee every 5 years 0
Cross currency conversion fee 0
Closure fee 0
False charge back fee 100
ATM fees
FAB ATM - Cash withdrawal 0
FAB ATM - Balance inquiry 0
Non-FAB ATM - Balance inquiry 1
Non-FAB ATM - Cash withdrawal 2
SMS Cash out 3
International & GCC ATM- Balance inquiry 3
GCC ATM - Cash withdrawal 6
International ATM - Cash withdrawal 20
International Money Transfer fees
Easy bank transfer by Payit (Mastercard) 5-9
Express bank transfer by Federal bank 7
Bank transfer By SWIFT 25-45
MoneyGram cash Pick-up 10
Domestic Transfers Fees (Send money locally)
Payit Wallet to Payit Wallet 0
Payit Wallet to FAB 0
Payit Wallet to other Banks in UAE 2
OnDemand Payit
Key Fact Statement Click here
Minimum Balance No minimum monthly balance required.
Maximum Wallet Limit
  • ê 3,500 initially before completing the full registration process.
  • ê 25,000, once the full registration process has been completed.
Load options You can load funds into your Payit Account through the following channels:
  • via the App using the debit card linked to your Payit Account;
  • by bank transfer from your nominated bank account; and
  • if you hold a bank account with us, via our mobile banking application.
You may also be eligible to have your salary paid directly into your Payit Plus Account. You can contact us via the App or by email at payitplus@payit.ae to find out if you are eligible for this service.
Warning:
Notes:

Payit “Money on Demand”

Payit is a mobile digital wallet service operated by First Abu Dhabi Bank PJSC (the “Bank“) that can be used to hold, send and receive funds via the Payit mobile application (the “App”). Payit “Money on Demand” is a feature of the digital wallet service that allows eligible customers to obtain a short-term credit facility (a “Payit Loan”) that will be paid directly into their Payit account (the “Payit Account”).

IMPORTANT: This Key Facts Statement sets out important information on Payit Loans. It is important that you review this Key Facts Statement carefully, alongside the Payit Loan Terms and Conditions and additional information made available to you in the App, when you apply for a Payit Loan.

PRODUCT INFORMATION
Product description and purpose The Payit Loan is a short-term loan designed to facilitate your short-term financial needs. If you have any questions about Payit Loans, please refer to our Frequently Asked Questions which can be accessed at https://payit.ae/faq/.
Eligibility criteria You must have an active Payit Account and have completed the full registration process in connection with your Payit Account, in order to be eligible for a Payit Loan. Additional eligibility criteria for Payit Loans is determined by us in our absolute discretion.
Applying for and obtaining a Payit Loan

You can apply for a Payit Loan via the App and you must provide any information or documentation that we require.

When you apply for a Payit Loan you will be required to provide details of a debit card or payroll card held in your name that will be linked to your Payit Loan and charged if you fail to repay your Payit Loan on time (the “Linked Card”). You will not be able to apply for and obtain a Payit Loan without providing details of your Linked Card.

Loan amount Payit Loans are loans of between ê 300 and 4,000. The specific amount of your Payit Loan will be visible to you at all times in the App.
Loan duration Your Payit Loan is repayable in one instalment 30 days from when you first use all or part of your Payit Loan. What this means is that even if you do not spend all of your Payit Loan at once, the full amount will be repayable 30 days from when you first spent part of your Payit Loan (the Repayment Date).
FEES AND CHARGES
Fees and charges
Fee type Description Fee (ê) (Price exclusive of VAT)
Service fee This is a one-off fixed fee that is payable upfront when you obtain a Payit Loan. The service fee will vary depending on the amount of your Payit Loan. The service fee will be:
  • ê 15 plus VAT, if your Payit Loan is ê 300 or less;
  • ê 21 plus VAT, if your Payit Loan is between ê 301-600;
  • ê 42 plus VAT, if your Payit Loan is between ê 601-1,000;
  • ê 80 plus VAT, if your Payit Loan is between ê 1,001-2,000; or
  • ê 120 plus VAT, if your Payit Loan is between ê 2,001-4,000.
Late repayment fee This is a one-off fixed late payment fee added to your Payit Loan if you miss your scheduled repayment date. The late payment fee is ê 10 plus VAT.
ONDEMAND EXAMPLE: BORROWING ê 300 WITH PAYIT ONDEMAND
Eligibility Based on income check, KYC verification, and repayment history
onDemand Amount ê 300
Requested on March 5, 2025
Disbursal Details Instantly credited to your Payit account on March 5, 2025
Fees ê 15.75 (Inclusive of VAT)
Usage Period March 5 – April 4, 202
Repayment Utilized amount auto-debited on April 4, 2025
Late Repayment Fee ê 10.5 (Inclusive of VAT) on April 5, 2025.
Total repayment amount is subjective to usage within the loan usage period.
ADDITIONAL IMPORTANT INFORMATION
Cooling-off period You may change your mind about obtaining a Payit Loan within five (5) business days of agreeing to the Payit Terms and Conditions. You let us know by contacting us at help@payit.ae or via the App. Your cooling-off period must have expired, or been waived, before we will make the amount of your Payit Loan available to you.
How we will provide your Payit Loan Unless otherwise agreed, we will make the loan amount available to you in your Payit Account within 24 hours from (i) you accepting the Payit Loan Terms and Conditions; or (ii) the expiry of your cooling-off period, whichever comes later.
Repaying your Payit Loan

Your Payit Loan is repaid directly from your Payit Account. If you do not have sufficient funds in your Payit Account on the Repayment Date, we will attempt to take payment from your Linked Card on the Repayment Date.

You must ensure that there are sufficient funds in your Payit Account, or available via your Linked Card, on the Repayment Date.
Late payment

If all or part of your Payit Loan remains outstanding after the Repayment Date, we will attempt to take payment from your Linked Card once every seven (7) days for the next thirty (30) days. For example:

  • If your Repayment Date is the 1st of the month, we will attempt to take payment from your Payit Account on the 1st. If there are insufficient funds in your Payit Account on the Repayment Date, we will then attempt to take payment from your Linked Card on the same date.
  • If all or part of the amount due remains outstanding after the 1st of the month, we will then make a maximum of four further attempts to take payment from your Linked Card. These attempts will be made on the 8th, 15th, 22nd and 29th of the month.

If your Payit Loan has not been repaid in full by the 29th of the month then we will terminate your Payit Loan and may also:

  • take legal proceedings against you to recover what you owe;
  • terminate your Payit Account in accordance with clause 18 of the Payit Terms and Conditions; and
  • seek to set-off what you owe against any available funds held or deposited into any other accounts you hold with us, including your Payit Account.
Early repayment You may pay off some or all of what you owe at any time before the Repayment Date. This can be done via the App and no additional fees or charges will apply where you repay some or all of what you owe early.

Warning

If you fail to repay your Payit Loan by the scheduled repayment date it may have serious consequences. You will have to pay additional fees and we will report the missed payment to Al Etihad Credit Bureau meaning that your credit records may be affected, making it harder or more expensive for you to obtain credit in the future. We may also take legal proceedings against you to recover what you owe.

Important Notes: