With the World Bank estimating that individuals in the UAE send more than $44 billion in remittances each year, and with smartphone penetration in the country now approaching 80%, the partnership enables more consumers in the UAE to send money from their payit wallet balance to friends and family in over 200 countries and territories.
First Abu Dhabi Bank partners with MoneyGram to launch services on payit mobile app
First Abu Dhabi Bank has partnered with MoneyGram (NASDAQ: MGI), a global provider of innovative money transfer and payment services, to launch the latter’s services through the bank’s payit mobile wallet in the United Arab Emirates (UAE). As the first fully-featured digital wallet in UAE, payit is now connected to MoneyGram’s innovative, cross-border money transfer platform.
“We are delighted to be offering MoneyGram’s money transfer service as part of our mobile wallet. Payit is the only mobile wallet in the UAE that offers MoneyGram’s transfer services and this partnership will help strengthen the capabilities of our pioneering app, in line with our strategy of bringing best-in-class digital financial services to our clients,” said Ramana Kumar, svp & head of payments, personal banking group at First Abu Dhabi Bank (FAB).
“The UAE is home to more than 200 nationalities who live in a society that aspires to be at the forefront of technological innovations,” said Ahmed Aly, head of Middle East for MoneyGram. “We believe this partnership helps deliver a modern and state-of-the-art solution to what is an everyday need for a large percentage of that population.”