Magnati, a fully-owned subsidiary of First Abu Dhabi Bank (FAB), has supported du, from Emirates Integrated Telecommunications Company (EITC), in achieving one of the highest digital payment acceptance rates in the Middle East. du’s payment ecosystem is powered by Magnati’s digital payments solution which has proven influential behind this notable online transactions accomplishment.
The COVID-19 pandemic accelerated the shift to e-commerce, a trend that du readily embraced. As a result, the leading UAE telco provider achieved the new milestone with a record payment acceptance rate, exceeding regional market trends by providing its customers with a trusted, secure, and convenient online payment experience.
Through the collaboration with Magnati, du successfully created a digital payment system that offers customers a seamless experience when paying bills and making online purchases. And in a rapidly evolving digital payment landscape, du was among the region’s first digital wallet adopters, enabling customers to benefit from enhanced payment options while improving acceptance rates following integration with Apple Pay. Moreover, as a testament to the partnership’s success, du processed approximately seven million transactions through its online channels in 2020 alone.
Anthony Shiner, Chief Customer & Channels Officer at du, said: “While more and more customers were already becoming acquainted with digital transactions and embracing their practicality, the pandemic accelerated years’ worth of migration in just a few months. Record numbers turned to digital channels almost immediately, and our capabilities to meet every demand and expectation stemmed from several primary factors, including our partnership with Magnati. With their support and assistance, du has subsequently garnered this impressive online transactions recognition. We appreciate the vital efforts of our partners which have helped lead us to this moment, and our vision now is to build on this momentum and continue serving our entire customer base through world-class digital service provision.”
Ramana Kumar, Chief Executive Officer of Magnati, said: “The importance of digital payments has grown in recent years, spurred by global digitisation trends and accelerated by the pandemic. The shift from physical to digital shows no signs of slowing and Magnati will continue to partner with industry champions like du to power their digital payment requirements and provide a seamless and secure payment experience for their customers. This is in line with our payment as a platform strategy which is set to revolutionise the payment landscape in the region.”
Magnati is the carve out of FAB’s payments business. Focused on direct acquiring, issuer processing and acquiring processing, Magnati provides government, merchant and institutional clients with an intelligent payments platform that monetises data, using next generation technology to deliver improved experiences and increased efficiency. Magnati strengthens the FAB Group’s leadership position in the rapidly expanding payments sector and is helping to accelerate its digital transformation agenda.