Payit, the UAE’s first fully featured digital wallet, is expanding access to cashless transactions with the launch of the new Letsgo Payit Visa Platinum Card, powered by First Abu Dhabi Bank (FAB). This will connect the user’s wallet to Visa merchant acceptance locations of 80+ million for a complete range of point-of-sale and online transactions.
Available in physical and digital versions, the Letsgo Payit Visa Platinum Card provides a practical, accessible and hassle-free payment instrument, ready to be used at any place where a bank card would usually be accepted. The card can also be linked to Samsung Pay, Google Pay, and other UAE-accepted device wallets. Unlike other cards, each Physical Letsgo Payit Visa Platinum Card incorporates a unique and personalized QR code, making receiving payments an absolute breeze.
Loaded with all the features, local and international privileges and benefits of a Visa Platinum card, Payit’s latest evolution will particularly benefit users currently relying on cash for everyday purchases.
Futoon AlMazrouei, Group Head of Consumer Banking at FAB, said: “With the introduction of the Payit digital wallet, FAB was able to give all consumers a practical alternative for safe and secure cashless payments, many of them for the first time. Through this new partnership with Visa, we are further improving access to the many advantages of the cashless economy, and supporting inclusiveness in financial services, in line with the UAE vision to enhance equitable access to the financial system. The expansion of Payit will particularly serve those under-banked individuals previously unable to fully access traditional banking services and is an important step forward in realising FAB’s commitment to achieving positive social outcomes.”
Nitin Bhandari, Head of Payit Wallet at FAB, said: “Having achieved Payit’s original objectives of becoming the wallet of choice for all UAE residents, and a leading digital solution for under-banked segments, the Letsgo Payit Visa Platinum Card provides our customers with more ways to use their digital wallet and closes the loop in evolving the wallet into our vision of an ‘everyday FinStyle’ platform. The card transforms the convenience and practicality of a digital wallet into a truly complete solution for local and international payments. Fully integrated into the worldwide Visa network, it unlocks Payit to a full range of transactions including e-commerce, bill payments and in-store retail purchases using point-of-sale terminals, thus offering a cashless alternative that people can use to shop anywhere and everywhere.”
Salima Gutieva, Visa Vice President and Country Manager for UAE, said: “We have seen the impact the pandemic has had in accelerating the demand for cashless solutions – especially in eCommerce and contactless payments – across all consumer segments, including under-banked customers. This partnership is consistent with Visa’s global strategy to collaborate with our financial institution partners in bringing innovative solutions to drive financial inclusion and accelerate the growth of the digital economy. We are therefore delighted to partner with FAB in launching the Letsgo Payit Visa Platinum card and bringing the benefits of digital commerce to more consumers in the UAE.”
At its launch in 2018, FAB’s Payit was the UAE’s first fully featured digital wallet created to support the transition to a cashless society and adding the Letsgo Payit Visa Platinum Card to the wallet reflects a rapid consumer shift away from cash even for small everyday purchases. While cash long remained the standard for small purchases, the rollout of contactless ‘tap-and-go’ card technology has quickly established cards as a faster and more convenient choice, in a trend that accelerated during the COVID-19 pandemic. Increasing use of e-commerce has also driven the growing demand for cashless payments, while online transactions are now firmly established as the default choice for paying bills.
However, the transition away from cash can disadvantage those who don’t have access to either a bank account or a credit card, or who are concerned by the risk of fraud associated with entering account details into an online payment portal. Payit offers these cash-dependent consumers an accessible alternative to traditional bank products, including for international money transfers, peer-to-peer payments, merchant payments, bill payments, and local bank transfers.