Magnati and Al Etihad Payments partner to provide UAE merchants with instant digital payments
Magnati, a leading payments solutions provider in the Middle East region, has announced a partnership with Al Etihad Payments (AEP), a subsidiary of the Central Bank of the UAE. This collaboration builds on Magnati’s longstanding commitment to shape the future of payments. It leverages AEP’s cutting-edge platform, Aani, to deliver seamless, secure, and instant payment experiences for individuals, businesses, and government entities nationwide. This move extends Aani’s advanced real-time infrastructure to Magnati’s broad merchant base, driving adoption and innovation for payments across the UAE.
Aani, a revolutionary instant payment platform, was developed by AEP under the Central Bank of the UAE’s Financial Infrastructure Transformation Programme. Built on a state-of-the-art infrastructure, Aani provides licensed financial institutions and payment providers with unparalleled capabilities, enabling faster, safer, and round-the-clock digital transactions. This collaboration will leverage Magnati’s extensive reach and expertise to provide expanded access to Aani, fostering wider adoption and unlocking its transformative potential across the UAE.
With a shared commitment to advancing digital payments nationwide, Magnati and AEP will drive innovative payment solutions in the UAE market, aiming to enhance experiences for all stakeholders. The integration provides Magnati’s merchants and customers access to leading payment technology, demonstrating its commitment to enabling seamless digital payment experiences.
“By collaborating with AEP, Magnati is providing enhanced payment offerings to its merchants. This strategic partnership integrates Aani’s instant payment platform across our vast network, opening doors for thousands of merchants to embrace Aani’s cutting-edge technology. This bridge between traditional cash-based businesses and advanced digital solutions will accelerate the adoption of Aani’s innovative platform, further encouraging the UAE towards a cashless ecosystem,” said Ramana Kumar, Chief Executive Officer of Magnati.
The collaboration with AEP offers several advantages to Magnati’s customers. Real-time payments around the clock enhance cash flow for merchants, and customers benefit from an improved payment experience with instant transaction confirmation via QR codes. This includes options beyond cash, offering increased convenience and access to the latest payment innovation.
Jan Pilbauer, Chief Executive Officer of Al Etihad Payments said, “At Al Etihad Payments, our goal is to further boost the UAE’s digital economy by providing secure and easy to use payments infrastructure, enabling our partners to deliver seamless and intelligent payment solutions to their customers. By combining Magnati’s merchant network with Aani’s instant payments capabilities, this partnership paves the way for UAE’s large and small retail businesses, and other merchants to benefit from receiving instant payments from their customers.”