First Abu Dhabi Bank (FAB) has launched a new “payment as a platform” service for merchants, consolidating a range of payment technologies into a single platform.
The platform can converge card payments, new payment methods including domestic and international digital wallets, loyalty programs, QR solutions, and value-added services such as buy-now-pay-later and easy-instalment plans, onto a single service layer, UAE’s largest bank said in a statement.
Merchants can connect to the platform through a single API-driven integration, where they will be able to access the complete scope of built-in payment services, the statement adds. It allows merchants and large corporates to accept frictionless in-store, mobile and online payments.
“The payments industry is going through significant disruption, and retailers and merchants face ever-increasing technology investments and integration costs to keep pace as the market evolves. Payment as a platform is a unique offering to solve these challenges and simplify the payment process for all parties,” Hana Al Rostamani, Group Head of Personal Banking at First Abu Dhabi Bank said.
FAB’s payment platform has been launched as a pilot with a selection of large retailers and will be rolled out at a larger scale to the entire FAB merchant base in the coming months, the statement adds.