Al Ansari Digital Pay, a subsidiary of Al Ansari Financial Services PJSC, has received initial approval for a store value facilities and retail payment service provider license from the Central Bank of the UAE. This digital payment system is in line with the government’s ‘cashless society’ initiative and supports the ‘financial inclusion’ agenda.
The digital wallet, set to launch in Q2 of 2024, aims to revolutionize digital transactions by providing a secure and user-friendly platform for both consumers and businesses. It will enable peer-to-peer transfers, salary receipt, domestic and international money transfers, bill payments, and access to various digitally-enabled services.
Rashed A. Al Ansari, Group CEO of Al Ansari Financial Services, expressed commitment to enhancing the lives of users through cutting-edge technology. He stated that the digital wallet will empower users with tools to make financial decisions and will offer micro-financing options through strategic partnerships with licensed financial institutions.
The approval from the Central Bank positions Al Ansari Digital Pay as a leader in utilizing state-of-the-art technology to provide essential financial services. The company aims to create a secure and efficient platform that meets the evolving needs of customers. Al Ansari Digital Pay’s creation is a significant step towards a more financially secure and user-centric future for consumers in the UAE.
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