As cashless transactions increasingly replace cash in our daily lives and with predictions indicating the cashless payment market will grow to account for almost 75% of total payment volume (by 2026), residents of the UAE must have access to a secure, trustworthy, and intelligent Digital Wallet. 

Payit is the leader of the evolution of Cashless Payment Solutions and provides residents with exactly what they need. It is not just speculation; Payit was named the Best Bank Digital Wallet at the MEA Finance Banking Technology Summit 2024, highlighting its status as a premier Digital Wallet solution. Through the article below, we will see how Payit FAB has established itself as the leading and most trusted digital wallet in the UAE, and that it will only continue to dominate the market.

What is Payit?

Simply put, Payit is going to be the way people and small businesses manage their money in the Emirates. It can be considered as the first digital wallet in the UAE with all the features, which was introduced by the financial giant First Abu Dhabi Bank (Payit FAB). The main idea behind this application is to do away with cash or plastic cards, even for your day-to-day transactions.

One thing that makes Payit brilliant is that it’s easily accessible. To illustrate, a person can send money to a friend, pay a government fee that is complicated, or even just buy groceries, and in all these situations, this is the solution. More importantly, it is a very good means of financial inclusion: signing up requires only an Emirates ID and a phone number. Unlike numerous conventional services, the necessity of keeping a minimum balance or having a bank account at present is not among the requirements. This easy entrance method makes the Payit UAE app a real device to be used by the whole ‍‌‍‍‌‍‌‍‍‌community. 

Top Features of the Payit Digital Wallet

In one app, Payit combines most of the financial tasks that you will perform in a given day. Some of the ways it helps you streamline your financial activities include:

  • Money transfers between users (instant): You can send money to another user instantly for convenient, cashless transactions.
  • Bill payments/Recharges (quick): You can make payments to utilities, recharge telecom accounts, or pay for other routine expenses directly from within this app. 
  • School & Government Fees: Besides, you can use this to securely handle educational expenses, government charges, and service-related fees. 
  • Split Expenses: The quickest and easiest way to share the costs of anything (meal, travel) with friends, family, or colleagues is through the app. 
  • International remittances: You can send money to friends and family abroad through Payit’s trusted authorisations, and get competitive foreign exchange rates.
  • Cash Withdrawal: Get hold of physical money by withdrawing from this app at partner ATMs and select retail locations.
  • NFC Tap & Pay (seamless): You can make a fast, cashless transaction at merchants that accept contactless payments.

Why is Payit Trusted and Award-Winning?

The Payit App has been created as a trusted digital wallet platform thanks to its partnership with First Abu Dhabi Bank (FAB), who have operated as a top-tier banking firm since 1865. In addition to providing users with the confidence that they will be able to use the Payit App safely and securely through FAB’s many years of experience and expertise and by complying with all regulatory requirements of the Central Bank of the UAE, the App is also known for its high level of security as a result of winning numerous awards for their continuous innovation and commitment to making customers happy with their products. 

In fact, on account of its success this App was awarded the Best Digital Wallet award in 2024, which affirms its status as a leader in the digital wallet industry. Therefore, when you choose Payit, you are making a smart decision about which digital wallet to use based on your preference of a highly reputable and stable financial institution operating within the UAE. 

Interested in mobile banking features? Check out ADCB Mobile App.

Payit App Benefits and Real-Life Use Cases

For‍‌‍‍‌‍‌‍‍‌ years, Payit has been the go-to place for the resolution of complicated payment problems; thus, it has been the first fully-featured digital wallet in the UAE to maintain this position. With a metal and virtual Visa Platinum card for worldwide acceptance and a super-fast connection for everyday needs like government fees and international money transfer, it indeed becomes a real financial hub. 

Here are the main advantages and practical examples, in which Payit is a brilliant ‍‌‍‍‌‍‌‍‍‌idea: 

Absolutely Free to Use:

The app is free to download and use for life, removing the financial pressure of adoption. 

For example, a new resident can download the Payit app on their mobile device and begin making secure payments for necessities right away, at no cost.

Regulated Security (FAB Backing): 

As a bank-powered wallet, it operates under stringent regulatory oversight.

For example, Users can make large payments (such as school fees or government fees) with confidence because those transactions are protected with the security of a bank.

Instant Financial Flexibility:

There are no minimum balance requirements or monthly fees that are hidden.

For example, Independent Contractors, Students and Domestic Workers can create small transactions even if they have little or no balances available using the Payit application.

Digital and Physical Card Access:

You receive a free digital card, plus an option for a physical card.

For example, while you are doing an online subscription globally in a secure way via the virtual card, you can also use the physical Let’s Go card at any cafe or supermarket.

A Single App for Everything:

It integrates banking, transfers, and bill settlement in one interface.

For example, A user is able to recharge the international mobile number of a loved one and, in the very same session of three minutes, pay the local DEWA ‍‌‍‍‌‍‌‍‍‌bill. 

Payit vs Competitors: Why It Leads in the UAE Market

Payit is the market leader because its position is very unique. Although e& Money and Noon Pay are quite popular in the telecom/e-commerce sectors, it has the support of FAB, the largest bank in the UAE, which provides Payit with credibility and security that no competitor has. This strategic opportunity for Payit is to be the go-to option for complete financial management and to take the lead in driving financial inclusion.

Payit vs e& Money and Noon

Feature Comparison Table

Feature Payit (FAB) e& Money Noon Pay
Primary Backing Largest UAE Bank (FAB) Telecom/Utility (e&) Noon Group
Domestic Help Payment Yes No No
Physical/Virtual Card Yes, Letsgo Payit Visa Platinum Card (Full Global Acceptance) Yes, Prepaid Card (Mastercard). Limited
Loyalty Focus Cashback & Merchant Offers Telecom & Utility Offers Noon Marketplace Discounts
Best For Residents seeking a secure, bank-grade primary wallet with comprehensive utility/government support. Users who prefer a wallet linked to the telecom operator and require strong international transfer options. Users who primarily shop on Noon and want seamless checkout and P2P transfers within the Noon ecosystem.

Curious about expanding your business in the UAE? Learn about Noon.

How to Get Started with Payit?

Starting your experience with it takes little time and no effort! To initiate an account with Payit, as well as learn about the Payit application, simply download the app from either a mobile app store using your own mobile device. If you’re ready to use this app immediately, follow these steps:

  • Download the app from either the App Store or Google Play.
  • Create your account by registering your mobile phone number and email address.
  • Take a picture of your valid Emirates ID to confirm your identity instantly.
  • Create a secure passcode or set up a biometric password.
  • At this point, your account is active, and you can add funds to it.

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Conclusion

So, we’ve covered it all. The Payit app is the ultimate digital wallet for your everyday living in the UAE, thanks to its numerous features, top-tier security, and focus on financial inclusion. It combines convenience with the security you need when managing your funds in one easy-to-access app. And if Payit encourages you to create your own wallet or fintech app that leads the market, make sure to reach out to our mobile app development specialists to explore your concept and begin building your application today!

FAQs

Is Payit a zero balance account?

Yes, Payit has been developed to be used as a digital wallet with no requirement for a zero-balance, meaning that there is no requirement for a user to keep a minimum balance on the account so that the Payit account remains open.

Does Payit give a loan?

No, Payit has been created to be used as a payment, transfer and bill-pay service only; therefore, Payit does not presently provide any loan or credit services directly to users.

What is the minimum deposit for Payit?

No minimum deposit is required for Payit; a Payit user may load their Payit wallet with as much money as needed for transactions as and when they require.

Which wallet is best in the UAE?

As "best" means something different for every person, however, Payit has received a great deal of media attention and is viewed by many as one of the leading digital wallets in the UAE, as it is linked to First Abu Dhabi Bank and offers customers many options for financial inclusion in the UAE.

How to add money to Payit?

Payit can be funded with as much cash as necessary by linking an existing UAE Debit Card to the Payit service, or if an existing bank account in the UAE is available, investments can be made directly from the bank account using the provided IBAN.

Is Payit safe?

Yes, Payit is very secure. Payit is the payment and transfer services developed by First Abu Dhabi Bank (FAB) and, as such, is regulated by the Central Bank of the UAE and uses industry standards for encryption and security for all transactions, as well as the protection of customer data.