This move will connect the user’s wallet to Visa merchant acceptance locations of more than 80 million for a complete range of point-of-sale and online transactions.
Visa vice president and country manager for the UAE, Salima Gutieva, said: “We have seen the impact the pandemic has had in accelerating the demand for cashless solutions – especially in e-commerce 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.”
The Letsgo Payit Visa Platinum Card, available in physical and digital versions, provides a hassle-free payment instrument.
The card can also be linked to Samsung Pay, Google Pay, and other UAE-accepted device wallets. The system incorporates a unique and personalized QR code for receiving payments.
Payit’s solution is hoped to particularly benefit users currently relying on cash for everyday purchases.
Head of Payit Wallet at FAB, Nitin Bhandari, 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.”
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.
The burgeoning 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.