18 Aug 2021
Dubai, 18 August 2021: Dubai National Insurance & Reinsurance (DNIR), a publicly listed insurance company in the Dubai Financial Market (DFM) with multi-line insurance products for corporates and individuals, has partnered with Magnati, a fully owned subsidiary of First Abu Dhabi Bank (FAB), to support customers with a new easy payment gateway. The solution is offered in collaboration with payit, the first fully featured digital wallet in the UAE from FAB.
The partnership will support payment acceptance requirements for both in-store and online channels, offering DNIR customers a seamless and secure payment experience through Magnati’s next generation technology. DNIR customers will also benefit from features including Magnati’s “payment as a platform” offering that automates recurring insurance premium collection, its full range of payment touch points through a single API, and its “insure-now-pay-later” option.
Additionally, with payit onboard, DNIR customers now have more payment channels, including payit, QR code payment, Samsung Pay, Apple Pay and Google Pay.
Abdulla Al Nuaimi, Chief Executive Officer at DNIR, said: “It gives me immense pleasure that DNIR is partnering with Magnati to provide our customers with a hassle-free, best-in-class payment option. This innovative payment platform will not only reduce cash handling costs; it will also streamline DNIR’s payment collection through various channels.” He added: “Payit will serve as a cash replacement tool that removes the hassle associated with physical money as the UAE is mobilising to become a cashless society. Our focus is on Digitisation and Partnerships that lead to Digital Transformations which help in easing processes, increasing overall efficiency and productivity and resulting in increased customer satisfaction. DNIR is continuously seeking to expand its product offering in providing innovative insurance solutions to individual customers, as well as corporates.”
Ramana Kumar, Chief Executive Officer of Magnati, said: To further Magnati’s mission of unlocking new growth opportunities for our clients and merchants, we are partnering with DNIR to offer its customers an enhanced payments experience. Using next generation technology including Artificial Intelligence, Machine Learning and APIs, Magnati is enabling a more efficient, convenient and secure way of payments that empowers customers to insure in a hassle-free manner. The partnership represents a great stride forward in Magnati’s vision of transforming payments into possibilities by driving innovative digital solutions across all sectors in the UAE.”
Salim Awan, MD, Institutional Payments, Magnati, said: “Magnati is supporting DNIR’s digitisation agenda with a defining partnership that will create unparalleled benefits for both DNIR and its customers. Magnati’s superior payments technology will offer DNIR’s customers greater convenience via automation and increased payment options, while enabling DNIR access to an optimised merchant portal that provides ease of reconciliation and personalised insights. The collaboration supports Magnati’s objective of becoming the UAE’s payment platform of choice.”
Magnati is the carve out of FAB’s payments business. Focused on direct acquiring, issuer processing and acquiring processing, Magnati provides government, merchant and institutional clients with an intelligent payments platform that monetises data, using next generation technology to deliver improved experiences and increased efficiency. Magnati strengthens the FAB Group’s leadership position in the rapidly expanding payments sector and is helping to accelerate its digital transformation agenda.
Powered by FAB, payit is the first lifestyle payment wallet in the UAE accessible from any smartphone. It supports the UAE’s goal to become a cashless economy by driving digital solutions that benefit both residents and merchants alike.