Botim Launches UAE Central Bank Instant Payment Service in Industry First
Astra Tech’s Botim has announced a new partnership with Al Etihad Payments (AEP), a subsidiary of the Central Bank of the UAE (CBUAE), to introduce Aani – an advanced instant payment platform.
Aani, operated by Al Etihad Payments, will enable safe and easy digital payments to be processed instantly on a 24×7 basis.The platform simplifies the payment process by allowing instant fund transfers using the recipient’s mobile number, email, or QR code, eliminating the need for complex IBANs.
Aani’s integrated solution is now available on the PayBy-powered Botim app, making it the first fintech platform to offer the AEP’s Aani solution.
This innovative service allows enables instant and secure number-to-number money transfers for those in the UAE.
Aani is also establishing a new industry standard by enabling full interoperability across all payment services, facilitating 24/7 instant digital payments.
“We are excited to lead the way in this remarkable advancement in payment technology. Our partnership with Al Etihad Payments signifies our dedication to driving innovation, fostering financial inclusion, and contributing to the UAE’s cashless economy initiatives. With PayBy driving Botim’s financial transactions, surpassing 2 billion transactions recently, this collaboration aligns perfectly with our vision for the Ultra app,” Abdallah Abu Sheikh, CEO and Founder of Astra Tech and Botim said.
Key features of Aani include Proxy Payments, QR-code-based payments, Request to Pay, and Split Bills.
In addition, Aani ensures secure real-time account-to-account payments within the UAE, for both consumers and businesses alike.
In its initial phase, the platform will enable instant person-to-person (P2P) transfers from wallets or bank accounts to any participant bank account using mobile numbers as identifiers.
Future plans include the introduction of QR code-based payments, further enhancing the platform’s versatility, as well as direct debits and e-cheques.
To activate Aani on Botim, users can follow three simple steps: Go to the ‘Botim Money’ page, click on ‘Send Money via Aani,’ and select ‘Activate now.’
Once linked to the user’s Botim Pay wallet, Aani allows them to send or receive money directly into any recipient’s bank account.
Users can conduct transactions with anyone who has also activated Aani, whether on Botim or any other platform. In case the recipient does not have Aani activated, Botim will send the money as a regular local transfer into their wallet.
“At AEP, we are not only reshaping the paradigm of digital payments but also advancing the UAE’s vision of a society less reliant on cash. The integration of Aani with Botim will not only enhance the user experience but also reflects our dedication to staying at the forefront of technological advancements. We look forward to continued collaboration with PayBy and other key partners as we explore additional features and functionalities to deliver the full potential of Aani,” Jan Pilbauer, CEO of AEP added.
