ADIB Partners with Spotii to Launch UAE’s First BNPL Virtual Prepaid Card
By Léandra Monteiro
Today
- Islamic Bank of Abu Dhabi
- Adib
- BNPL
Abu Dhabi Islamic Bank (ADIB), an Islamic financial institution, has partnered with Spotii, a digital payments provider, to introduce the first “Buy Now, Pay Later” virtual prepaid card in the United Arab Emirates.
With this soon to be launched digital solution, customers will be able to make in-store and online purchases from merchants and spread the cost of their purchases across flexible payout options with zero finance rates, with no hidden fees or additional charges. .
ADIB and other customers can access their Spotii virtual prepaid card through the Spotii Mobile app. The service is free and will allow them to load money seamlessly into their Spotii virtual prepaid card account to fund free installment payments.
Philip King, Global Head of Retail Banking at ADIB, said: “The e-commerce industry is at an all-time high and we expect growth to continue at full speed as consumers demand more convenience and immediacy in the industry. their shopping experiences. Of course, the payment process is an essential part of this experience. Thanks to our partnership with Spotii, we wish to meet the demands and expectations of our customers who wish to have immediate pleasure in their purchases while leaving them the possibility of spreading payments over time. With this buy it now and pay afterwards solution, we also want to support customers who do not have a credit card or those who want a cheaper alternative that does not charge them additional fees or finance charges.
Ziyaad Ahmed, COO and Co-Founder of Spotii, said: “Buy Now Pay Later is experiencing significant growth globally, and the UAE is a key market driving this development in the region. Rapid digital adoption has accelerated the need to deliver innovative new solutions to merchants and consumers, and Spotii is proud to be at the forefront of this empowerment. We are delighted to partner with ADIB, the leading digital bank, to bring this solution to customers in the United Arab Emirates. “
This offering is the latest in a series of digital product launches that aim to create simple, intuitive and seamlessly connected banking experiences for customers. Recently, ADIB became the first bank in the United Arab Emirates to offer instant and secure account opening using Emirates facial recognition. ADIB also launched Amwali, the first Islamic digital bank that brings together a full range of banking products and innovative technologies for children and youth.
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