FAB and Aldar to provide consumer card payments to real estate customers
Consumers are increasingly shifting to electronic payments for all manner of purchases and the effects of Covid-19 has accelerated the trend, experts said
First Abu Dhabi Bank (FAB) has partnered with Aldar's real estate management firm, Provis, to provide consumer card payments for real estate customers.
The partnership will see FAB continue to build its leadership position in the payments space and enable Provis to provide best-in-class cards payment acceptance services to all rental customers within Aldar owned properties.
Hana Al Rostamani, deputy group CEO and head of Personal Banking at FAB, said: "The coming together of two powerful homegrown and Abu Dhabi-based organisations will further boost the drive for digital transformation of the payment landscape and consumer services. The extension of our digital payments offering into the real estate sector comes at a pivotal time. Consumers are increasingly shifting to electronic payments for all manner of purchases and the effects of Covid-19 has accelerated that trend."
With real estate payments traditionally cash and cheque reliant in the UAE, the service will provide significant benefits to the sector and its customers. FAB is facilitating the move by extending payment processing through point of sale, ecommerce and, in time, pay by a link. Provis currently manages around 13,500 units and has an additional 30 projects for which FAB will be able to provide payment services to Aldar for collecting rental payments.
Ramana Kumar, SVP and head of Payments and Digital Banking, PBG, FAB, said: "We are delighted to provide consumer cards payment acceptance services to Aldar. The partnership is another addition to FAB's digitisation abilities and offers an enhanced experience to tenants when paying rent. We are delighted to partner with Aldar and believe the benefits to customers from the move will be substantial."
"The partnership builds on the existing offerings FAB provides in the payments sphere and FAB is also extending the cards payment acceptance service offering to other prominent real estate property management entities in the UAE. The plan is to add extra convenience through the digitisation of payment acceptance and help reduce cash usage where necessary," Kumar added.
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