Abu Dhabi: First Abu Dhabi Bank (FAB) has launched Digital Marketplace powered by payit, its digital wallet.
The move enables small and medium-sized businesses to comfortably list and sell their products and services on the platform and make it accessible to a growing base of paid customers.
The Covid-19 pandemic posed significant challenges for businesses in the region, particularly the need for SMEs to adapt rapidly from the delivery of products and services in physical locations to move them to online platforms. Digital Marketplace is also a way to support local businesses and consumers during this time, a step that is the first of its kind to be implemented by a bank in the region.
The new platform will include a range of products and services, such as groceries, electronics, pharmaceuticals, specialty stores, educational software and others. Digital Marketplace also offers a fee collection module where businesses such as gyms, educational institutions or rental companies can now collect ongoing payments.
Through the platform, merchants can quickly start a digital business without making an investment, using Payit’s ordering system, attracting new sales and benefiting from the trading support program that provides competitive transaction figures, data analysis and marketing and include promotional activities.
‘We are committed to supporting SMEs and local traders and empowering them through our investments in technological infrastructure. In an increasingly digital economy, the move to the digital market is a milestone in the region, as we constantly focus on delivering safe, secure and cashless transactions to customers, ‘says Hana Al Rostamani, Deputy CEO of the group and head of personal banking at FAB.
Source: Gulf News