Abu Dhabi Islamic Bank (ADIB), UAE’s leading financial institution, has partnered with Spotii, a digital payments provider, to introduce the first virtual ‘Buy Now Pay Later’ prepaid card in the country.
The innovative digital solution will enable customers to make in-store and online purchases with merchants and divide the cost of their purchases across flexible installment options with zero financing rates, no hidden fees, and additional costs.
The ADIB customers and others can access their Spotii virtual prepaid card through the Spotii Mobile app. The service is free of charge and will enable them to seamlessly load money to their Spotii virtual prepaid card account to fund the cost-free installment payments.
The innovative 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 UAE bank that offers instant and secure account opening using Emirates Face Recognition. ADIB also launched Amwali, the first Islamic digital bank that brings together an entire suite of banking products and innovative technology for children and youth.
“The eCommerce industry is at an all-time high and we expect the growth to continue at full speed as consumers demand more convenience and immediacy in their shopping experiences. Of course, the payment process is a critical part of that experience. Through our partnership with Spotii, we want to address the demands and expectations of our customers who want to immediately indulge on their purchases while allowing them the flexibility to spread payments over time. Through this buy-now, pay-later solution, we also want to support customers who don’t have credit cards or those who want a cheaper alternative that does not charge them additional fees or financing costs.”
Mr. Ziyaad Ahmed, COO and co-founder of Spotii, said, “Buy Now Pay Later is witnessing significant growth globally, and the UAE is a key market driving this evolution in the region. The rapid digital adoption has accelerated the need to provide new innovative solutions to both merchants and consumers alike, and Spotii is proud to be at the forefront of this enablement.”
ADIB’s efforts to be at the forefront of banking innovation have been widely recognized. Last year, the bank was named “World’s Best Islamic Digital Bank” by Global Finance and the Best Bank in the UAE by Forbes magazine.