FAB launches ‘Digital Marketplace’ to aid businesses

First Abu Dhabi Bank (FAB) has launched a Digital Marketplace which will be powered by its digital wallet ‘payit.’

The step enables small and medium-sized businesses to list and sell their products and services on the platform easily and make them available to a growing base of payit customers.

Through the platform, merchants can start a digital business quickly without any investment set up, utilize payit’s order management system, generate new sales, as well as benefit from the merchant support package that includes competitive transaction rates, data analytics and marketing and promotional activities.

The COVID-19 pandemic has raised major challenges for businesses in the region, especially the need for small and medium-sized enterprises (SMEs) to rapidly adapt from offering physical location products and services to switching them to online platforms. Digital Marketplace is another way through which payit is helping local businesses and customers during this time, a step that is the first of its kind to be introduced in the region by a bank.

“We are committed to supporting SMEs and local merchants and empowering them through our technology infrastructure investments. In an increasingly digital economy, the move to Digital Marketplace is a milestone in the region, as we continue to focus on delivering a safe, secure and cashless transactions to customers.”

A variety of products and services will be included in the new platform, such as groceries, electronics, pharmaceuticals, retail shops, educational software among others. “Digital Marketplace” also provides a fee collection module where regular fees can now be collected via payit by organizations such as gyms, educational institutions or rental businesses.