About 1.5 million users in the UAE have enrolled with Aani, the central bank's new instant payments platform, as the Emirates seeks to increase financial inclusion and move towards a cashless society.
“There’s about 10 million people in the UAE, and we want to make sure everyone is on board this year,” said Andrew McCormack, chief operating officer at Al Etihad Payments, the UAE's nationally designated payment system operator. “We're about 15 per cent of the way there and hope to close that gap in 2025. Similar services in other countries include UPI in India and PayNow in Singapore.”
Aani offers real-time, 24/7 money transfers using mobile numbers, email addresses or QR codes, eliminating the need for international bank account numbers (IBANs). It has enrolled 57 licensed financial institutions, including major banks and exchange houses, and more than 80,000 merchants.
The platform has a transfer limit of Dh50,000 ($13,614) per transaction, with daily or monthly limits set by each financial institution. In the past 12 months, it has recorded an average of 27 per cent month-on-month growth in transactions and a 30 per cent monthly growth in transaction value, according to Al Etihad Payments.
Customers need to enrol with Aani, “but it’s an easy, one-time process”, said Mr McCormack. Both the sender and recipient need to be enrolled because “we are building a network effect”.
Most banks and licensed institutions are already connected to Aani. Once a customer enrols, they can open their bank app or preferred financial app, select a contact from their phone book and send money, he said. Users can also download the Aani app, which is available in all major app stores, link their bank accounts and use it to make payments.
“The idea is to make those peer-to-peer transfers convenient,” he said. “It’s a convenient way to send small amounts of money to people within your circle, without having to go and register a beneficiary on your online banking platform and get their IBAN, address and middle name.”
About a quarter (23 per cent) of transactions by UAE consumers are done using cash, according to a survey of 2,800 people across the GCC by Visa in January.
Within the peer-to-peer segment, tips and money exchanges between friends and family are the prime areas where UAE consumers use cash, the research found. The top reasons respondents prefer cash for peer-to-peer payments are habit and acceptance.
The Dubai Cashless Strategy aims to make 90 per cent of transactions in the emirate cashless by 2026. The strategy was announced last year by Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence.
More options for businesses
Aani currently offers only peer-to-peer remittances, such as sending money to a family member or a small-business owner. The platform will soon roll out QR code payments for small businesses, Mr McCormack said.
“A lot of merchants don't appreciate the costs that come with accepting credit card payments. Aani will offer merchants an alternative to accepting digital payments, thereby minimising their costs,” he added.
Al Etihad Payments is also working to add features like request to pay, bill splitting and international remittances to Aani this year.
One of the Central Bank’s objectives is to look for opportunities to work with countries that have similar systems, according to the senior executive. An initiative is under way to connect the payment systems between India and the UAE. “We expect there'll be more such international remittance opportunities this year and into 2026,” he said.
Aani will also roll out an electronic direct debit feature this year. This aims to help users dealing with, for example, a utility provider, an insurance company or a vehicle loan, where payments are automatically deducted from the customer’s account, Mr McCormack explained.
“There's a lot of interesting use cases that could also eventually extend into, say, subscriptions. So, if you have a Netflix subscription, instead of using a credit card on file, you could have an automatic deduction from your bank account using Aani,” he said.
The Aani platform supports bank accounts, digital wallets and salary cards, and allows the user to link multiple accounts.
Once a user links their accounts and opens the Aani app, they can see their exchange house account, bank account or digital wallet, with all the balances visible in one place.
Aani stands out from other market players since private companies only offer payment systems within a closed loop, Mr McCormack said. “The idea that you can pay from any wallet or app to any merchant or any person is a pretty powerful differentiator. That's very difficult for a single player, bank or wallet provider to replicate in the market,” he added.
Jaywan card roll-out
The Central Bank has also asked all financial institutions to be ready to issue Jaywan cards early in the second quarter of this year, McCormack said.
Jaywan is the UAE’s first national domestic card programme, owned and operated by Al Etihad Payments. “Jaywan cards are almost ready to be accepted universally at points of sale, both through contact and contactless payment methods,” he said.
“We're working hard with digital wallet providers … We’re also working with all e-commerce gateways to accept Jaywan cards.”
People will start to familiarise themselves with Jaywan and be able to use it everywhere later this year, he added.
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Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20S23%20ULTRA
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Game Changer
Director: Shankar
Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram
Rating: 2/5
MATCH INFO
AC Milan v Inter, Sunday, 6pm (UAE), match live on BeIN Sports
The specs
Engine: 1.4-litre 4-cylinder turbo
Power: 180hp at 5,500rpm
Torque: 250Nm at 3,00rpm
Transmission: 5-speed sequential auto
Price: From Dh139,995
On sale: now
SPECS
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Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
Company%C2%A0profile
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More from Rashmee Roshan Lall
BUNDESLIGA FIXTURES
Friday (all kick-offs UAE time)
Hertha Berlin v Union Berlin (10.30pm)
Saturday
Freiburg v Werder Bremen (5.30pm)
Paderborn v Hoffenheim (5.30pm)
Wolfsburg v Borussia Dortmund (5.30pm)
Borussia Monchengladbach v Bayer Leverkusen (5.30pm)
Bayern Munich v Eintracht Frankfurt (5.30pm)
Sunday
Schalke v Augsburg (3.30pm)
Mainz v RB Leipzig (5.30pm)
Cologne v Fortuna Dusseldorf (8pm)
Which honey takes your fancy?
Al Ghaf Honey
The Al Ghaf tree is a local desert tree which bears the harsh summers with drought and high temperatures. From the rich flowers, bees that pollinate this tree can produce delicious red colour honey in June and July each year
Sidr Honey
The Sidr tree is an evergreen tree with long and strong forked branches. The blossom from this tree is called Yabyab, which provides rich food for bees to produce honey in October and November. This honey is the most expensive, but tastiest
Samar Honey
The Samar tree trunk, leaves and blossom contains Barm which is the secret of healing. You can enjoy the best types of honey from this tree every year in May and June. It is an historical witness to the life of the Emirati nation which represents the harsh desert and mountain environments
Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
Engine: 5.6-litre V8
Transmission: seven-speed automatic
Power: 400hp
Torque: 560Nm
Price: Dh234,000 - Dh329,000
On sale: now
The specs
Engine: 1.5-litre 4-cyl turbo
Power: 194hp at 5,600rpm
Torque: 275Nm from 2,000-4,000rpm
Transmission: 6-speed auto
Price: from Dh155,000
On sale: now
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
Killing of Qassem Suleimani
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Zayed Sustainability Prize
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COMPANY%20PROFILE
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RESULTS
Time; race; prize; distance
4pm: Maiden; (D) Dh150,000; 1,200m
Winner: General Line, Xavier Ziani (jockey), Omar Daraj (trainer)
4.35pm: Maiden (T); Dh150,000; 1,600m
Winner: Travis County, Adrie de Vries, Ismail Mohammed
5.10pm: Handicap (D); Dh175,000; 1,200m
Winner: Scrutineer, Tadhg O’Shea, Ali Rashid Al Raihe
5.45pm: Maiden (D); Dh150,000; 1,600m
Winner: Yulong Warrior, Richard Mullen, Satish Seemar
6.20pm: Maiden (D); Dh150,000; 1,600m
Winner: Ejaaby, Jim Crowley, Doug Watson
6.55pm: Handicap (D); Dh160,000; 1,600m
Winner: Storyboard, Richard Mullen, Satish Seemar
7.30pm: Handicap (D); Dh150,000; 2,200m
Winner: Grand Dauphin, Gerald Mosse, Ahmed Al Shemaili
8.05pm: Handicap (T); Dh190,000; 1,800m
Winner: Good Trip, Tadhg O’Shea, Ali Rashid Al Raihe
Company%20profile
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Tips to stay safe during hot weather
- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
- Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
- Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
- Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
- Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
- Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
UAE and Russia in numbers
UAE-Russia ties stretch back 48 years
Trade between the UAE and Russia reached Dh12.5 bn in 2018
More than 3,000 Russian companies are registered in the UAE
Around 40,000 Russians live in the UAE
The number of Russian tourists travelling to the UAE will increase to 12 percent to reach 1.6 million in 2023
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UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
The specs: 2018 Nissan Patrol Nismo
Price: base / as tested: Dh382,000
Engine: 5.6-litre V8
Gearbox: Seven-speed automatic
Power: 428hp @ 5,800rpm
Torque: 560Nm @ 3,600rpm
Fuel economy, combined: 12.7L / 100km
Dhadak
Director: Shashank Khaitan
Starring: Janhvi Kapoor, Ishaan Khattar, Ashutosh Rana
Stars: 3
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
