Abu Dhabi Islamic Bank (ADIB) has partnered with Spotii, a digital payments provider, to introduce the first virtual ‘Buy Now Pay Later’ prepaid card in the UAE.
Through this soon to be launched innovative digital solution, customers will be able to make in-store and online purchases with merchants and spread out the cost of their purchases across flexible installment options with zero financing rates, no hidden fees, and additional costs.
ADIB customers and others can access their Spotii virtual prepaid card via the Spotii Mobile app. The service is free of charge and will allow them to seamlessly load money to their Spotii virtual prepaid card account to fund the cost- free installment payments.
Philip King, global head of Retail Banking at ADIB, said: “The e-commerce 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,” he said.
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. We are delighted to partner with ADIB, the leading Digital Bank to bring this solution to customers in the UAE.”
This 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 provides 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.
ADIB’s efforts to be at the forefront of banking innovation have been widely recognised. 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.