Aani is Transforming UAE’s SME Field with Instant Digital Payments

A seismic shift is underway as consumers, spanning from Gen Z to Millennials and beyond, bid farewell to traditional cash transactions. While major corporations have seamlessly embraced digital payments, there’s a pressing need for the substantial Small and Medium-sized Enterprises (SMEs) sector to follow suit. Enter ‘Aani,’ a revolutionary payment platform introduced to catalyze this transformation.

Jan Pilbauer, the CEO of Al Etihad Payments, the entity behind Aani and part of the UAE Central Bank, emphasizes the urgency for SMEs to transition from cash to digital payments. Out of nearly 600,000 SMEs, only around one-fifth currently accept card payments, leaving a significant 480,000 businesses still reliant on cash transactions.

Launched in October last year, Aani has swiftly gained traction, providing individuals and businesses with a hassle-free alternative to traditional payment methods. A recent collaboration with Dubai-based fintech Astra Tech has further expanded Aani’s reach, making its features available through the Botim app’s PayBy feature.

So, what sets Aani apart?

Aani’s innovative approach allows payments to be made using just the recipient’s mobile number or Emirates ID, eliminating the need for complex identifiers like IBANs. This simplicity makes it accessible to individuals without a traditional bank account but using digital wallets or salary cards. Aani’s QR code capability enables businesses to accept payments effortlessly, whether through a printed code or one generated online.

Jan Pilbauer highlights Aani’s versatility, catering to specific SME needs such as invoicing, payroll management, and access to financing. The platform aims to facilitate smoother business operations for the numerous SMEs yet to embrace the digital payment wave.

Aani’s inclusive features empower users by providing a user-friendly platform, encouraging even those with limited exposure to digital transactions to participate. The platform supports person-to-person transactions, proxy payments, request-to-pay, and even a feature to split bills, making it a comprehensive solution for diverse payment needs.

Looking ahead, Jan Pilbauer hints at a potential increase in the current Dh50,000 limit in a phased approach, aligning with the global trend of real-time payments. This adjustment could prove advantageous, especially for SMEs engaged in higher-value B2B transactions.

Aani is a crucial player in the UAE’s Digital Payment Ambitions, contributing to the nation’s first ‘Domestic Card Scheme.’ This initiative supports the country’s digitization agenda and aims to reduce the cost of payment transactions.

As the journey unfolds, Aani has exciting plans for the future. In 2024, the platform aims to introduce additional features such as electronic mandates for direct debits and fully digital e-cheques. These enhancements will further solidify Aani’s position as a pivotal player in the digital payment landscape.

In conclusion, Aani is not just a payment platform; it’s a catalyst for change, simplifying transactions, leveling the playing field among financial institutions, and paving the way for a cashless future in the UAE. With Aani, the focus shifts from worrying about ‘how’ to pay to simply determining ‘how much’ for the desired goods or services, bringing unparalleled convenience to businesses and consumers alike.