Receive Payments Instantly: Aani’s Innovative Peer-to-Peer Payment Platform Launches in the UAE
That’s the essence of the UAE’s newly launched peer-to-peer payment platform, Aani, which is also benefiting businesses.
Dubai: Instant payments are the focus as the Aani payment platform gains traction with consumers and retailers in the UAE. Banks are also embracing the platform, enabling transactions to occur in mere seconds.
“We have enabled Aani to be accessible when you want to pay for goods and services, especially for smaller merchants who may not currently be enabled to accept digital payments,” said Jan Pilbauer, CEO of Al Etihad Payments, part of the UAE Central Bank.
“These merchants will be able to print a static QR code, similar to what we’ve seen in other parts of the world. You walk by, scan it with your Aani app or banking app, and pay the merchant in real-time.”
Since its introduction in October 2023, over 1 million customers and 80,000 merchants have signed up for the program, with many newly established businesses in the UAE discovering that Aani meets their needs effectively.
All Transactions in Seconds
For micro and small businesses, implementing Aani payments is a cost-effective alternative to the substantial upfront and ongoing expenses associated with traditional digital payment systems. All they need is a QR code, and payments are processed instantly.
“Merchants will be able to print a static QR code – (the shopper) walks by, scans it with your Aani app or banking app, and pay the merchant in real-time,” said Jan Pilbauer of Al Etihad Payments.
Consultants suggest that consumer-focused startups will be the primary beneficiaries of Aani. “You have clear examples of how such payment systems have revolutionized easy and instant transactions for micro-businesses in India and other Asian markets,” a source in the financial services industry noted. “The UAE’s digital payment gateways are already well-established with businesses, but for newly created micro-businesses—like a café, for instance—Aani can play a significant role.”
The Aani payment option is being “progressively rolled out” to merchants by acquirers (payment processing companies like Network International and Magnati) and banks. Aani officially launched in October 2023, but substantial traction in acceptance and usage is just beginning to build.
In its pilot phase, Aani had nine participants. “Since then, Aani has expanded to include about 50 licensed financial institutions (LFIs) and we have enrolled over 1 million users from these institutions,” said Pilbauer.
Peer-to-Peer Advantages
For residents of the UAE, Aani meets multiple needs. In addition to making payments to merchants or service providers, it allows users to send money to friends or family in “real-time.”
“Aani is a way to pay in seconds, drawing funds from your bank account, wallet, or any other source of value to another account in a matter of seconds,” said Pilbauer. “The payment either succeeds or fails – (but) with no pending payments that leave you in an awkward situation. That’s the person-to-person aspect, which is exciting and innovative.
“Aani is the UAE instant payment infrastructure, but it is the banks that integrate Aani into their systems and provide Aani’s services to their customers. Aani facilitates the payments network—but the banks play a crucial role in ensuring smooth adoption and implementation. By working in partnership, we ensure that Aani’s functionality is seamlessly incorporated into their digital offerings, enabling customers to enjoy instant payments across the UAE.”
