Digital Payments Provider Adds ‘Wow’ Factor To Taxi-Hailing Service

Electronically hailing a taxi with WOW Electronics Transport Services has been made easier with the addition of payment options via the payit digital wallet, according to a Monday (Aug. 9) report.

Launched in the United Arab Emirates in 2018, the payit app offers customers a cashless alternative for shopping, paying bills and sending money. The app, which is powered by First Abu Dhabi Bank (FAB) and Magnati, the fully owned payment subsidiary of the bank, has debuted digital payment services for leaders and riders of WOW Electronics Transport Service, an app used to hail cabs. According to WOW’s website, the app will be functional in nearly all U.S. cities, as well as the United Arab Emirates, the U.K. and France.

As part of this collaborative effort, WOW riders can make cashless mobile payments for their transports using the payit digital wallet while traveling in WOW cars. In conjunction with the announcement, WOW will shift to an all-digital, cashless payment system.

According to a recent PYMNTS report, this is not the first collaborative effort that First Abu Dhabi Bank has undertaken. In July, FAB, along with Emirates Development Bank (EDB), launched a credit guarantee and co-lending initiative aimed at supporting small to medium-sized businesses. As part of that collaboration, FAB will offer roughly $27 million in financing to businesses, with half of the facility amount offered or guaranteed by EDB.

Read more: Emirates Development Bank Partnership To Bolster SMB Lending

Prior to its partnership with EAB, FAB in February announced that it had finalized a five-year arrangement with Mastercard to streamline B2B payments for firms in the country.

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Regarding the most recent announcement, WOW President Bader Alzaabi said the addition of digital payments in the company’s ride service amounted to being able to “adapt with the development of man and the means in his hand, which facilitates him and reduces distances, [and] saves effort and time in various fields.”