Working together on a digital payments system for government entities, First Abu Dhabi Bank, payments provider, Magnati and the RAK Government have recently signed a partnership agreement to launch RAK Pay.
RAK Pay will transform flexible and secure transactions and payment collection tools for government services. Magnati has been appointed as a regional Payments as a Platform Provider that provides services in direct acquiring, issuer processing and acquiring processing to government and organisation clients.
It has been announced that Magnati will also have a hand in issuing their own prepaid cards to users of government service payments, to promote a transition to digital payments for banked and unbanked customers.
Customers can be reassured that payments will be sent and received securely and most major cards from known providers will be compatible with RAK Pay.
Yousuf Ali Mohammed, Director-General of the Department of Finance commented on the partnership being attuned with the government’s goals to improve its business-like operations and services making public revenue.
He also said the alliance was in line with the “department of Finance’s continuous efforts to enhance the emirate’s financial sustainability, while strengthening corporate governance of public revenue management and increasing the economic competitiveness of the digital economy.”
The government as well as enterprises is interested in continually developing digital financial platforms to support its own expanding services and in the private sector through leveraging the best-in-class identity technologies and solutions.
By developing its own digital payments’ system, the RAF government wants to create more competition in the marketplace between solution providers and take an active role in not just overseeing growth in digital identity, but being a key driver.
RAK Pay will be an easy, one-step solution to make payments whether through Ras Al Khaimah’s official online portal or the mRAK app, to ensure a seamless experience for end-users across all our channels”.