While much of the fintech narrative focuses on startups disrupting banks, Payit demonstrates another model: innovation developed from within one of the region's largest financial institutions.
Powered by First Abu Dhabi Bank, Payit has grown into an increasingly comprehensive digital financial platform serving more than one million users in the UAE. The business is led by Nitin Bhandari, SVP and Head of Payit Digital Wallet at FAB, who has overseen the platform as it expands from mobile payments towards a broader financial-services proposition.
Payit's original proposition centred on providing a convenient digital alternative to cash. Today its capabilities encompass domestic and international money transfers, bill payments, cards, merchant transactions, salary services, rewards and access to selected lending products.
The launch of the Payit Universal Account in May 2026 was particularly significant. Introduced under the Central Bank of the UAE's Universal Accounts framework, the product gives users—including customers who may not qualify for conventional banking products—a regulated digital account with an IBAN, no minimum balance and access to transfers, bill payments, merchant purchases and cash deposits or withdrawals through FAB's ATM network.
That makes financial inclusion a central element of Payit's positioning.
The platform supports multiple languages and has been designed to serve the UAE's highly diverse population, including lower-income and salary-based customer segments. Payit's broader ecosystem facilitates international money transfers to more than 200 countries and supports digital payroll solutions for employers.
In August 2026, the platform added another notable product with Send Now Pay Later, enabling eligible customers to complete international transfers immediately and repay the amount within 30 days. The service combines two of fintech's largest categories—remittances and short-term credit—within one customer journey.
The advantage of Payit's connection to FAB is important. Unlike a startup that must build banking relationships and trust from the ground up, Payit can combine fintech-style user experience with the balance-sheet infrastructure, regulatory framework and institutional credibility of a major bank.
Under Bhandari, Payit is consequently developing into more than a wallet. It represents FAB's attempt to create a highly accessible digital financial layer capable of serving consumers whose everyday requirements may differ considerably from those targeted by traditional premium banking products.