Dubai: You’re out with your friends and you realise you owe one of them Dh50. Don’t reach for your wallet and rummage for cash. Instead, you can use your smartphone to transfer money in seconds, thanks to Aani.What is Aani?Introduced in October 2023, Aani is an instant payment platform operated by Al Etihad Payments, a subsidiary of the Central Bank of the UAE (UAECB).Aani allows you to transfer money using just a recipient’s mobile number, email address or QR code, eliminating the need for complex identifiers, like IBANs (international bank account numbers).According to Al Etihad Payments’ website, Aani enables secure payments to a diverse range of beneficiaries. You can use it not only for fund transfers between family and friends, but also for government payments and bills, online shopping, and in-store purchases.At present, Aani payments are limited to domestic transfers, allowing customers to send and receive money only between accounts held at licensed financial institutions or licensed payment service providers in the UAE, in dirhams. Key features of AaniHere’s what to expect when you use Aani:Transfer limit: The platform isn’t just for small change. It permits a maximum transfer amount of Dh50,000 in each transaction. However, your bank may set a daily limit for security reasons, ranging from Dh2,500 to Dh5,000 per transaction, so it’s best to check with your bank before trying to initiate a large transfer.Processing time: Use Aani for near-instant money transfers. It takes less than 10 seconds to process a payment.Access: Over 74 licensed financial institutions and more than 80,000 enrolled merchants are taking part in Aani, giving you a range of options and flexibility when transferring money. The platform supports both peer-to-peer (P2P) and peer-to-merchant (PSM) transactions.Security: Aani is designed with robust security measures that ensure transactions are safe and customers’ data is protected at all times.How it worksAani offers a convenient, secure and user-friendly way to transfer and settle funds. You can access it through your mobile banking app, or directly through its dedicated Aani app, available on Apple App Store and Google Pay Store.You can use Aani to complete the following transactions:Instant transfers: Send money to anyone within the UAE using just their phone number or email address. The platform is operational 24/7.QR code-based payments: Scan and pay swiftly using QR codes. This is especially convenient at stores that subscribe to the Aani platform.Request to pay: Request payments from friends, family or clients easily, with just a tap.Split payments: Divide bills and expenses among friends and colleagues without any hassle.According to Al Etihad Payments, in the near future, Aani will also offer electronic direct debit authorisation, instant direct debit payments, and a first-of-a-kind end-to-end digitised cheque, that can be issued, cleared, and settled instantly.Which financial institutions use Aani?The Al Etihad Payments website features the following list of participants:Abu Dhabi Commercial Bank (ADCB)Abu Dhabi Islamic Bank (ADIB)Ajman BankAl Ahli Bank of Kuwait (ABK)Al Ansari ExchangeAl Fardan ExchangeAl Hilal BankAl Khaliji France S. A.Al MasrafArab BankBank of SharjahBanque Banorient FranceCBICitibankCommercial Bank of DubaiDubai Islamic BankEmirates IslamicEmirates NBDFirst Arab Bank (FAB)Finance HouseHabib Bank AG ZurichHabib Bank LimitedHSBCLulu ExchangeMashreqAl Maryah Community BankNational Bank of Umm Al Quwain (NBQ)National Bank of Fujairah (NBF)RAKBANKSharjah Islamic BankUnited Arab Bank (UAB)WIOHow to use AaniIf you are using your mobile banking appMost financial institutions across the UAE feature Aani, so you may be able to access the service right from your bank app. Here’s how to check and activate Aani through your mobile banking app:Go to Preferences, Offers, or Services (the location varies based on your bank app) and navigate to ‘Aani Instant Payments’.Tap ‘Activate’ and authenticate your identity with your pass code or one-time password (OTP).Review the Terms and Conditions and tap ‘Agree’.Select the account that you would like to link to your Aani platform. This is the account from where you will spend or receive money during fund transfers.Select ‘Confirm’ or ‘Register’ to successfully enrol in Aani.Navigate to the ‘Transfers’ menu and select ‘Instant Transfer’ to begin sending or receiving funds. If you are using the dedicated Aani appDownload Aani from the Apple App Store or Google Play Store.Enter your mobile number and verify it using the OTP sent to your device.Select your bank from the account provider list. Log into your bank account within the Aani app to complete customer authentication.Set your primary or default account for transactions.Review the privacy policy and terms and conditions. Click ‘Agree’. Now, your Aani app is active.Once registered, navigate to different sections – Send Money, Request Money, Split Bills, Scan to Pay – to continue with fund transfer.
