Al Ansari Financial Services is set to launch a new digital wallet, enhancing payment options for consumers in the UAE. The fintech platform, known as Al Ansari Digital Pay, has received final approval from the UAE Central Bank for its digital wallet initiative. This approval includes licenses for the Stored Value Facility (SVF) and Retail Payment Services and Card Schemes (RPSCS).

The introduction of the Al Ansari digital wallet aligns with the company’s goal of promoting financial inclusion and supporting the UAE’s vision of becoming a cashless economy. With the SVF license, users will be able to open digital accounts to manage their funds electronically. Additionally, the RPSCS license will enable Al Ansari to issue prepaid cards, facilitate merchant payments, and provide acquiring services for both online and retail businesses.

Scheduled to launch in the second quarter of 2025, the Al Ansari Wallet aims to offer a comprehensive fintech solution tailored for individual consumers and businesses. According to the company’s statement, the platform will empower unbanked and underbanked communities by providing accessible and affordable financial services, including micro-financing options. As online payment methods become increasingly popular among UAE consumers, this digital wallet is expected to meet the growing demand for convenient financial services.