First Abu Dhabi Bank (FAB) has launched the Payit Universal Account, a multi-service mobile account targeting individuals earning up to AED 5,000 to help employers transition away from legacy salary card models.

The initiative aligns with the Central Bank of the UAE’s (CBUAE) financial inclusion goals and operates under its Universal Accounts framework.

In addition, users can complete a fully digital onboarding process for the Payit Universal Account with no minimum balance requirement.

The product provides an IBAN-enabled digital account, granting users access to local and international money transfers, bill payments, merchant transactions, and cash withdrawals or deposits through FAB ATMs.

Employees who choose to transfer their salary through the Payit app can also access lending facilities, rewards, and enhanced everyday banking features.

For employers, the account serves as a tool to simplify salary disbursement under a fully CBUAE-compliant, WPS-aligned framework.

As a result, companies can deposit salaries directly into the digital account, which FAB says reduces the operational risk, administrative overheads, and payroll complexity associated with physical salary cards.

FAB noted the product bridges the gap between basic financial access and full banking services, enabling more individuals to participate in the formal financial ecosystem.

The Payit app supports English, Arabic, Hindi, and Urdu to ensure accessibility for a diverse customer base.

Featured image credit: Edited by Fintech News UAE, based on image by frantic via Magnific