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A new central, unified payment platform will enable all government entities in Ras Al Khaimah to receive payments from their customers easily, flexibly and securely.
This follows a partnership agreement signed between First Abu Dhabi Bank (FAB) and Magnati with the RAK Government to establish a best-in-class digital payment ecosystem.
To be launched as RAK Pay, the omnichannel platform aims to transform existing payment gateway revenue collection tools by providing an enhanced solution. The number of payment channels and services for users is broadened by accepting major card schemes for fee payments.
FAB and Magnati will also provide the RAK Government with their co-branded prepaid cards to issue users for all government service payments. This initiative aims to promote cashless payments and encourage unbanked customers to use RAK Pay instead of cash.
Yousuf Ali Mohammed, Director General of the Department of Finance, said: “Our partnership with First Abu Dhabi Bank and Magnati is in line with the strategic goals of the government and 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. We are focused on developing digital financial platforms that improve government services in a way that exceeds the expectations of all stakeholders, through leveraging world-class technologies and solutions to improve the digital payments system, in collaboration with our strategic partners”.
Ahmed bin Saeed Al Sayyah, General Manager of Ras Al Khaimah Electronic Government Authority, said: “We are pleased to announce the launch of RAK Pay as an omnichannel, secure digital platform for all government entities within the emirate. It will provide an easy, one-stop solution through Ras Al Khaimah’s official online portal or the mRAK app to ensure a seamless experience across all channels for end-users”.
Ramana Kumar, Chief Executive Officer of Magnati, said: “As a leading payments and technology company, Magnati is excited to partner with the RAK Government to introduce the next era of smart government services that prioritise speed, convenience and security for users.