Lean Technologies and Ziina have rolled out the UAE’s first one-tap Pay by Bank system under the Open Finance framework, representing a major advancement for account-to-account payments in the Middle East. The collaboration enables consumers to complete payments directly from their bank accounts with a single tap, bypassing traditional card networks and reducing transaction friction. This infrastructure builds on the UAE’s Open Finance initiative, which allows regulated fintechs to connect directly with banking systems for streamlined payment experiences.
The launch positions both companies at the forefront of the region’s digital payments evolution, potentially disrupting the card-dominated payment landscape. Merchants stand to benefit from lower transaction costs compared to card processing fees, while consumers gain faster checkout experiences. The timing aligns with growing regional momentum toward open banking adoption and real-time payment systems.
FXnCO Insight
Payment processors and card networks serving the UAE market should reassess their pricing strategies and value propositions as account-to-account rails gain competitive traction with lower-cost alternatives.
Source: Finextra