Go-ahead for UAE mobile wallet project
The UAE Banks Federation says it has officially launched its mobile wallet project after receiving the green light from the Central Bank.
The initiative, announced in February as part of the nation’s push to go digital, will allow bank customers to make payments with their mobile phones in a number of ways, including through SMS and phone-swiping technologies.
The project has been developed by a committee of nine member banks led by Tirad Al Mahmoud, the chief executive of Abu Dhabi Islamic Bank, the federation said in a statement.
The project will be implemented over the coming year in a number of phases.
“The mobile wallet supports a critical national goal, which is for smart government to touch every individual in the UAE,” said Abdul Aziz Al Ghurair, the chairman of the federation and chief executive of Mashreq. “The UAE will be potentially the first country in the world where the whole banking sector supports such a programme, which will impact everyone’s daily lives in one way or another. Enabling government services to be paid for using state-of-the-art technology, but going one stage further by also providing residents with the ability to make purchases, store money and transfer it to others in a very secure environment is unique.”
Once operational, the mobile wallet will be managed by a separate entity supported by UAE banks and regulated by the Central Bank. Future phases of the project will make the mobile wallet available to visitors to the UAE.
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Published: June 4, 2014 04:00 AM