Dubai: The UAE Banks Federation (UBF) on Wednesday formally launched the implementation of the Mobile Wallet project. The project, comprehensive digital payment solution, first unveiled in February, has been developed by a special committee of nine member banks under the Chairmanship of Tirad Al Mahmoud, CEO of Abu Dhabi Islamic Bank.
The project is expected to be implemented over next year in a number of phases. The UBF is co-ordinating the project with banks such as Abu Dhabi Commercial Bank, Adib, Commercial Bank of Dubai, Emirates NBD, Mashreq, National Bank of Abu Dhabi, Standard Chartered and First Gulf Bank.
The Mobile Wallet is the financial component of the Smart Government initiative. Smart Government has identified over 90 services provided by government departments requiring digital payment. The Mobile Wallet has been designed to allow these to be made from a purpose-designed platform that interfaces with all banks operating in the UAE.
“The Mobile Wallet supports a critical national goal. 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,” said Abdul Aziz Al Ghurair, Chairman of the UAE Banks Federation.
The project also incorporates the facility for smart phones and other digital devices to be used for cashless purchasing in UAE retail and other outlets, as well as a means to store and transfer money. According to International Data Corporation (IDC), around 5.2 million phones are expected to be sold this year in the UAE, out of which around 3.5 million are likely to be smartphones… see more