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Fri 6 Jun 2014 10:25 AM

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UAE launches project to improve 'smart' banking services

UAE Banks Federation says Mobile Wallet will initially set up mobile payments and money transfer platform

UAE launches project to improve 'smart' banking services
(Photo for illustrative purposes only)

The UAE Banks Federation has announced the formal launch of the Mobile Wallet project which aims to make as many banking services as possible to be accessed via smart phones and other digital devices.

The project has been developed by a special committee of nine member banks and the implementation of the project is being supported by a global technology consultant and will be carried out over the coming year. 

It will comprise a number of phases, the first of which will be to put in place mobile payments and money transfer platform for smart phones and other devices.

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, and will further extend the usability and functionality of the system.

The Mobile Wallet is the financial component of the Smart Government initiative announced by Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum last year. 

Smart Government has identified over 90 services provided by government departments requiring payment and 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 project also incorporates the facility for smart phones and tablets to be used for cashless purchases in the UAE, as well as a means to store and transfer money.

Abdul Aziz Al Ghurair, chairman of the UAE Banks Federation, said: “The Mobile Wallet supports a critical national goal, which is for Smart Government to touch every individual in the UAE. 

"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.”

Tirad Al Mahmoud, CEO of ADIB and chairman of the UAE Banks Federation committee working on the Smart Wallet, added: “We have already received very positive feedback on the project from a wide range of merchants and retail outlets around the country.

"We strongly believe that the popularity of the system will be driven by the uptake of users, and the ease of payment and intuitiveness of the system which supports it. Additionally, the system has been designed to make usage available to all levels of society, including those who do not have bank accounts."

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monitor 5 years ago

I can't believe that some banks in the UAE still don't have banking apps until now. Abu dhabi securities exchange also lacks an app.