UAE Banks Federation commences mobile wallet program

The UAE Banks Federation has officially commenced the establishment process of mobile wallet project in collaboration with the Central Bank.

The UAE Banks Federation has officially commenced the establishment process of mobile wallet project in collaboration with the Central Bank.

The project was first introduced in February with the set up of a special committee comprising nine member banks – ADCB, ADIB, CBD, DIB, ENBD, FGB, MasreqBank, NBAD and SCB, led under the chairmanship of ADIB CEO Tirad Al Mahmoud. A total of 49 banks are participating in the program.

Under the first phase of the project, the committee will work on developing mobile payments and money transfer platform for smart phones and other digital devices.

The mobile wallet scheme is a part of the Smart Government initiative launched by His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, in May 2013.

UAE Banks Federation chairman Abdul Aziz Al Ghurair 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," added Ghurair.

"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."

The following phases of the project include focus on making the mobile wallet available to visitors to the UAE, and expanding the usability and functionality of the system.

The Central Bank will regulate, while UAE banks will support a new entity to be launched to manage the mobile wallet.

Tirad Al Mahmoud said: "Additionally, the system has been designed to make usage available to all levels of society, including those who do not have bank accounts."