The mobile wallet, which was launched in 2014, could be live once it gets approval from the Central Bank. The programme was developed by a committee of nine member banks and will be rolled out in different phases over the year.
The first phase of the project will include putting in place mobile payments and a money transfer platform for smartphones and other digital devices. Future phases of the project will make the mobile wallet available to visitors in the UAE, and will further extend the usability and functionality of the system.
Mobile wallet is the financial component of the UAE’s smart government initiative that was launched by Dubai’s ruler Sheikh Mohammed Bin Rashid Al Maktoum in 2013. The initiative identified over 90 official services that require payments and the mobile wallet system will allow these payments to be completed from a purpose-designed platform that interfaces with all banks operating in the UAE.
The virtual wallet will also allow users to make cashless purchases across retail outlets in the UAE via their smartphones.
Once operational, the mobile wallet programme will be managed by a separate entity supported by UAE banks and regulated by the Central Bank.
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