The Mobile Wallet is a financial gadget developed for the initiative of Smart Government. There are over 90 services identified and provided by the government departments that requires digital payments. This specialized wallet is designed from a special purpose platform that interfaces with all banks in the UAE. The mobile wallet aims to support the national goals, and luckily the banking sector of the United Arab Emirates is the first in the world that supports this, creating influence in everyone’s life.
The project encompasses the facility for smart phones and other digital devices that can be utilized for cash free purchases in the UAE retail outlets, and for the purposes of storage and transfer of money. According to the International Data Corporation, there are around 3.5 million smart phones out of 5.2 million phones forecasted to be sold this year in the UAE. According to a survey conducted by Master Card, indicates that the UAE is fastest economy moving away from cash out of the other 33 countries moving towards cashless markets. The non cash transactions in the UAE accounts for 26 percent of consumer payment by value whereas it is 19 percent in the Kingdom of Saudi Arabia.
The key objective of the project is to make the banking more comprehensive making its provision to the untapped segments of the population. The mobile wallet in UAE will be available to the visitors in the upcoming future. The intuitiveness of the system, ease of payment, and the uptake by the users is the major cause of its popularity. The product is designed to make it available to all levels of the society including all those customers who do not own a bank account.
The UAE Banks Federation (UBF) recently announced the formal launch and implementation of the Mobile Wallet project. The project was initially unveiled in February by the special committee of nine member banks under the leadership of Tirad Al Mahmoud, CEO of Abu Dhabi Islamic Bank, a comprehensive digital payment solution. The launch of mobile wallet in Dubai will open new horizons for the Middle Eastern banking sector and user.
The project is forecasted to be implemented by next year in numerous phases. The UBF is synchronizing the project with banks such as First Gulf Bank, Abu Dhabi Commercial Bank, Adib, Emirates NBD, Mashreq, National Bank of Abu Dhabi, Standard Chartered, Dubai Islamic Bank, and Commercial Bank of Dubai.
Let us see what the world will be like after the implementation of the mobile wallet in Dubai.