UAE Banks Federation begins implementation of mWallet
The mWallet platform, which is the financial component of the UAE Smart Government initiative, or the mobile wallet, was initially unveiled in 2014 as an ambitious and purpose-designed platform that interfaces with banks operating in the UAE providing the facility for a secure mobile phone app to replace traditional cash payments between any two parties, as well as a means to receive, store and transfer money.
The mWallet platform, being developed under the aegis of the UAE Banks Federation by a special committee representing the 16 partner banks, will be regulated by the Central Bank of the UAE. One of its key objectives is the financial inclusion of the unbanked segment of the population, who will benefit from access to basic financial services, such as receiving funds or making payments. The project plan calls for a phased implementation, with first the replacement of cash payments between any two parties, followed by transfers, and then offering the mWallet service to tourists and visitors to the UAE.
Abdulaziz Al Ghurair, Chairman of the UAE Bank Federation, said, “As we have indicated earlier, the creation of this platform is a global first being fully supported by the banking sector in the UAE, and its unique features will enable it to provide a vital path towards a future cashless payments and cash free environment in the UAE. It is an essential and integral building block of the Smart Government initiative and will give the UAE a head start in transforming its economy for the benefit of residents here.”
The 16 equity partner banks are: NBAD, ADCB, ADIB, Mashreq Bank, DIB, CBD, RAK Bank, UNB, Al Hilal Bank, SIB, Al Masraf, Bank of Sharjah, Invest Bank, UAB, NBF, and NBQ.