Mobile Wallet,
a safe and efficient payment and money transfer platform
The UAE Banks Federation said that
the Smart Wallet project is ready to be
launched and become a key element in
supporting the UAE’s smart government
initiative. The goal of the project is to
provide a modern, efficient and compre-
hensive method for payment and money
transfer.
The UAE Banks Federation held two
meetings, one with the chief executive of-
ficers of member banks to update them
on the Smart Wallet project progress,
which has become ready for implementa-
tion. The second meeting was held with
the Central Bank and the project was pre-
sented to it.
The Smart Wallet project is expected to
improve monetary management by limit-
ing cash payments in local markets. Re-
tailers will have the new payment option
which will be available to all consumers.
The project, which was announced last
year includes designing, creating and
launching a payment platform that is con-
nected to member banks operating in the
country. This platform will enable users to
pay for their purchases at retailers using
smartphones and other digital devices
and toss away the traditional wallet. Such
devices can further be used to store and
transfer funds.
The pre-implementation stage of the
Smart Wallet project included designing
the system governance structure and its
management methods as well as its op-
erational prototype. The implementation
stage included developing an app that
enables users to access the payment
system. The Smart Wallet project will
also feature transfer of funds from one
individual to another, payment to retail-
ers who are participants in the purchase
system, making direct payments through
participating retail points of sale and re-
tailers’ loyalty programs.
27
April
2015
