The UAE will soon have its digital wallet, previously Mobile Wallet project, up and running, according to the UAE Banks Federation (UBF).
Emirates Digital Wallet LLC, a company owned by 16 shareholding banks and fully sponsored by UBF, has reached its final development stage, according to UBF. The project is set to introduce a society-wide cash transformation to digital, and mark a major milestone in the country’s push towards a cashless future.
“Our objective, since the initiation of this project and subsequently moving from blueprint to implementation, is for banks to establish a dedicated entity and take direct responsibility for expediting the process of digital transformation in the UAE,” said Abdul Aziz Al Ghurair, Chairman of the UAE Banks Federation.
Initiated by UBF in 2014, the project is fully supported by the country’s banking sector and will be regulated and supervised by the Central Bank of the UAE. The initiative has been developed and implemented under the aegis of UBF by a special committee representing the 16 partner banks that hold equity stakes in the entity.
“This initiative, a true milestone for UBF and an essential building block of the UAE’s Smart Government initiative, is completing its pre-launch stage in coordination with the Central Bank of the UAE, we are eagerly looking ahead to the industry-wide implementation of this massive project in the months to come. We are very confident that the company will add a major boost to the country’s push towards a digital economy,” Al Ghurair said.
Under this project the whole banking sector of the country is joining forces to create a dedicated entity for the benefit of all citizens, residents and visitors. In launching a secure mobile phone app to replace traditional cash payments, Emirates Digital Wallet is offering consumers and businesses in the UAE an effective and convenient way to receive, store and transfer money, while setting the path for the country’s transition to a digital future.
“As a step forward in the right direction, the successful development of this major initiative reflects the strength of the collaboration done between all parties on industry level, and their shared vision to drive the UAE’s cashless vision and digital evolution to all UAE citizens and expats, while also promoting greater financial inclusion,” said Mubarak Rashid Khamis Al Mansouri, Governor of Central Bank of the UAE.
Digital wallet aims to be more inclusive and enable more people to participate and benefit from this initiative. “A key objective of Emirates Digital Wallet is to further work towards significantly increasing financial inclusion, and bring large segments of the unbanked population into the folds of banking services and mainstream development processes, as well as offering its services to tourists and visitors to the UAE,” Al Ghurair said.