Dubai – Mubasher: The Emirates Digital Wallet, a unique platform established by 16 of the UAE’s leading banks, will be officially and formally launched at the Seamless Middle East conference on 1 and 2 May held in Dubai.
The digital platform enables “cashless spending, transfer, and storage of money for everyone living and working in the UAE”, according to a statement released Sunday.
The system, which will be rolled out as an application in the fourth quarter of 2017, will be free to use and is seen as a “response to the UAE’s smart government initiative by providing a simple to use and interconnected payments platform using smartphones and other handheld digital devices.”
Developed over a two-year period under the UAE Banks Federation’s umbrella, the Emirates Digital Wallet is seen as a highly convenient, safe, and efficient way of conducting payments without resorting to the use of physical cash, the statement added.
“This is an exciting and groundbreaking project for the UAE,” stated Emirates Digital Wallet general manager Maki Vekinis.
“What we are creating is a new cash for the 21st century; cash that does not need a visit to an ATM, or cash that does not fill your pocket or wallet. This is a new movement both to reduce and ultimately eliminate cash from the system, and to allow even those without bank accounts to enjoy the convenience, security, and peace of mind of having cash without the physical frustration and risks it often entails,” he added.
The Central Bank of the UAE has played a major role in providing advice and guidance on how the platform should be constructed to meet the highest regulatory standards in the Gulf country.
