UAE Banks Federation hosts meeting of member banks on mobile wallet

ABU DHABI: The UAE Banks Federation hosted a meeting of CEOs and senior representatives of all member banks today in Abu Dhabi, to mark the completion of the pre-implementation phase of the Mobile Wallet project, which is the financial component of the Smart Government initiative of UAE.

The meeting was chaired by Abdulaziz Al Ghurair, Chairman of UAE Banks Federation.

The Mobile Wallet, initially unveiled in February this year, comprises the design, construction and roll-out of a purpose-designed platform that interfaces with all banks operating in the UAE. The project incorporates the facility for smart phones and other digital devices to be used for cashless purchasing in UAE retail and other outlets, as well as a means to store and transfer money.

Speaking on the occasion Abdulaziz Al Ghurair said, “The fact that we have called a meeting to gather all of our members and discuss one key issue shows how serious we are about making a success of this unique project. But we are nevertheless looking to all UAE Banks Federation members to give the project their full support and buy-in, and the purpose of the meeting was to give them a full briefing and to ensure that any lingering concerns were dealt with.

“I would like to express my deep appreciation to the team who have brought the project to this crucial point, overcoming all of the challenges. The system design is now ready, and after implementation this will be the first experience in the world where All Banks in the country represented by UAE Banks Federation are involved in the initiative to support have such a state-of-the-art mobile phone based solution able to receive and store money, transfer to others or pay for goods and services available to every member of the society, whether banking clients or not.”