The UAE is expected to become the first country in the world that will have a fully integrated digital payment platform supported by all banks operating in the country.
The UAE Banks Federation (UBF) formally launched the implementation of its Mobile Wallet project that was announced in February this year.
The project will be executed in a number of phases next year and once completed it will allow residents, visitors and even those without bank accounts to use their mobile devices such as smart phones and tablets to make payments and money transfers. The Mobile Wallet is the financial component of the Smart Government initiative. The project also 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.
One of the key objectives of the project is to make banking more inclusive and provide financial services to unbanked segment of population.