Banks complete pre-implementation phase of Mobile Wallet
The system design is for the project is now ready
Dubai: The UAE banks have completed the pre-implementation phase of the Mobile Wallet project, the UAE Banks Federation (UBF) said on Monday.
The UBF convened an exceptional meeting of CEOs and senior representatives of all member banks on Monday in Abu Dhabi to mark the completion of the pre-implementation phase of the project, which is the financial component of the UAE Government’s Smart Government initiative.
The project, initially unveiled in February of this year, comprises the design, construction and roll-out of a purpose-designed platform that interfaces with all banks operating in the UAE. It 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.
The pre-implementation phase of the project has included design of its governance structure, processes to run the system and the business model for its operation.
Implementation of the project will include building the application to be used by individuals to access the payments system, as well as developing the interfaces needed to integrate the platform with the banking system as a whole. Participating banks will have the choice to link with this application or integrate the system with their own internet and mobile banking platforms.
“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,” said Abdulaziz Al Ghurair, Chairman of UAE Banks Federation.
The UBF said the system design is for the Mobile Wallet is now ready and the implementation will be carried out in phases. The project will not only focus on the consumer, but will also return benefits to the economy by facilitating banking and payments on the go and improving the cash management by reducing the cash in the market.
The Mobile Wallet system which will include person to person payments and a number of pilot retailers participating in the purchasing system, as well as proximity payments across all participating retail outlets, and integration with retailers’ loyalty programmes.
