Abu Dhabi
With an aim to enable safe, efficient and customer-centric domestic and cross-border payments, the Central Bank of the UAE launched an initiative to develop a National Payment Systems Strategy.
Under this strategy, the UAE Central Bank will ensure the payment systems are interoperable and well regulated, and will also work towards supporting the transformation of the UAE to a cashless society in the long run.
In a statement on Tuesday, Mubarak Rashid Al Mansouri, Governor of the Central Bank of the UAE, said the enablement of customer-centric payments will serve to drive the overall competitiveness level of the UAE economy and benefit the public and private ecosystem, while supporting the UAE smart government agenda.
“This will result in benefiting from higher quality services at a competitive cost, in addition to reduced transaction fees, greater levels of efficiency, improved collection cycles, and more innovative payment channels.”
The central bank will also consult and collaborate with the relevant stakeholders from the federal and local governments, other regulatory entities, financial and non-financial institutions, telecommunications companies, industry and other entities as part of this initiative.
