UAE lenders launch mobile wallet

June 5, 2014 2:40 am

The UAE Banks Federation has announced the launch of the implementation of the mobile wallet project with the support of the country’s central bank, Wam has reported. The project, first unveiled in February, has been developed by a special committee of nine member banks and will comprise a number of phases, the first of which will be to put in place a mobile payments and money transfer platform for smart phones and other digital devices. Once operational, the mobile wallet will be managed by a separate entity supported by UAE banks and regulated by the central bank. Future phases of the project will make the mobile wallet available to visitors to the UAE, and will further extend the usability and functionality of the system.