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Conducting transaction through our mobile phones is nothing new but there is no specific standard that exists at the moment. Every application has their own protocol that is based on the relationships the developers have with their payment gateways. However, the UAE Banks Federation (UBF) launched the implementation of the Mobile Wallet project yesterday.

The project incorporates the facility for smartphones to be used for cashless purchasing in UAE retail and other outlets, as well as a means to store and transfer money. Banks like EmiratesNBD already have a mobile to mobile funds transfer system but both the sender and the receiver need to be EmiratesNBD customers. The Mobile Wallet project on the other hand is supposed to work with all banks.

The Mobile Wallet is the financial component of the Smart Government initiative and is expected to be implemented over next year in a number of phases. The UBF is co-ordinating the project with banks such as Abu Dhabi Commercial Bank, Adib, Commercial Bank of Dubai, Emirates NBD, Mashreq, National Bank of Abu Dhabi, Standard Chartered and First Gulf Bank.

The Mobile Wallet supports a critical national goal. The UAE will be potentially the first country in the world where the whole banking sector supports such a programme, which will impact everyone’s daily lives in one way or another,” said Abdul Aziz Al Ghurair, Chairman of the UAE Banks Federation.

Source: Gulf News

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