UAE takes major step towards being cashless with Emirates Digital Wallet
We never seem to have the correct change for a taxi, coffee or a parking metre. So news that The UAE has taken a major step towards being cashless is music to our forgetful ears.
The UAE Banks Federation (UBF) announced that Emirates Digital Wallet is in its final stage of development, and it will mean “a society-wide cash transformation to digital” which marks a huge milestone in the county’s quest for a cashless future.
Consumers and businesses will be able to store, receive and transfer money from a secure mobile phone app, which will replace cash payments.
The project is currently being developed by a special committee representing the 16 partner banks that make up the UBF.
And it seems that we could be using the Emirates Digital Wallet very soon. H.E. Abdulaziz Al Ghurair, Chairman of the UAE Banks Federation, said that they are looking at industry-wide implementation in the months to come.
“We are proud that this initiative, a true milestone for UBF and an essential building block of the UAE’s Smart Government initiative, is completing its pre-launch stage in coordination with the Central Bank of the UAE, we are eagerly looking ahead to the industry-wide implementation of this massive project in the months to come. We are very confident that the company will add a major boost to the country’s push towards a digital economy,” he said.
H.E Mubarak Rashed Al Mansoori, Governor of Central Bank of the UAE, said: “A key objective of Emirates Digital Wallet is to further work towards significantly increasing financial inclusion, and bring large segments of the unbanked population into the folds of banking services and mainstream development processes, as well as offering its services to tourists and visitors to the UAE.”
This is going to make waxing our pay cheque in Dubai Mall a whole lot easier.