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The UAE Banks Federation (UBF) is all set to launch its new digital wallet Emirates Digital Wallet, as part of the country’s plans to move towards a cashless economy and foster financial inclusion.
The Emirates Digital Wallet, a project that commenced in 2014 and currently in final stage of development, aims to include the unbanked population in the UAE to the folds of banking services and mainstream development processes. The project also intends to offer financial services to tourists and visitors in the country. The project is owned by 16 shareholding banks and is being monitored by the Central Bank of the UAE.
The project supports the UBF’s objective for banks to create an entity responsible to hasten the process of digital transformation in the country.
The UAE mobile payment market is expected to record a CAGR of 85.9% from 2017-2021 to reach US$ 19,771 million in transaction value terms by 2021, increasing from US$ 1,655 million in 2017. In 2016, the market registered a growth rate of 86.7% over 2015, to reach US$ 841 million.
To know more and gain deeper understanding of mobile payment industry in the UAE, click here.
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