The implementation of Mobile Wallet was formally launched by UAE Banks Federation on Wednesday. The payment solution, originally unveiled earlier this year, has been developed by nine special committee members belonging to various banks.

In extension of Dubai Government’s Smart Initiative, 90 services have been identified which will require digital payment solutions. The interface built for Mobile Wallet has been designed to ensure all customers of different banks can easily use it which will improve the customer experience.

Speaking on the occasion, Chairman of UBF emphasized the importance of mobile payment solutions, saying, “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.”

UBF is liaising about the progress of the project with different banks including Emirates NBD, Mashreq, National Bank of Abu Dhabi, First Gulf Bank, Standard Chartered Bank, ADIB, Abu Dhabi Commercial Bank and Commercial Bank of Dubai.

ADIB CEO, Mr. Tirad Al Mahmoud, talked about how the Mobile Wallet product will add to users’ convenience. He believed that users would play an important role in making this system better and the ease of use would add to their convenience. The product has been developed while keeping an average mobile phone user in context.

The project also aims to provide the services to non-banking industries as well. The project is currently in the development phase and will be implemented in a number of phases by next year.