UAE Banks Federation Partners with Central Bank

The UAE Banks Federation with the support of the Central Bank launched an m-wallet project, which is set to go live in 2015. It will be the first m-wallet backed by a bank federation.

Users will be able to make purchases, pay for services provided by government departments, store money and transfer it to others. The system was also designed for the unbanked. It is intended that the project will enable tourists to use the system too.

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