Home / / UAE to launch new integrated payment system

UAE to launch new integrated payment system

The UAE Ministry of Finance will implement the system in 2020

UAE to launch new integrated payment system
The meeting reviewed the progress of the transformation of the eDirham system.

The UAE will soon launch a new integrated payment system that builds upon the success of the eDirham system launched in 2001, according to the Ministry of Finance.

On Sunday, the Ministry of Finance held a meeting with various senior local and federal officials to review the strategic plan for the new system, which is scheduled for implementation in 2020.

According to the UAE's state-run WAM news agency, the digital payment mechanism currently in development will be supporting by all national and operating banks in the UAE, part of a larger effort to protect the country's financial system and ensure the sustainability of financial flows for fee and serve revenues for the federal government.

In October, senior representatives of over 22 banks in the UAE met to discuss and review the transformation of the eDirham system.

The same month, the Ministry of Finance unveiled the EDMobile application, which serves to give customers access to eDirham services and e-payments.

Using the service, customers can pay charges through their smartphones, the EDMobile website or points of sales. H1 revenues of the system totalled AED 11.8 billion, a 52.33 percent growth over the same time period the previous year.

Meanwhile, the number of cards issued for eDirham services exceeded 3.7 million cards, while the number of receipts totalled 11,385,661 in H1 2018.

Follow us to get the most comprehensive consumer tech news delivered fresh from our social media accounts on Facebook, Twitter, Youtube, and listen to our Weekly Podcast. Click here to sign up for our weekly newsletter on curated technology news in the Middle East and Worldwide.

REGISTER NOW | Webinar Event | Security you can bank on – Safeguarding the Middle East’s financial sector

Presented in partnership with security and network specialist Cybereason, the second in the three part webinar series will bring together a panel of experts to discuss how banks and financial institutions are evolving their service offering while simultaneously staying one step ahead of the cyber criminals who seek to bring their operations crashing to the ground.