Mobile Wallet payments to cross $13bn in 5 years in UAE

According to a new report, the total money paid through the new Mobile Wallets is expected to cross the figure of ($13.6 billion during the next five years in the United Arab Emirates (UAE).

The authorities are planning to upgrade UAE banks with devices to accept mWallets payments across the country. The Mobile Wallet Project is expected to record AED50 billion or $13.6 billion is payments moving from cash to mobilewithin five years taking a 35 per cent market share.

The government is planning to launch mWalletin 17 of the country's leading banks that possess the required technology to support the payment method. The UAE Banks Federation said in its annual report that the service will be offered to all the banks through a membership scheme.

The report said, "The mWallet is a critical initiative which is expected to be an important catalyst for the future of the digital economy as it benefits the financial services component of the Smart Government initiative."

These mobile wallets use near-field communication chips inside mobile smartphones and tablets in order to transfer payments. The project was approved at the CEO Advisory Council in May 2015 and has been adopted by the Board of Directors. The programme has been developed with the help of the Central Bank of the UAE.