Launch of New Integrated Payment System by UAE

According to the Ministry of Finance, after the success of the eDirham system launched in 2001, UAE will launch a new integrated payment system. Senior local and federal officials were invited by the Ministry of Finance on Sunday for a meeting to review the strategic plan for the new system which is to be implemented in 2020.

As per the report by UAE’s state-run WAM news agency, the digital payment mechanism is under development. The payment system shall support all national and operating banks in the UAE. The mechanism is an effort by the federal government to protect the country’s financial system and ensure the sustainability of financial flows for free.

To discuss and review the transformation of the eDirham system, the senior representatives of 22 banks in the UAE met in the month of October.

During the same month, EDMobile application was unveiled by the Ministry of Finance. The application shall give the customers access to the eDirham services and e-payments.

With the help of the application, the customers can use their smartphones, EDMobile website or points of sales to pay charges. H1 revenues of the system experienced a 52.23 percent growth over the same period of the previous year with the total amount of AED 11.8 billion.

More than 3.7 million cards were issued for Dirham services whereas the number of recipients in H1 2018 were 11,385,661.