Etisalat and Noor Bank announced the launch of eWallet, a new digital payment service, it says, aimed at providing UAE customers with a payment solution using a mobile device.
The eWallet service is offered by a fintech company ‘Digital Financial Services' a joint venture establishment between Etisalat and Noor Bank, regulated and licensed as a Retail Payment Service Provider by the Central Bank of the United Arab Emirates.
Etisalat and Noor Bank have brought their strengths in technology, banking, marketing, distribution networks, and digital experience to launch this new service. The partnership is in line with the UAE Vision 2021 of creating smart knowledge economies that will enable a shift to a cashless economy.
Eng. Saleh Abdullah Al Abdooli, CEO, Etisalat Group, said: "Capitalising on the current digital wave, Etisalat has transitioned to an integrated ICT solutions provider by digitising consumer needs across our markets. This is in line with the transformation of the telecoms industry, which has enabled consumers to adopt increasingly tech-savvy lifestyles, businesses to change the way they operate and deliver value, and governments to offer ever-smarter solutions on the route towards smart governments and cities. Our powerful digitally inspired vision ‘To Drive the Digital Future to empower societies' has opened the doors of innovation by facilitating multiple modes of digital interaction that are customer centric and improve the overall experience."
"Mobile banking today has the potential to be a game-changer, rapidly gaining ground across the globe and opening up a new dimension for daily transactions undertaken by consumers. This new digital mobile service will usher in a new era of digital payments in the country, changing the very definition of service for both the telecom and banking sector. This was made possible due to the continuous investments by Etisalat's and Noor Bank's infrastructure to enable a conducive ecosystem that is compliant, robust and flexible to provide a cashless future to all our customers."
John Iossifidis, CEO of Noor Bank, said: "Noor Bank is committed to championing a robust digital payments landscape in the UAE. The launch of the eWallet solution, in partnership with Etisalat, is well aligned to our strategy of innovation and digital transformation. This first-of-its-kind partnership aims to develop a comprehensive eco-system in the digital wallets space regulated by the Central Bank of the UAE."
He added: "At Noor Bank, we pride ourselves on adopting collaborative business models that deliver greater value for our customers. We are pleased to partner with Etisalat to accelerate the use of fast, secure and convenient cashless payments across the nation through the eWallet."
eWallet will register customers - from individual users to business entities - who can share money through individual to individual transfers, merchant purchases, bill payments and salary payments, among many more services to be rolled out in due course.
Using a smartphone app, customers can manage their account, know their balance, and transfer money and is available on both the play store and app store. In addition to the digital registration, cash in and cash out, customers can perform all these activities physically by visiting Etisalat and Noor Bank branches.