New integrated payment system in UAE by 2020
dubai — The UAE will soon boast a new integrated payment system that builds on the foundation set by the eDirham system, and which is in line with the country’s digital transformation objectives.
The Ministry of Finance on Sunday announced that it had reviewed the future strategic development plan for the transformation of the eDirham system, and that it is working on the development of a digital payment system, which will be supported by all banks in the UAE.
The new system is expected to be online in the UAE by 2020, said Younis Haji Al Khoori, undersecretary at the Ministry of Finance. He said that the ministry is committed to developing and consolidating regulations in the UAE, as well as the collection of revenues at the federal and local levels. He further stressed the ministry’s goal to improve the effectiveness of the financial systems for national payments in line with other government services.
In October this year, senior officials from more than 22 banks in the UAE discussed and reviewed the digital transformation of the eDirham system, which was launched in 2001 and is designed to enable customers to complete transactions effortlessly and with the highest level of security. During the meeting, the development stages of the eDirham system since the launch of its first generation in 2001 were reviewed, while the strategic plan was assessed to ensure the sustainability of the system and its scheduled implementation in 2020.
By launching the strategic plan for future transformation, the ministry is seeking to establish a national identity brand to develop national payments and strengthen the UAE’s position as a world leader in payments.
The new system will contribute towards protecting the country’s financial system and ensuring the sustainability of financial flows for fee and service revenues of the federal government efficiently and effectively, consequently enhancing user experience and ensuring customer satisfaction.