Central Bank rolls out new payment scheme

Move to support UAE’s transformation into a cashless society

The UAE Central Bank has launched an initiative to develop a National Payment Systems Strategy to enable safe, efficient and customer-centric domestic and cross-border payments.

Under this strategy, the UAE Central Bank will ensure the payment systems are interoperable and well regulated, and will also work towards supporting the transformation of the UAE to a cashless society in the long run.

In a statement yesterday, Mubarak Rashid Al Mansouri, Governor of the Central Bank of the UAE, said the enablement of customer-centric payments will serve to drive the overall competitiveness level of the UAE economy and benefit the public and private ecosystem, while supporting the UAE Smart Government agenda.

“This will result in [benefits] from higher quality services at a competitive cost, in addition to reduced transaction fees, greater levels of efficiency, improved collection cycles, and more innovative payment channels.”

The central bank will also consult and collaborate with relevant stakeholders from federal and local governments, other regulatory entities, financial and non-financial institutions, telecommunications firms, industry and other entities as part of this initiative.