New integrated payment system will came into force by 2020 in UAE that builds on the foundation set by the eDirham system, and this will soon boast a new integrated payment line with the country’s digital transformation objectives.
The Ministry of Finance 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.
Younis Haji Al Khoori, under-secretary at the Ministry of Finance said that, the new system is expected to be online in the UAE by 2020. 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 said. He further stressed that the ministry’s goal to improve the effectiveness of the financial systems for national payments in line with other government services.
The senior officials from more than 22 banks in the UAE discussed and reviewed the digital transformation of the eDirham system in October this year, which was launched in 2001 and is designed to enable customers to complete transactions effortlessly and with the highest level of security. The development stages of the eDirham system since the launch of its first generation in 2001 were reviewed during the meeting, while the strategic plan was assessed to ensure the sustainability of the system and its scheduled implementation in 2020.
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 by launching the strategic plan for future transformation.
Consequently enhancing user experience and ensuring customer satisfaction 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.
The Ministry of Finance launched the eDMobile application, which enables customers to access eDirham services and e-payments in October 2018 with eDMobile customers can pay all charges through their smartphones, website or point of sale. Achieving a growth of 52.33 per cent compared to the same period last year, revenues of the system during the first half of 2018 exceeded the projection of Dh11.8 billion. The number of cards issued for eDirham services exceeded 3.7 million cards.