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UAE’s MoF to launch integrated payment system by 2020

UAE’s MoF to launch integrated payment system by 2020

Dubai – Mubasher: The Ministry of Finance (MoF) is working on a future strategic programme for the transformation of the e-Dirham system that will be launched by 2020.

The ministry discussed the development stages of the e-Dirham system, since its launch in 2001.

The plan is aimed to ensure the sustainability of the system and its scheduled implementation in 2020, as the ministry targets providing cutting-edge technology solutions and applications to its customers.

 The e-Dirham system includes the development of digital payment mechanisms in the GCC country, which will be supported by all national and operating banks in the UAE.

This comes along with the banks’ national plans for the digital economy and their business models and competitiveness.

“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,” state news agency WAM reported.

The new payment system will contribute to protecting the country's financial system and ensuring the sustainability of financial flows for fee and service revenues of the federal government.