The Emirates Digital Wallet paves the way for a cashless UAE. It is the product of co-operation between 16 of the UAE’s leading national banks, providing a unique solution that offers a highly convenient, safe and efficient way of shopping and making and receiving payments.
Any individual in the UAE has the equivalent of cash-in-pocket through their mobile, enabling them to purchase goods and services as well as making money transfers simply, safely and cashlessly.
Any merchant and vendor in the UAE receives payment instantaneously, allowing them to use the proceeds immediately, just as if they had received cash.
Specifically, the Emirates Digital Wallet LLC platform enables unbanked UAE residents to enjoy financial inclusion by providing them with a much more secure alternative to cash, without the need of a bank account. It also supports both the UAE banks’ and the government’s broader objective of reducing the overall flow and quantity of physical cash in the economy to create a much safer, more economical and efficient environment for payments.
The Central Bank of the UAE supports this important development, having issued regulations governing stored value and Digital payment systems in early 2017. www.edw.ae
Old Mutual International
Old Mutual International provides financial solutions designed for both expatriate and local investors across the world. We are one of the few providers to operate in multiple global markets, including Africa, Asia, Europe, Latin America, the Middle East and the United Kingdom.
Our aim is to work together with financial advisers to help manage and grow clients’ investments, not just for their own future, but for the benefit of their families and the generations to come.
Old Mutual International is part of Quilter, a leading provider of advice, investments and wealth management both in the UK and internationally, managing over £100 billion of investments on behalf of over 900,000 customers (as at 31 March 2018). Quilter plc, our group holding company, listed on the London and Johannesburg stock exchanges on 25 June 2018.
We operate from the highly-regulated international service centres in Dublin and the Isle of Man. We are one of the largest financial services employers on the Isle of Man, employing over 400 people.
Our vision is to be our customers’ most trusted partner, and we are passionate about helping people achieve their lifetime financial goals. www.oldmutualinternational.com