Etisalat launches mobile wallet service in the UAE

Dubai: Telecom operator etisalat has announced the launch of its mobile phone-based commerce service — etisalat Wallet — in the UAE.

The app, available on Google and Apple app stores, allows customers to make purchases, pay utility bills, transportation fees, top-up etisalat’s mobile credit and much more.
“The service is available in 17 of its global operations. The scope of services introduced in each market varies based on consumer demands, market maturity as well as regulatory requirements,” Khaled Al Khouly, chief consumer officer at etisalat (UAE), told Gulf News.

Moreover, he said that etisalat is utilising a “less is more” approach by focusing on introducing the most meaningful and, at the same time, simple-to-use functions in the initial phase of the launch.
“As we move forward, we will introduce more advanced services that align with our customers’ comfort level and demand,” he said.
However, he said that facilitating funds transfer between friends and family members, directly from their mobile phones, will not be available right now.
“Etisalat is offering services in line with the UAE’s Central Bank regulations. The Central Bank has currently executed exceptional work in the development of the UAE’s ‘digital payments’ regulatory framework. Etisalat’s mobile-to-mobile money transfer service expansion will follow immediately after this regulatory framework is ramified and once we secure Central Bank approvals,” he said.
In many countries, etisalat already offers cross-border money remittance service.
Even though many Gulf countries like the UAE have some of the highest smartphone penetration rates in the world, studies show that when it comes to banking interactions, the figure is still low.