Etisalat Wallet goes live in the UAE

Etisalat has launched its new Etisalat Wallet service in the UAE, which will now allow customers to complete a wide range of tasks from paying their bills to topping up their credit without the need for carrying physical cash.
Using a simple mobile application - which is available for download from Google Android and Apple iOS Application stores - the service allows customers to pay their utility bills; purchase parking tickets in Dubai, Abu Dhabi and Sharjah; top up Etisalat credit for themselves and their family members; purchase goods and services at participating local merchants and major international store chains; be in control of transactions with automatic reports, notifications and account management features; benefit from the highest level of end-to-end security implemented as a part of the service; and enjoy meaningful rewards for each transaction.
Etisalat Wallet is accessible around the clock directly from customers' mobile phones while in the UAE or traveling abroad and serves as the new digital wallet, thereby eliminating the need and risk of carrying cash. Khaled El Khouly, chief consumer officer, Etisalat UAE, said: "Research has shown that m-banking and m-payments can help lower the transaction costs of money transfer, increase the flow of money by making it easier to send across smaller amounts, and introduce secure financial transactions and management without bank accounts. By enabling people to use their mobile phones as mobile wallets, we hope to deliver lasting benefits not just for our progressive customers, but also for the economy of the UAE."
"We believe the benefits to our customers will be immense and that our new service has the potential to transform the way money is handled and managed. The mobile phone has already positively impacted our lives in many ways - and it's exciting to think that it now has the potential to replace notes and coins and give all of our customers access to world-class banking services," he said.
As many as 75 per cent of all UAE transactions may be done in cash; however, this antiquated form of payment is as expensive as it is seemingly convenient, with global economists in agreement that the 'cost of cash' ranges between 1.25 and 2.0 per cent of the GDP of a nation. There are tremendous efficiency costs to cash, whereas a cashless society means fewer direct costs to print and distribute money, but also far fewer opportunity and social costs related to criminal activity and black or grey market economics. Mobile payments bring increased efficiency, security, and social inclusion, elements not fully realised today with credit cards.
With 170 per cent of mobile phones penetration in the UAE, the mobile phone is rapidly becoming the method of choice for making payments and managing money. Etisalat plays an important role in the mobile commerce ecosystem in the UAE, and the introduction of the Etisalat Wallet service further expands the company's product offerings in this area.
Etisalat's mobile commerce service presently enables 17 million customers across Etisalat's global operations with increased security and flexibility, reducing the need to carry cash and enabling payments at merchant locations, settling utility bills and facilitating funds transfer between friends and family members, directly from their mobile phones. - rohma@khaleejtimes.com