International payments company Cardtek partnered with emCredit to launch emPay, a national mobile wallet service for the UAE.
The new system will be able to process money transfers and payments to a range of service providers, including commercial banks, government departments, retailers, utility companies and transport companies.
Both money transfer and NFC payment capabilities will be built into the emPay wallet. In a statement, the organisations said the addition of NFC compatibility would enable its use in wearable devices, in addition to smartphones and tablets.
EmCredit is a subsidiary of UAE government agency Dubai Department for Economic Development (DED). Its partner on the project, Cardtek, is an international provider of payment technologies and developed several mobile payment and contactless card systems since being founded in 2001.
Muna Al Qassab, emCredit CEO, said: “This collaboration to launch this unique initiative of DED will simplify the life of consumers and merchants alike, creating a better, safer, and faster payment ecosystem for all. With emPay, our goal is, and will always be to push the boundaries of innovation to give the people of UAE smarter yet simpler ways to conduct financial and non-financial transactions.”
Cardtek CEO Ayse Nil Sarigollu added: “We have great confidence that this partnership will ease UAE’s citizens’ life in terms of payments and bring new opportunities and benefits to the UAE’s economic development.”