Mobile operator Etisalat has received regulatory approval to launch a new mobile payments service in the United Arab Emirates.
"The telecom operator will now be able to roll out its previously announced mobile wallet account platform," reports Emirates Business. "The system lets customers use their mobile phones to make payments at outlets that accept such transactions. The user simply uploads digital cash to the mobile and swipes the phone at payment counters or ticketing machines."
"As of now we have partnered with one bank, but this doesn't stop us partnering with other banking partners as our platform is suitable for such an upgrade," Rashed Majed Al Abbar, Director of Etisalat Mobile Commerce, told the publication. "We were looking for a bank that could meet our timelines and priorities, and most of all, be flexible."
"For Etisalat it does not make sense to work as a financial house, as its not our core competency and, therefore, it is better to work with a bank," he added.
More details as soon as we have them...