The UAE will soon launch a new integrated payment system that builds upon the success of the eDirham system launched in 2001, according to the Ministry of Finance.
On Sunday, the Ministry of Finance held a meeting with various senior local and federal officials to review the strategic plan for the new system, which is scheduled for implementation in 2020.
According to the UAE's state-run WAM news agency, the digital payment mechanism currently in development will be supporting by all national and operating banks in the UAE, part of a larger effort to protect the country's financial system and ensure the sustainability of financial flows for fee and serve revenues for the federal government.
In October, senior representatives of over 22 banks in the UAE met to discuss and review the transformation of the eDirham system.
The same month, the Ministry of Finance unveiled the EDMobile application, which serves to give customers access to eDirham services and e-payments.
Using the service, customers can pay charges through their smartphones, the EDMobile website or points of sales. H1 revenues of the system totalled AED 11.8 billion, a 52.33 percent growth over the same time period the previous year.
Meanwhile, the number of cards issued for eDirham services exceeded 3.7 million cards, while the number of receipts totalled 11,385,661 in H1 2018.