UAE Exchange has launched UAE Exchange Wallet, the first secure mobile phone-based global money transfer service.
"UAE Exchange will now be able to offer another secure, simple-to-use and convenient channel to their customers for transferring funds, paying bills and accessing various other value added services.
This option leverages the growing number of mobile phones, existing telecommunication networks and banking infrastructure," said Sam Pitroda, founder and chairman of C-SAM.
This innovative service was promoted by C-SAM Dataline, an equal joint venture between C-SAM and Dataline FZ, an NMC Group company based in Dubai Internet City (DIC). The joint venture will also provide C-SAM's Transaction Platform solution to various telecom companies, banks, financial services providers and merchants.
This unique service will enable the customers to send money securely from any location using UAE Exchange's network. The security features of this service ensures only a registered UAE Exchange customer can access their Wallet on their mobile.
Other than UAE Exchange House, no other exchange houses in the world will be entitled to use this service to transfer money. C-SAM's Platform can also be used to electronically issue bills for such things as gas, electricity, credit cards, etc, securely to Wallet users' mobile phones.
The Wallet users can settle these bills directly from the Wallet through their preferred bank accounts in real-time. A receipt is then generated and issued securely to the user's mobile phone.
The Wallet leverages UAE Exchange's global money transfer network and the participating banks' settlement networks to provide greater value convenience and cost savings to customers. RakBank, Bank of Baroda, Union National Bank and Mashreqbank will handle settlements for the Wallet, and other banks are expected to join in shortly.
The exchange conducts $6 million (Dh22 million) worth of transfers every day, said B.R. Shetty, the managing director of UAE Exchange.
"We send Rs200 million [Dh17 million] to India alone daily," he said.
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