Emirates NBD partners with Etisalat to revolutionize banking technology

The service will enable Emirates NBD customers to use their Etisalat mobile phone as a means to pay for day to day purchases at stores or for transportation services.

These payments would be charged to their bank cards and would typically be low value payments.

Etisalat and Emirates NBD will be undertaking a joint trial with a select group of customers before launching the service commercially.

Mr. Jamal Bin Ghalaita, Emirates NBD General Manager Consumer Banking and Wealth Management said,

'Emirates NBD aspires to become the UAE's leader and pioneer in banking technology. Our partnership with Etisalat is the perfect union to test this contactless technology and will inevitably transform banking as we know it today, as both organizations are leaders in their game and hence, are fully equipped for such a bold innovation. This service will redefine customer convenience, will prove to be a significant milestone for both Etisalat and Emirates NBD, and will directly reflect on not only the UAE's, but the world's advancement in banking technology. We are extremely excited about this venture and look forward to bringing the technology of tomorrow to the people of the UAE, today.'

'The introduction of Mobile NFC services is a great way to simplify the consumer payment experience through its ease of use and convenience,' said Abdulla Hashim, VP, Enterprise Solutions, Etisalat.

'Etisalat has always been a pioneer in introducing the latest technology for the benefit of our customers and we are excited at this opportunity to work with a dynamic and progressive partner like Emirates NBD to revolutionize the consumer payment experience here in the UAE.'

The Mobile NFC technology operates within a 4 centimetre range with the advantage of a personalized PIN to make transactions more secure.

It is foreseen as a strong enabler to meet new customer needs and drive value added business models.

The solution is fast and simple, and will enable a transaction to be completed instantly thus reducing queues for payments.

All customers have to do is to wave their mobile phone at the Point of Sale machine to make an instant payment.

According to 2007 report from analyst firm Frost & Sullivan, one third of all mobile phones will be NFC equipped in a span of three to five years.

Other worldwide banks who are also piloting this new technology are: Maybank, Malaysia; Credit Mutuelles CIC Group, France; OCBC Bank, Singapore; Citibank, Korea and Bank Of America, USA.

Contactless technology is the term applied to short distance communications between two devices that are not physically connected.

Such devices typically embody a smart card (chip with processing capability) and short-range radio frequency technology.