UAE Exchange launches UAE Exchange Wallet

UAE Exchange Wallet enables customers to send money securely from the comfort of their home or office or any location at any hour of the day or night, using UAE Exchange's trusted network, without having to make trips to the branches, braving traffic, parking and other inconveniences. The Wallet provides a leather wallet metaphor on mobile phones and its security features ensure that only a registered UAE Exchange customer can access his/her Wallet on his/her mobile phone. The Wallet is very easy to register and use, and can be setup either by the customer or a UAE Exchange representative. Once setup, the customer can then conduct any number of transactions - anytime, anywhere. In addition, the Wallet has an attractive and user-friendly interface, icons to facilitate easy navigation, images and branding of UAE Exchange and Bank Cards, ability to generate and store receipts of transactions, and various other personalized value added services, such as, transaction history, etc., all securely available on the customer's mobile phone, in real-time, making the Wallet an ideal money transfer solution.

The Wallet leverages UAE Exchange's existing 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 provide settlement for the Wallet, with other banks expected to join in shortly. The Wallet has a simple registration process, after which the UAE Exchange Gold Card and participating banks' payment cards are immediately issued over-the-air to the customer's mobile phone. The customer can then transfer funds using the Wallet, without having to visit any bank or UAE Exchange branch.

"We are very excited about being the first Exchange Company in the world to launch this unique solution, which we firmly believe will provide additional convenience, comfort and security to our customers, further strengthening UAE Exchange's conviction to continuously offer more value to customers through innovative technologies" said Mr. B. R. Shetty, UAE Exchange's Managing Director. UAE Exchange is one of the largest exchange houses in the Middle East with 960,000 registered customers in UAE alone, and a point-of-presence in more than 64 countries worldwide.

UAE Exchange's Wallet has been developed by C-SAM, Inc. of USA, based on a patented technology (US Patent #s 5,590,038, 5,884,271, etc.), which allows mobile phone users to securely load an "empty wallet" and create a personalized account at a web-based transaction portal. Thereafter the user can create or load their existing card information for secure storage, reference and conducting transactions. C-SAM's technology also provides card issuing banks and merchants the ability to wirelessly and securely issue cards over-the-air directly to their customer's mobile phones, with card images, branding and mag-stripe or smart card information. C-SAM enables users to load multiple cards and multiple payment instruments, and use them with the existing transaction acquisition infrastructure and networks. Once setup, users can conduct various transactions at retail locations or over-the-air or with other wallet users, storing digital receipts on the mobile phone and web-based transaction portal. Over and above various payment related services, C-SAM's secure Transaction Platform can be customized for various lifestyle enhancement services, allowing merchants and service providers to deliver personalized coupons, promotions and tickets directly to their customers on to their mobile phones.

C-SAM's Platform can also be used to electronically issue telephone, gas, electricity, school, credit card, etc. bills securely to mobile phones of Wallet users. The Wallet users can settle these bills directly from the Wallet through their preferred bank accounts in real-time and a receipt is then generated and issued securely to the user's mobile phone. The Wallet will be subsequently scaled to various other Value Added Services like payment cards, loyalty cards, coupons, promotions, tickets, etc. Consumers will benefit immensely from the additional Convenience, Security and Flexibility, with the ability now to conduct various transactions - payment and non payment - anywhere and anytime, directly from their mobile phones and PCs.

"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 - by leveraging the growing number of mobile phones, existing telecommunication networks and banking infrastructure - and in the process bringing tangible benefits to all the stakeholders, starting with the customer, UAE Exchange, participating Banks and Telephone Companies" said Sam Pitroda, Founder and Chairman of C-SAM, Inc., who is hailed as the father of the telecom revolution in India, and as a serial entrepreneur has successfully started various technology companies in the US, Europe and India."