Firms in the UAE that own 50 vehicles or more will now have to use e-wallets to pay for certain transactions, following regulatory changes by the Roads and Transport Authority (RTA)
Services covered by the e-wallet rule include vehicle licensing, registration, transfer and change of ownership. Companies with a fleet of 250 or more vehicles are already bound by the e-wallet rules and the scheme will be extended to firms with as few as 10 cars later this year, according to Mohammed Abdul Kareem Nimaat, Director of Vehicles Licensing at the RTA Licensing Agency.
Companies and institutions in Dubai can also able to use the e-wallet service as an alternative payment method, with 22,815 transactions made to date. Account holders are able to add funds to the e-wallet account using their credit card or bank transfer via the Nol website, or by depositing cash and cheques at Al Ansari Exchange outlets.
“The e-wallet service, which is open 24/7 throughout the year, safeguards companies’ rights as it eliminates potential of fraudulent processes on the part of some representatives, and also enables businesses to easily review their financial reports through their own e-wallet accounts at any time and accordingly accomplish the required tasks,” said Nimaat.
“Shifting cash transactions to the e-wallet has significantly reduced the processing workload in RTA’s centres which in turn will cut clients thronging RTA customers service centers by reducing the number of visiting representatives of companies, and at the same time slash the waiting time and contribute to delivering better services to customers,” he added.
Related reading
Security a priority for EU’s INATBA blockchain taskforce
The European Commission’s new blockchain initiative, the International Association for Trusted Blockchain Applications (INATBA), should focus on quashing extant security concerns around ... read more
Dependence on manual accounting systems puts firms security and data at risk
Moving away from manual accounting and payroll systems to automated ones could prevent data and security issues, as firms have previously struggled ... read more
Merchants beating mobile payments providers at their own game
Mobile payments might be relatively new to America’s highly fragmented consumer market, but they’re catching like wildfire. In 2014, mobile payments accounted ... read more
Ingenico on Google POS and the the future of payments collaboration
I caught up with Guillaume Andre, Head of Marketing, Ingenico Northern Europe, to discuss the implications of a tech giant-payments provider collaboration-led future, and how Ingenico and Google might continue to innovate the POS system in the future.
