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.
Whitepapers
Related reading
5 ways blockchain can change the cross-border payments landscape
Cross-border payments is a changing sector of the industry, driven by customers demanding little to no friction and encountering multiple steps, intermediaries ... read more
The SME technology revolution | video
The UK is home to 5.4m micro SMEs that have fewer than nine employees, according to the House of Commons library. They ... read more
JP Morgan blockchain network showcases banks’ DLT progress
JP Morgan’s expansion of its blockchain-based interbank payments project signals that major banks are stealing a march on disruptors and startups by ... read more
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
