Dubai’s Ministry of Finance (MoF) has penned an agreement to link the e-Dirham system to the Wall Street Exchange Centre.
Dubai World will also join the E-Dirham network following further agreements between the MoF and the National Bank of Abu Dhabi (NBAD) in a bid to nurture the spread of electronic payments across the region.
The news comes as the Ministry celebrated the activation of the millionth e-Dirham card.
The Wall Street Exchange and Dubai World will now be able to collect service fees provided to the public, develop payment methods and discontinue manual payment and cash collection processes.
NBAD’s role will be to offer safe e-payment channels for Dubai World. Furthermore, the agreement between Wall Street Exchange Centre and NBAD will ensure that e-Dirham cards and re-charging services will be made available across its UAE branches.
The MoF announced the innovative agreements during its recent participation at GITEX Technology Week 2014, where it also launched another initiative with the Emirates Identity Authority (EIDA) that will make Emirates ID cards an accepted e-payment method.
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