The government of the United Arab Emirates ( UAE ) has reportedly signed a memorandum of understanding with some of the largest banks in the country to create a mobile wallet platform . Offering a “ a vital patch towards a future [ of ] cashless payments and toll - free environment in the UAE ” according to the chairman of UAE Banks Association , this technology is also “ essential ” to develop the country ’s next Government initiative . The mWallet initiative was first announced in 2014, with UAE officials looking to have a mobile wallet platform that could replace cash payments without compromising security. The technology however has no official release date .
The government of the United Arab Emirates ( UAE ) has reportedly signed a memorandum of understanding with some of the largest banks in the country to create a mobile wallet platform . Offering a “ a vital patch towards a future [ of ] cashless payments and toll - free environment in the UAE ” according to the chairman of UAE Banks Association , this technology is also “ essential ” to develop the country ’s next Government initiative . The technology however has no official release date .