eWallet – a new service from telecoms giant Etisalat and Dubai-based full-service bank Noor Bank – has been launched in the UAE, promising international remittance services from the UAE to 200 countries.
Digital Financial Services, a joint venture between Etisalat and Noor Bank, is offered in partnership with MoneyGram International. The partners in the venture say that eWallet customers can now make international money transfers in real time at competitive rates free of charge from the safety of their homes.
Money transfers can now be digitally made to over 350,000 locations consisting of banks, over-the-counter agents, and international mobile wallet operators in over 200 countries and territories worldwide.
An eWallet customer, depending on the destination, will have the option to send funds either directly to a recipient’s bank account or to a mobile wallet. However, the offer is for a limited period only.
An important feature of this initiative, at a time when coronavirus fears make social distancing imperative, is the opportunity it offers to avoid queues or visiting a public place.
Regulated and licensed by the Central Bank of the UAE, eWallet is accessed through an easy-to-use mobile app. There is no need to have a bank account, credit or debit card to do digital payments. Customers only need a valid Emirates ID and a working UAE mobile number to register for an eWallet account.
Once registered, users can instantly top up their wallet balance and start sending and receiving money between mobile phones, transfer to their own or third-party bank accounts, and do merchant payments, bill payments, and mobile recharges. Users can also deposit and withdraw cash from their wallets by visiting the nearest location as indicated in their app.