Like an eWallet but nicer experience and more services
The Etisalat Group’s new incarnation e& is now revamping its eWallet into a new service branded as e& money. This will comprise the fintech arm of e& life, one of Etisalat Group’s specialist business divisions. It widens the remit of mobile banking to entice users with useful complementary services such as access to financial services like merchant payments, money remittances, bill payments, lending, investments, network branded cards and insurance services. Currently cash is the dominant payment method in the United Arab Emirates, which e& says is a product of unbanked and under-banked populations.
The designers of e& money have re-examined the customer and redesigned the tools by which their wishes are executed. The announcement builds on the success that eWallet has achieved to date, said e&, providing its UAE subscribers with a ‘safe, flexible and contactless’ payment systems. The bottom line is that daily transactions must be as painless as possible. The eWallet was the first payment application to be licensed by the Central Bank in the UAE and this nurtured new growth opportunities for the telecom and financial services sectors.
In the fast-evolving fintech industry, consumers and merchants are constantly on the lookout for the ‘next new thing’ and the ultimate goal is an integrated financial market or mobile banking system to simplify their transactions without compromising security. The rebrand is more than an image makeover, said e&, the e& money service has added a comprehensive ‘super app’ that addresses every financial challenge of its customers and puts the powers of resolution in their hands. In practise this means giving them access to financial services like merchant payments, money remittances, bill payments, lending, investments, network branded cards and insurance services.
The fintech company will open more doors to digital financial systems that will serve the banked, the unbanked and the under-banked customers in the UAE. Cash is still the dominant payment option in the UAE, accounting for 55% of all payments. If the customer experience is sufficiently pleasant and painless, the new mobile payments users will get access to more empowering financial services. This will serve a purpose both as part of e&’s socio-economic development ambitions and in the creation of a cashless economy.
“e& money demonstrates our commitment to advancing digital fintech solutions that make a difference, delivering an innovative end-to-end financial marketplace that meets all of our customers’ financial needs as we push beyond the realms of traditional services,” said Khalifa Al Shamsi, CEO of e& life.