Page 60 - THE INVESTOR Arabic English V4.0 Final RePRINTED-RD

16 The Investor

leaving little time to focus on technology will also catch up with the trend. The Central
investments. Bank of the UAE has already approved
mobile wallets and it’s only a matter of
Banks that beat this trend and focus time before other central banks recognize
on digital technology can create huge this trend and introduce norms for orderly
shareholder value. Some banks are offering growth.
digital wallets powered by MasterPass,
which was launched by MasterCard, and The rapidly evolving mobile payment
lets smartphones store credit and debit architecture will affect key stakeholders
card information in digital form, enabling such as service providers (credit card
users to make purchases with their phone companies and banks, for example),
instead of a card. retailers, customers and regulators. Among
them, customers are the most ready and will
However, a delay on their part will enable drive the change while others will catch up.
non-bank players to swiftly move in and Who knows, in about three years you might
capture the market. The substantial success be able to forget your wallet at home – but
of the UAE-based Beam Wallet is a case not your smartphone.
in point. While this competition between
banks and non-banks plays out, regulators Kuwait Financial Centre “ Markaz”

Issue 1 October 2017