ADCB launches new payment system

03/06/2011 - Dubai Investment News Posted by Bob Brunskill
ADCB launches new payment system

A new system that enables customers to make payments using their mobile phone number has been launched by Abu Dhabi Commercial Bank (ADCB).Using the payments system known as Mobi, customers are not required to have cash, a card or even a mobile phone in their possession.The bank observed that payments are made using a memorised mobile phone number, meaning the phone is not needed at all."Our number one competition is against cash," commented Ala'a Eraiqat, the bank's chief executive."We believe that 70 to 80 per cent-plus of all customer transactions in the UAE are still cash. But payments are on the verge of a huge shift in technology," he added.A customer must enter a six-digit pin number to make purchases to ensure security of transactions.By the end of 2011, ADCB hopes to have convinced around 300,000 customers to use the service.Abu Dhabi is, of course, home to some important financial institutions such as the Abu Dhabi Securities Exchange and the Central Bank of the United Arab Emirates.