Gone are the days where sim cards issued in the UAE could not be used in other countries. If a traveler, i.e.: User A had to travel to India on an official trip, he would have been forced to go to a local mobile shop, submit his passport and visa details to receive a local sim card. Is it the same now? Definitely not! Nowadays, a local sim card can be used globally.
It can also be said now, that digital wallets have followed the same path. As a traveler, will User A prefer to travel with his e-wallet to make payments abroad, or will he look out for ATMs to withdraw?
Most smartphone users in the UAE are already privileged with a number of payment methods available for their use. Users today use e-Wallets and contactless payments which have been adopted by almost all major retail outlets throughout the country. The Roads and Transport Authority (RTA) have integrated NOL cards for payment at convenience stores, and even Visa/MasterCard have launched “tokenised” cards that can be securely used through our mobile phones.
Digital wallets can be launched by different businesses to fit their customer requirements. The idea is to cut across the socio-economic background of the users which may include User A in Dubai, who is trying to make a contactless payment to buy a cup of coffee, or the taxi driver in Mumbai who accepts e-wallet payment or it may also be a university student in London who receives monthly remittances from her family via international remittance. (Sarkar, 2018)
Talking about money transfers, there are two ways how they happen, which is through centralisation and decentralisation. To break it down into a more straightforward concept, let’s bring User A back into our discussion and User B, who happens to stay in London.
User A wants to send a particular amount of AED to User B.
- For User A, the money first gets debited from his UAE bank account, and then the reserve bank of his country (CBUAB), who notifies the other country’s reserve bank (BoE) and they credit the amount (which is in dollars).
- Now, for User B, the Bank of England pays her local bank, and the bank credits the amount into her account in GBP (Pound sterling)
- This process is called centralisation.
Now, let’s suppose User A wants to transfer EML to User B.
- The authority that makes a decision here is a computer.
- The computer processes the transaction on the basis of the account balance of the sender.
- If the desired amount is present in the sender’s account, the transaction is approved.
- This process is decentralisation.
The money is held on e-Mal Digital Wallet Smart Contracts (using Blockchain). The e-Mal financial ecosystem is decentralised, 100% peer-to-peer, with no intermediary ever holding, managing or touching your funds at any point in any transaction.
As a user of the e-Mal platform, one would question whether or not these digital transactions are paving the way for cybercriminals and fraudsters.
To avoid such scenarios, e-Mal uses blockchain technology which allows the platform to remain secure and reduces corruption and chances of fraud. e-Mal has also signed a partnership with Estonian cybersecurity giants, Hacken to ensure the protection of the e-Mal wallet.
The e-Mal ecosystem is a perfect synergy and a bridge between blockchain and the non-blockchain world. The ecosystem connects multiple payment portals and merchants from various segments enhancing their transactional experience. (e-Mal, 2018)
Our digital wallet service includes the following services –
e-Mal Financial Hub (e-Mal F-Hub) –
With the e-Mal fin-hub, our users can access salary cards, Smart Loans, Smart Savings and transfer instantly, all under one roof, one financial ecosystem.
e-Mal Utility Hub (e-Mal U-Hub) –
With the e-Mal U-Hub, our users can easily pay utility bills, up and recharge their mobile phones and also avail special offers under one roof.
e-Mal Information Hub (e-Mal Info-Hub) –
The Information Hub provides the users with news and updates that they can use, trust and share amongst family and friends. e-Mal understands the customers’ needs and provides access to trending global stories, government and monetary news, updates with respect to our platform and services apart from providing special deals and offers to our users from our merchants.
Our focus is to lead the way to a sustainable digital future and a secure way to transact. Got Questions? Comment below or email us at [email protected]
Intrigued to check our wallet? Test our beta app at:
Sarkar, S(2018), “War of the wallets” Available at: https://gulfnews.com/business/sectors/banking/war-of-the-wallets-1.2152932
GulfToday (2018), “UAE startup partners with cybersecurity company” Available at: http://www.gulftoday.ae/portal/156659b1-9767-4e95-aef6-37d6a90264cb.aspx
e-Mal (2018), “About us” Available at: www.e-mal.ae