Dubai: The digital payment system eWallet from UAE telecom e& is evolving into a fintech called e& money. The e& money will be transformed into a super-app that will offer a variety of consumer services, including the ability to purchase groceries or insurance.
“Our fintech company – e& money – demonstrates our commitment to advancing digital fintech solutions that make a difference,” said Khalifa Al Shamsi, CEO of e& life. And “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.”
The new fintech will ‘open more doors’ to digital financial systems that will ‘serve banked, unbanked and under-banked customers in the UAE’. Currently, 55 percent of total payments are made in cash in the UAE. Fintechs will ‘break down barriers customers face when accessing financial services even further’.
In its eWallet, the UAE telco had been building up user base. The change into e& money will mean it becomes the fintech arm of e& life and one of the specialist business units of the group.
With fintech, consumers and merchants seek an integrated financial marketplace or mobile-centric solution on transactions. e& money will evolve to be a super-app that gives access to services such as merchant payments, remittances, bill payments, lending, investments, network branded cards and insurance services.
