The banks have signed a memorandum of understanding (MoU) agreeing that a new entity will be formed to own and operate the mWallet platform, Gulf News said.
MWallet allows users to make and receive payments using their smartphones. Users do not have to have accounts with any of the partner banks, the news site said.
The MoU is part of the UAE's smart government initiative, the news site said. No roll out date has yet been set, it said.
Abdul Aziz Al Ghurair, chairman of the UAE Banks Federation, said in a statement that the platform is "an essential and integral building block of the smart government initiative and will give the UAE a head start in transforming its economy for the benefit of residents here,” Gulf News said.
Etilsalat has also announced a mobile wallet platform in all of its markets, including the UAE.
