Abu Dhabi Commercial Bank (ADCB) has launched a payment system that allows customers to use their mobile to make payments. The payment system, named Mobi, is different from the usual Visapay Wave or BarclayCard?s Quick Tap. The client need not carry any cash or card or even the mobile phone to make any payment. Instead they have a unique mobile phone number to make the payment. The bank aims to provide service to all small purchases of the customer and thereby provide a better service.
The?payment system issues a?virtual card number similar to the?mobile number and is linked to an account that can be refilled at a merchant?s terminal with cash or plastic. This system allows the customer to make?payments up to Dh300 (US$81.67) at a time, and the maximum limit?is?Dh1,000 in an account linked to the mobile number. The customer is required to enter?a six-digit pin number?before making any purchase. The digit is then verified using text messaging.
The bank is not charging any fees from its?customers,?but passing the cost of?such transaction on to merchants. Presently, the service is limited to selected customers, while the bank is aiming to expand this service to its entire customers. The general trend in UAE is to make payments using cash. However, the bank is hopeful of seeking its customers to use this service. The challenge with the bank at the moment is to convince retailers to sign up for such service.
ADCB is?at present in?talks with merchants to supply Mobi-enabled handsets?throughout the UAE. Coffee Planet is the? first retailer to sign up.