Abu Dhabi Commercial Bank (ADCB), one of the UAE’s leading banks, and US-based Mobibucks, a leader in mobile payment solutions, have launched new payment product for making purchases using a mobile phone number.

The new service Mobi provides customers with a patented cashless, card-less, paperless and phone-less payment solution that targets the everyday purchases made by consumers, a statement said.

“At ADCB, we take pride in using innovation as our key business philosophy. Whether it is the launch of the first bank-wide loyalty program, launch of the first contactless card in the region, use of voice authorization for card issuance or development of behavior based analytic models and use of predictive neural networks for attrition gating,” said Ala’a Eraiqat, CEO at ADCB.

“ADCB has been at the forefront of driving change & creating value for customers. The concept behind the Mobi payment system will be the first of its kind offered by a bank anywhere in the world – a patented cashless, card-less, paperless and phone-less payment targeted at the millennium.”

Arup Mukhopadhyay, head, Consumer Banking Group of ADCB said: “Our partnership with Mobibucks is significant not only for providing convenience and flexibility to our customers, but also for laying the groundwork to forge ahead in the digital economy.”

“This mobile payment service will be used for frequent low-value purchases among the defined target segment. It’s a logical extension of the other easy-to-use and secure electronic services offered by the bank,” he added.

“The Middle East is not only a fast-growing mobile market but is also a market where cash dominates,” said Jorge Fernandes, CEO of Mobibucks.

“We are pleased to have the opportunity to work with such a prestigious partner as ADCB and help implement a simple payments solution that gives their customers throughout the Middle East convenient and affordable access to their money from any mobile phone.”

“This is the first step in bringing a simple, convenient and secure payment solution to the rest of the Middle East and North Africa,” said Ziad Al Shobaki, managing director of the MENA operation.

“We expect to add a number of new customers shortly, allowing even more consumers to benefit from this new payment alternative.” – TradeArabia News Service