Innovation in mobile money services industry and the transformation of mobile phones into virtual payment cards will be among key discussion topics at an upcoming banking summit in Dubai, UAE.

The fifth annual Middle East Banking Innovation Summit will be held on September 14 and 15 at Sofitel Dubai The Palm Resort & Spa.

“Cashless economy effectively supports the ease of banking at one’s fingertips,” Brad Hariharan, regional director, Expotrade Middle East, organisers of the event.

“With more than 150 mobile money services launched worldwide, the mobile money market is witnessing remarkable growth. Mobile money is an innovation that has made a significant difference in the lives of millions of people in developing countries. It is a game changer and a powerful enabler of financial inclusion, enabling the unbanked population to carry out financial transactions,” he added.

Mobile money, one of the methods of non-cash payment, is a financial transaction service, where money can be transferred electronically using a mobile phone without the need of a bank account. Industry reports indicate the global mobile money sector is gaining gradual momentum and is expected to reach $262 trillion by 2019.

Using mobile money as a medium for making transactions for goods and services has grown impressively both domestically and internationally too. In developed regions, mobile money market presents a massive opportunity of growth.

The Middle East is also at the forefront of adopting mobile payments services, with one of the leading telecom players rolling out an application that enables consumers to use their smartphone as a mobile wallet to pay for goods and services.

The growth is fuelled by initiatives from the banking domain with support from telecom operators and new innovative technological solutions suited for mobile phones. – TradeArabia News Service