Dubai, Nov 1( Khallej Times): The UAE leads the Gulf region for adopting e-payment (electronic payment) systems and rising demand is expected to boost personal financial transactions 70 per cent via e-payment and smartphones by 2020, industry experts revealed at a forum in Dubai that concluded late on Thursday

Leader Payment System, a Dubai-based innovative remittance and payment processing company, hosted the second annual forum on “Future of Payments: Emerging Trends: Payments & Money Transfers”.

The forum gathered leading global companies and local banking and financial institutions involved in payment services.

The experts pointed out that the UAE is considered the leading country in the region in adopting payment systems since the country authorises processing many transactions by only one “outlet”, or by the newest payment services via modern machines or the Internet.

Al Fardan Exchange Group chairman Osama Al Rahama said that the UAE is No.1 in payment systems and payments via smartphones in the region, depending on modern technological infrastructure. He also pointed out that the UAE is getting to change more toward the smart usage of technologies that enables this country to take up more payment solutions. He confirmed that taking these technologies into considerations by banks and financial houses will get benefits to customers and the entire economy of the UAE. Moreover, the participating banks in the forum mentioned that the Central Bank of the UAE has issued direction to the banking sector towards more focus on the newest payment system solutions.

Mohammad Kamal Said, manager of the internal control department at Arab Company for Shared Services of the UAE, said that the local banks are regularly in search for the best solutions to satisfy their clients. Said also added that the central bank is playing a pivotal role to direct the local banks towards more payment solutions.

The Leader forum brought together more than 200 top officials of leading banks, money exchange centres and governmental institutions to discuss the modern innovations in the payment systems, international remittance, remote services, impact of government initiatives on financial market, emerging technologies such as remote and mobile payments and remittance and consumer adoption and many others.

Leading companies and financial institutions specialised in payment system and remittance such as Emirates NBD, United Arab Bank, Al Fardan Exchange, Ajman Bank, and Al Ansari Exchange participated and discussed the latest innovations in payment systems and their kiosk machines.

Olga Vilkul, general manager and founder of Leader Payment System, said that this forum is considered as an open window for the future of electronic financial services and for the most crucial innovations.

Vilkul added: “Over the next few years, international remittance and payments will undergo rapid the transition to digital and remote space versus traditional face-to-face practice. It’s important to be prepared for this changes and that’s why we encouraged this discussion amount top professionals from the industry and presented out innovative solutions for the industry.”

Leader Payment System displayed its most important projects and services related to payment system. The company also presented kiosk machines that accept any type of cards for e-payment and their concurrence with smartphones fast.