ABU DHABI, UAE—The Central Bank of the United Arab Emirates (CBUAE) has announced a plan to launch an Instant Payment Platform (IPP) in 2023 to facilitate financial transactions.
The new IPP is set to be implemented in a phased approach and is expected to launch in the first quarter of 2023 with a pilot group of licensed financial institutions, The Paypers reported.
The initiative is set to enable payments processing and fund transfers in the UAE both around the clock and in real time.
The Central Bank stated that the IPP seeks to help ensure electronic payments in the UAE are conducted in a safe, innovative, and convenient manner. The platform is believed to not only benefit consumers and businesses in the region, but also further the UAE’s journey towards becoming a cashless economy, The Paypers said.
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