Emcredit, a subsidiary of the Department of Economic Development (DED) in Dubai, has signed a memorandum of understanding (MoU) with SMK Logomotion Corporation, a global provider of mobile payment solutions, to develop and launch innovative and secure payment products and services in the UAE to benefit local consumers, banks, finance houses and telecommunication companies.
Utilising Emcredit’s local expertise and SMK Logomotion’s global experience, the two sides will design user-friendly mobile payment solutions for different customer segments in the UAE, starting with secure and efficient branchless banking.
SMK Logomotion through their LGM Card provides mobile payment solutions based on NFC (near field communication) technology. The card is inserted into the mobile phone’s SD slot and enables contactless mobile payments. However, the card is independent of mobile operator and handset manufacturers.
The LGM Card could also function as an employee card or ID Card and enables the storage of tickets, electronic signatures etc. The consumer has constant control over payments that have been made with the LGM Card via their phone.
Commenting on the partnership, Ali Ibrahim, Deputy Director General of DED and Managing Director of Emcredit, said innovative payment solutions would enhance competitiveness as well as ease of doing business and also support Dubai’s transition to a Smart City.
“This collaborative partnership between Emcredit and SMK Logomotion harnesses the strength of both partners to extend a new world of possibilities to our customers, in recognition of the transformation impact of NFC Mobile Payment Solution,” said Ibrahim.
Yoshiyuki Kaku, President of SMK Logomotion Corporation added: “The partnership agreement will promote development and improvement of additional infrastructure for effective and efficient provision of telecommunication/banking services to both public and private institutions through provision of adequate, reliable and competitively-priced solutions.”