Complete the preparation of the infrastructure to activate the “gene” cards locally and globally

Al -Ittihad Payments Company, which is affiliated with the Emirates Central Bank, announced yesterday the completion of the readiness of the financial infrastructure of the local system of payment cards (gene) to activate it locally and globally, as it is the first national payment system to be launched in line with the digital transformation strategy of the UAE, with the aim of establishing the state’s position as a leading center for digital payments in the world.

The company stated, in a statement, that the “gene” system aims to provide innovative and safe payment solutions to the individual customers, the companies and business sector, reduce the cost of transactions by providing an effective local alternative, as well as enhancing efficiency by accelerating the local payments using the UASWITCH, supporting economic growth, stimulating innovation in the field of payments, in addition to promoting e -commerce, developing financial inclusion,, And provide financial services that meet the needs of all groups of society.

“Gene” cards will be available in different categories, for example: basic and distinct, including: direct discount cards, pre -payment, and credit, allowing them to be used in all payment channels, including electronic transactions, withdrawal of money from ATM, and points of sale.

The financial institutions licensed to their customers will provide two types of “gene” cards according to the selection of the customer, namely: a single system card, that is, “gene” only, dedicated to local use and in the Gulf Cooperation Council countries, and multi -system cards in partnership between “gene” and international payment systems to facilitate their use locally and globally.

In this context, Al -Ittihad Payments Company signed agreements and partnerships with international payment networks: “Discovers”, “MasterCard”, “Visa” and “Union Bay”, to enable customers in the UAE to use “gene” cards and expand their use globally.

A memorandum of understanding was also signed with the company “Samsung Wallet” to integrate the “Samsung Wallet” digital cards, to allow users to make payments smoothly via their smartphones.

The coming period is scheduled to witness the signing of similar agreements with Google and Apple, to be able to hold “Gene” cards to use them through the “Google Bay” and “Apple Bay” platforms, and bilateral agreements with India by mid 2025, in addition to other countries, which expands the scope of using cards outside the country.

“(Guyn)) is one of the main initiatives that keep pace with the vision of good leadership and the strategic aspirations of the UAE in the field of digital payments through the implementation of payment operations using local cards and enhance the competitiveness of electronic payments.”

He added, “We seek through this system to reduce the cost of payments, accelerate the implementation of our strategy on digital transformation, and enhance our commitment to developing more financial services ready for the future.”