Emcredit, an arm of the Department of Economic Development (DED) in Dubai, has collaborated with SMK Logomotion, a provider of mobile payment solutions, to design payment products and services in the UAE.
The two entities intend to design mobile payment solutions for local consumers, banks, finance houses and telecommunication companies.
Under the partnership, SMK Logomotion will provide mobile payment solutions based on NFC (near field communication) technology through their LGM Card.
LGM Card is a payment card, which enables contactless payments over the phone. It can also be used the same way as a memory card is used for storing files.
Emcredit managing director and deputy director general of DED Ali Ibrahim said that innovative payment solutions will improve competitiveness and ease of doing business.
"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," Ibrahim added.
SMK Logomotion president Yoshiyuki Kaku said: "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."