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Vimala Vasan

Abu Dhabi , Jan. 10

THE UAE Exchange Centre on Monday launched the world's first secure mobile phone based money transfer service by an exchange company.

It is a unique secure transaction solution, which allows the UAE Exchange customers to transfer money using their existing mobile phones and bank accounts, across the globe, from anywhere and at anytime.

The UAE Exchange's Wallet has been developed by C-SAM Inc of the US, based on a patented technology, which allows mobile phone users to securely load an "empty wallet" and create a personalised account at a Web-based transaction portal.

The Wallet security features ensure that only a registered UAE Exchange customer can access his/her Wallet on his/her mobile phone.

The Wallet is very easy to register and use, and once set up, the customer can conduct any number of transactions. "We are very excited about being the first exchange company in the world to launch this unique solution, which we firmly believe will provide additional convenience, comfort and security to our customers," said Mr B.R. Shetty, UAE Exchange's Managing Director.

Mr Sam Pitroda, Founder and Chairman of C-SAM Inc, said: "UAE Exchange will now be able to offer another secure, simple-to-use and convenient channel to their customers, for transferring funds, paying bills and accessing various other value added services."

C-SAM, Inc and Dataline FZ LLC have set up a joint venture at Dubai Internet city (DIC) to promote mobile phone based money transfer services throughout the world and other secure transaction services throughout the GCC & West Asia.

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