Bank Al-Maghrib (BAM) and the National Telecommunications Regulatory Agency (ANRT) have launched a new payment method for mobile phones called "m-wallet".
It enables the electronic and dematerialized transactions of payment transactions of sellers, money transfers from person to person, as well as withdrawals and deposits.
"The domestic mobile payment is a new project that is rolled out nationally and an instrument that will facilitate certain daily activities of the Moroccan citizen," said BAM Director General Abderrahim Bouazza at a press conference in Paris. the launch of this new payment method, adding that the novelty of this tool is interoperability, allowing access to different financial services, regardless of the operator or bank's choice.
"The holder of a mobile phone, who already has an account with a bank or with a payment institution, can transfer money to a payee and can also make purchases from a merchant who has the m-wallet that is in the mobile phone beforehand," said Bouazza, noting that "it is enough for the account holder to integrate the recipient's phone number into his phone so that the operation is done immediately, in real time and electronically".
BAM has drawn up a regulatory decree with measures for the protection of users of this payment instrument, he continued and said it was sufficient to fill in the correspondence table between telephone numbers and m-wallet so that the ecosystem can start with the institutions that would be ready to do so. new instrument in the coming days.
For its part, the Director-General of ANRT, Azelarab Hassibi, explained that this payment instrument covers all social layers of Morocco, with the emphasis on the importance of the mobile number choice as a vector of this new solution, which is part of the digital strategy of the Kingdom.
He also said that users with mobile payments were all involved in the design of this system, including vendors, through a dozen focus groups that have adopted a positive attitude towards payment via the mobile phone.
As for the CEO of Hightech Payment Systems (HPS), Mohamed Horani, he assured that the system provided by & # 39; m-wallet & # 39; is used, is safe and notices that it has been checked and certified by a number of international organizations and meets the international security requirements, as well as the protection of personal data.
This new payment method via the mobile phone, initiated in collaboration with all stakeholders, including banks, payment institutions, telecom operators and HPS Switch, aims to facilitate access to financial services for people who do not or services and reduces the use of cash and the costs of managing it, promoting financial inclusion and the development of the digital economy.