Bank Al-Maghrib (BAM) and the National Telecommunications Regulatory Agency (ANRT) have recently launched a new mobile payment method called “m-wallet” intended to reduce cash transactions, in coordination with banks, payment institutions, telecom operators and HPS Switch.
This new solution enables the payment of merchants’ transactions, cash transfers from person to person, as well as cash withdrawals and cash deposits, electronically.
“The holder of a mobile phone, who already has an account with a bank or with a payment institution, can transfer money to a beneficiary and can also pay for purchases from a merchant using the m-wallet that is in the mobile phone beforehand”, BAM General Manager Abderrahim Bouazza told in a press conference at the launch of this new payment method.
For its part, the director general of ANRT, Azelarab Hassibi, explained that this payment tool involves all social strata of Morocco, emphasizing the importance of the choice of the mobile number as a vector of this new solution, which is part of the digital strategy of the kingdom.
As for the CEO of Hightech Payment Systems (HPS), Mohamed Horani, he assured that the system used by “m-wallet” is secure, noting that it has been audited by a number of international organizations and certified according to the requirements security, but also with regard to the protection of personal data.