x Abu Dhabi, UAEFriday 21 July 2017

More UAE customers switch to ATM service

The Central Bank has announced a 5.3 per cent rise in financial transactions carried out electronically through UAESwitch, a service that connects ATMs across the country.

The Central Bank has announced a 5.3 per cent rise in financial transactions carried out electronically through UAESwitch, a service that connects ATMs across the country.

The total number of transactions increased to 18 million in the second quarter from 17 million in the first quarter.

The value of these transactions rose 6.5 per cent to Dh25 billion.

The service enables customers to use any automated teller machine in the UAE and withdraw cash in any one of the emirates. UAESwitch was introduced in 2002 by the Central Bank.

Overall in the first half of the year there has been a decrease in the number of transactions.

In the first six months of this year 35 million transactions were completed on UAESwitch, compared with 39 million in the first half of 2012. The value of these transactions increased this year by 7.3 per cent to Dh49bn.

The UAESwitch service is also available in other GCC countries, but the number of transactions via the use of the GCC Switch service fell 9.3 per cent to 1.02 million in the second quarter from 1.12 million in the first quarter.

The value of these transactions also declined 9.6 per cent to Dh1.6bn in the second quarter.

The half-year performance of GCC Switch is slightly better when compared to the same period in 2012.

The number of transactions increased to 2.13 million in the first half of this year from 2.09 million in the same period last year.

The value of these transactions jumped 86 per cent to Dh3.42bn

 

thamid@thenational.ae