This involves providing expert guidance and advice to individuals, businesses, or organisations regarding the implementation, management, and optimization of digital wallets and payment gateways. This consultancy service aims to help clients effectively utilise and leverage digital payment solutions, such as mobile wallets, online payment platforms, and electronic fund transfers, to streamline financial transactions, enhance security measures, ensure compliance with industry regulations, and improve overall payment processing efficiency.
The business activity that falls under Digital Wallet And Payment Gateway Consultancy is:
Digital Wallet for Electronic Payments (6419.97): This involves providing a digital platform or application that allows users to store and manage their financial information, such as credit card details, bank account information, and electronic money, securely on their devices. It enables users to make electronic payments conveniently and efficiently for various goods and services through online and mobile channels.
This falls under “Digital Wallet and Payment Gateway Consultancy” because consultants in this field offer expertise and guidance on implementing, optimising, and managing digital wallets for electronic payments. They assist clients in selecting appropriate digital wallet solutions, integrating them with payment gateways, ensuring security measures are in place to protect user information, and optimising the user experience for seamless and secure electronic payments.
While the core business activity is the provision of digital wallets for electronic payments, the consultancy aspect focuses on advising clients on the best practices, technologies, and strategies related to digital wallets and payment gateways.
- Third-party Approval (PRE): Before obtaining a license from Meydan Free Zone, it’s necessary to obtain third-party approval from the Central Bank of the UAE.
- Filing of Economic Substance Return: Business activity 6419.97 must meet this requirement.
- Anti-Money Laundering Compliance: Business activity 6419.97 is exempt from this requirement.