Customers will be able to "gain the opportunity to transfer money swiftly across borders," according to JKB, thanks to this new product.

Using Mastercard's "extensive network and expertise in digital payments," the $7.3 billion commercial bank goes on to say that eliWallet "leverages advanced technology to deliver a secure and seamless payment experience" and is accepted globally.

The development, customization, and deployment of the product will be supervised by FOO, a B2B Software-as-a-Service (SaaS) solution provider. They will also be in charge of testing and integrating eliWallet with other systems.

eliWallet is a “huge step forward into the future of financial empowerment, offering our users an array of features and services designed to make their lives easier,” according to Suhail Al-Salman, head of retail business at JKB, who spoke about the launch.

EliWallet will expedite and simplify the payment process "to meet the demands of the modern world," says Ghady Rayess, managing partner of FOO.