Functional Requirements 1 Wallet Onboarding Wallet application via branch and AlfaPay digital channels. Support creation of wallet accounts for KYC-ed AFEX customers. Wallet lifecycle states: Pending, Active, Suspended, Frozen, Closed. Customer master data (phone number, email, address, and other personal details) shall be centralized and universal across AFEX, AlfaPay and wallet. Any update to customer details in AFEX system profile shall be reflected across wallet in real-time. Create unique wallet account number for each registered customers. Support Virtual IBAN for funding and settlements Onboard customer with Light KYC 2 Funding & Re-loading Wallet Balance funding through Lean/Checkout/AANI/AFEX Prepaid Cards/Cash-in at Branches Auto-debit for wallet load: configurable periodic or balance-based deduction from a linked card. c) Instant balance update after successful load. Configurable transaction and balance limits. Ability to integrate with the WPS system to enable salary credit directly into the customer’s wallet. 3 Beneficiary Ability to add and delete beneficiary Ability to view existing beneficiary details Validate beneficiary account via phone number or QR code scan. Ability to validate the beneficiary account after entering phone number or scanning QR. 4 Request money Ability to initiate P2P request money transaction through beneficiary proxy phone number. Ability to approve an incoming individual or merchant payment request. Ability to generate QR code for receiving money. 5 Card Linking Ability to link existing AFEX Prepaid, Payroll cards and any future card with wallet balance. Realtime balance update on linked card and wallet upon balance update (usage or load). Support AANI linking for funding and transfers. 6 Authentication Wallet PIN (6-digit) creation during onboarding. Biometric authentication (fingerprint/face recognition) where device supports. Support In-app push notification for ecomm payment authorization. Use the PIN for authorization of transaction, or any change in the wallet. PIN management: reset, change, recover via secure OTP verification. PIN complexity, retry limits, and lockout durations configurable. Step-up authentication (OTP + PIN/biometric) for transactions above configurable thresholds. Location controls (geo-fencing) for additional security – enable/disable countries where wallet can be used. 7 Withdrawals & Transfers Wallet-to-wallet transfers (P2P) – through phone number & QR code scan. Wallet-to-bank account (P2A) within UAE – through IBAN & Account number. "Wallet-to-merchant payments – through phone number & QR code scan. • Allow users to Split a single payment with one or more other users." Cross Wallet transfer Wallet as Payment method for all functions/services within the AlfaPay app (Remittance, bill payment, utility payment, service/product purchase from AlfaPay, AANI, CBDC) Cash withdrawal from wallet through AFEX branches. Cash withdrawal through ATM via the linked card. 8 Refunds and Returns Instant reversals for failed transactions. Partial and full refund workflows. 9 Account Management View balance View and download full statement – PDF and CSV Filter transaction Mini statement Individual transaction details Freeze/Unfreeze Wallet Deactivate wallet Phone number, email, address and other customer details will be kept universal for AlfaPay and products. 10 Language, Support & Chatbot support Support for English, Arabic and any other language as per business need. In-app FAQ, help section, and chatbot support for customer service. Multilingual support tools (English, Hindi, Urdu, Tagalog, Arabic). Dispute raise and track through AlfaPay Dispute management system with configurable SLA monitoring. 11 Reward & Offers Loyalty points for making transactions through wallet. "Loyalty points for referral • Referral tracking shall be enabled through unique codes or links." "Redemption of loyalty points • Redemption rules shall be configurable by admin. • The system shall maintain real-time balance updates of points earned, redeemed, or expired" Ability to support campaigns and promotions initiated by Al Fardan Exchange. 12 Reconciliation Real-time debit/credit updates General Ledger & Accounting GL postings to AFEX core system For usage (load & transfer/payment) through Cards, the balance and GL on cards & wallet systems to be updated accordingly. Settlement engine 13 Reporting Analytics & BI: Real-time dashboards for KPIs (activations, DAU/MAU, payroll inflows, merchant activity). Usage, balance and settlement reports DIFF file for WPS account usage Reports for disputes. Regulatory reports per CBUAE guidelines. 14 Value-Added Services (VAS) "Personal Finance Management • Goal based saving • Micro Saving • Expense categorization and tracker • Budget tracking - set spending limits and savings targets • AI-driven personal finance tools (spend insights, credit scoring, financial planning support). • Micro-insurance premium collection. " IoT device linking for wallet access and payments. SME expense wallets (travel, fuel, petty cash). Customer Analytics: Enable reporting on wallet usage, remaining funds, transaction trends. 15 Lending Engine Wallet shall support digital loan origination, approval, and disbursement. "Support for lending features such as Salary Advance & Buy now Pay later (BNPL) • For Salary Advance, the approved amount shall be credited directly to the customer’s wallet." 16 Investment Platform shall be able to integrate and be allowed to use with licensed investment providers (Ex: National Bond) 17 Notification Push, SMS, and email notifications triggers for transactions, approvals, and status changes. b) Configurable notification templates 18 Acquiring & Merchant Services Merchant acquisition and onboarding. Acceptance of payments online and offline (POS/SoftPOS/QR). Support wallet as a payment option at merchant points. 19 Admin Portal User role management, including Role based access control for Admin portal "Customer Management • Search and view customer profile and details • Ability to reset PINs, unlock accounts, or suspend wallets in case of fraud or regulatory issues. • Provide status tracking (active, suspended, closed). " "Transaction Management • Real-time visibility of wallet transactions: payments, transfers, load/unload, utility payments, card transactions, etc. • Advanced filters (by customer, date, amount, corridor, service type). • Refund / reversal management with full audit trail. " Custom report builder with export to CSV, Excel, PDF. Feature Configurations (Limit, Fee, features etc) "Limit & Control • Modules for fees and limits configuration: load fee, cash withdrawal, P2P, P2M, remittance, bill payments. • Support rule-based usage controls for transactions and wallet features. • Risk management features (Account block, Rule configuration, audit trail)" 20 Inward Remittance The wallet shall serve as a channel for inward remittances. When funds are sent from abroad to an AlfaPay customer, the amount shall be credited directly to the customer’s wallet balance. The transaction shall include details such as sender name, country, amount. Generate notifications and transaction receipts.