(MENAFN- Morocco World News) Amobilepaymentsystem will make its way to Morocco by the end of 2017, according to Medias24.com.

In a cooperative national project, Bank Al Maghrib, theAgence Nationale de Reglementation des Telecommunications,and other stakeholdershave conceived a plan to introduce an ''e-payment'' system that will reduce the physical flow of cash.

These organizations have conducted a study to identify the different transactions capable of becoming computerized, including domestic transfers of small amounts, retail purchases, bill payment, and telephone crediting services. The study also researched the required technological platforms in order to implement this project.

According to Medias24.com, ''Bank Al Maghrib has recently [sought] to select a specialized office to accompany the stakeholders in the effective implementation of themobilepaymentsystem.''

Thispaymentsystem will require the use of a telephone through which patrons will complete the transaction by briefly contacting an electronicpaymentdevice. Thepaymentamount will then be automatically subtracted from the person''s bank account and confirmed with a text message sent to the phone.