Dubai Makes A “Historic” Digital Currency Adoption

If you’re a citizen in Dubai, you probably wouldn’t have to worry much about bringing cash with you all the time. This new partnership is going to change how the people in Dubai pay for things.

Dubai-Makes-A-“Historic”-Digital-Currency-Adoption

Dubai’s Credit Bureau emCredit has announced that its partnership with blockchain payment provider Pundi X will allow the citizens and residents in Dubai to make digital payments for school fees, bills, and retail purchases with a digital currency, October 8.

First Country To Afford Digital Currency Option

Aside from Pundi X, emCredit has also teamed up with Ebooc Fintech & Loyalty Labs LLC, Pundi X’s exclusive partner in Middle East and priority partner in Africa. Their partnership confirms Dubai’s standing as a global innovation center and the first global capital to provide citizens the option to make essential payments on a digital currency.

pundiDubai’s digital currency emCash will enable consumers in the largest and most luxurious city in UAE will be able to use cryptocurrency to make retail payments in-store, pay for government utilities, telecommunication, and school fees in government shopfronts. Launched by emCredit, emCash is reportedly a state-backed subsidiary of the Dubai Department of Economic Development.

According to a press release, “the bespoke, Pundi X POS (point of sale) device created for Ebooc Fintech & Loyalty Labs for the exclusive use of emCredit with their branding will be dedicated to running a stable, digital equivalent of the UAE dirham (AED).” In short, the emCredit-exclusive device will be devoted to running the emCash that is equivalent to the AED.

Commenting on the major digital currency adoption, an emCredit spokesperson said:

We are committed to continuously improving the services we offer to our customers in accordance with the directive of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai. To be the world’s first city to offer blockchain-based payment solutions to our residents is an exciting moment for Dubai. It confirms Dubai’s status as an international tech hub. Deploying cutting-edge technology such as blockchain is a key priority and is delivering benefits to our citizens in the form of convenience and securities to customers and merchants across Dubai.

The XPOS devices are scheduled to roll out at shopfronts at the region after the deals, with provisions for an increase in the coming years.

A Historic Cryptocurrency Moment

Pundi X CEO and Co-Founder Zac Cheah agrees saying that bringing the blockchain-based payments technology into the government sphere is indeed a major development for the technology.

Cheah continued:

But to be able to bring it to one of the great cities of the world and the most advanced economy in the Middle East makes today an historic moment for the real-world application of a technology that has promised so much potential until now. We are very proud to partner with emCredit and to support its vision for supporting its customers through technological innovation.

On the other hand, Abdalla Al Shamsi, CEO DFP and Co-Founder Ebooc, said that they also “envisage consumers in Dubai being able to make real time payments using Dubai’s digital currency for all their payment needs for shopping, paying for Government fees etc.” Ebooc is reportedly also looking at expanding as an exclusive POS partner of Pundi X.

Ebooc Co-Founder Sunil Malhotra ratified Al Shamsi’s statement saying that the partnership between the three will deliver a unique customer experience through innovative POS products and services for consumers in Dubai. It will also bring together various service providers under one platform, he claimed.

Additional details of the partnership will be announced following the development, testing, and approval of the technology by government regulators later this fiscal year. Currently extending its reach to global retail markets in Africa, Brazil, Korea, and Singapore; Pundi X’s XPOS technology is now brought into a public sector environment for the first time and is the company’s first deployment in the Middle East. The goal is a rollout of more than 100,000 of the device to the global retail in the span of three years.

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Dubai Makes A “Historic” Digital Currency Adoption
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Dubai Makes A “Historic” Digital Currency Adoption
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If you’re a citizen in Dubai, you probably wouldn’t have to worry much about bringing cash with you all the time. This new partnership is going to change how the people in Dubai pay for things.
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Ibinex News
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