Citizens and residents of Dubai will be able to make digital payments for school fees, bills and retail purchases with a stable, digital currency after a partnership between blockchain payment provider Pundi X, Ebooc Fintech & Loyalty Labs LLC (Pundi X’s exclusive partner in Middle East & priority partner in Africa) and emcredit – Dubai’s Credit Bureau.
Consumers in Dubai, UAE will be able to use digital currency to make retail payments in-store, pay for government utilities, telecommunication, and school fees in government shopfronts via emcash – Dubai’s digital currency launched by emcredit, a state-backed subsidiary of the Dubai Department of Economic Development.
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). Ebooc – the first Emirati fintech company is the exclusive partner of Pundi-X and providing blockchain-based NexGen technology and loyalty solutions for the financial services sector.
Today’s announcement confirms Dubai’s status as a global blockchain innovation centre and the first global capital to afford citizens the option to make essential payments on a digital currency.
XPOS devices are expected be rolled out at shopfronts the region following today’s deal with provisions for an increase in coming years.
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.