Dubai partnership a boost for digital payment
Dubai consumers will be able to make digital payments for bills and retail purchases with a stable, digital currency after a partnership between blockchain payment provider Pundi X,Eboc Fintech & Loyalty Labs and emcredit- Dubai’s Credit Bureau.
Consumers will be able to use digital currency in major stores, pay for government utilities, telecoms and school fees in government shopfronts via emcash. Dubai’s digital currency, emcash, was launched by emcredit, a state-backed subsidiary of the Dubai Department of Economic Development.
The Pundi X point of sale device created for the exclusive use of emcredit will be dedicated to running a digital equivalent of the UAE dirham (AED).
XPOS devices are expected be rolled out at shopfronts across the region from today.
An emcredit spokesperson told PR Newswire:”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“.