When it comes to adoption of blockchain technology, Dubai leads the pack. A few months ago, the region’s government announced plans to move its operations to a distributed ledger technology (DLT) platform. As per a fresh press release, Dubai launches, emcash, which will enable residents to pay for governmental services digitally.
Per the release, emcash is a joint effort of Pundi X, Ebooc Fintech & Loyalty Labs LLC, and also Emcredit. Emcredit is the region’s credit bureau. With the solution, residents will be able to pay for utilities and make retail purchases.
Dubai Launches Emcash to Enable Real-time Payments
Pundi X is a digital payments provider with a good reputation. Notably, the Pundi X point-of-sale (POS) machines are very efficient at the job. Also, the news release notes that emcash will release the list of available devices and shopfronts soon ahead of the launch.
Dubbed XPOS, the POS solution supports multiple currencies. Additionally, it will enable retailers and other service providers to receive payments in their currency of choice. Further, retailers can choose to receive their refunds in fiat cash. Interestingly, XPOS will support credit and debit card payments.
Speaking on the development, Zac Cheah, the CEO and co-founder of Pundi X, believes Dubai will heavily influence blockchain adoption. He said, “Bringing blockchain-based payments technology into the government sphere is a major development for the technology.”
On the other hand, Ebooc is the region’s first financial technology firm to establish such a partnership. Particularly, the firm will provide “blockchain loyalty programs and mobile digital wallets.” Also, Ebooc will be responsible for the security of the payments and the overall efficiency of the system.
International Tech Hub
Abdalla Al Shamsi, CEO DFP and Co-Founder of Ebooc, believes emcash is a historical development enabling real-time payments. He says,
“We 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.”
According to the executive, the partnership will “deliver a differentiated customer experience” that will be unique to the region. Particularly, XPOS is an innovative device that will bring together service providers onto a single platform for better customer utility.
On their part, Emcredit commits to offer the city-state excellent services as envisioned by the ruler of Dubai. According to the credit bureau, as Dubai launches Emcash, the region is merely confirming its industry leader status. “It confirms Dubai’s status as an international tech hub,” Emcredit says.
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