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Dubai getting its own digital currency payment system

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According to a press release that has been published on October 9, citizens and residents of Dubai will soon be able to make digital payments for goods, services, and utilities.

The digital payments will be made with a stable, digital currency called emcash, launched by emcredit, a state-backed subsidiary of the Dubai Department of Economic Development.

The partnership between emcredit, blockchain payment provider Pundi X, and its partner Ebooc Fintech & Loyalty Labs LLC will facilitate point of sale (PoS) payments in emcredit’s emcash currency. Emcash is pegged to the United Arab Emirates fiat currency, the dirham.

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”.

Dubai continues to position itself as a blockchain innovator at state level, with multiple schemes ongoing as part of its goal of becoming a fully blockchain-powered city by 2020. Bringing blockchain-based payments technology into the government sphere is a major development for the technology.

The company is targeting a rollout of 100 thousand units globally over the next three years. Further details of the partnership will be announced following the development, testing, and approval of the technology by government regulators later this financial year.

Image Credit: Deposit Photos

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