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 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 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.
Ebooc – an Emirati fintech company is the exclusive partner of Pundi-X and providing blockchain-based technology and loyalty solutions for the financial services sector.
This 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.
Further details of the partnership will be announced following the development, testing and approval of the technology by government regulators later this financial year.
Pundi-X is targeting a rollout of more than 100,000 of its unique blockchain-based POS devices to the global retail in three years’ time.
Featured image credit:prnewswire.com
