Dubai

MBRIF Alumni Direct Debit Marketplace Launches to Facilitate Recurring Payments

UAE fintech Direct Debit Marketplace has launched a platform to allow merchants to accept direct debits for recurring payments such as for school fees, gym memberships, and subscription-based services.

The platform is integrated with UAEPASS, the UAE’s national digital identity platform, which makes setting up a fully paperless process. Transactions are also integrated with and regulated by the UAE Central Bank.

Set to be fully operational during the fourth quarter of 2022, the platform is now accepting expressions of interest and applications from merchants.

Direct Debit is is sponsored by the National Bank of Fujairah (NBF) and an alumni of the UAE Ministry of Finance’s MBRIF Innovation Accelerator programme.

Fatima Al Naqbi

Commenting on the launch, Fatima Al Naqbi, Chief Innovation Officer at the Ministry of Finance and MBRIF representative, said:

“We are delighted to see the launch of Direct Debit, another success story from our Innovation Accelerator programme, where we nurture promising startups that innovate and use technology to disrupt industries.”

Ummair Butt

Ummair Butt, Founder and CEO of Direct Debit System said,

“Writing four cheques for rents or three for school fees are common place in UAE. Our Direct Debit Marketplace app provides residents and citizens with a safe, legal alternative to make all their recurring payments in one place, ideally on a monthly basis.”