Dubai will enable its citizens to make digital payments for retail purchase, bills, shopping and even school fees using cryptocurrency, thanks to partnership between Emcredit – Dubai’s Credi Bureau and two Blockchain related firms.
Cryptocurrency for Bills
Consumers in UAE will soon be able to pay bills, school fees, retail purchase, telecommunications and other utilities using the state backed emCash, according to the local media. It’s issued by the Credi Bureau of Dubai, a subsidiary of Dubai Department of Economic Development.
To make this happen, the city has entered into a partnership with payment provider Pundi X – a company which has developed a POS device specifically for exhaustive usage of emCash. Agreement with Ebooc Fintech & Loyality lab is also existent which is providing blockchain based technology as well as loyality solutions.
Spokesperson from Emcredit said:
“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.”
No stranger to the field of Blockchain
Dubai’s existence into the cryptocurrency industry is more than impressive and amazing. The City is planning a blockchain based Vehicle management system and has announced that it tends to democratize tourism by developing business-to-business (B2B) marketplace and to use smart contracts to deliver travel itineraries with transparent pricing.
In the finance field, Dubai’s largest bank – Emirates NBD, went live at scale with a blockchain-based project targeted to reduce cheque-related fraud.
Most importantly, Smart Dubai initiative has been launched aiming to create a blockchain backed dubai.
Where else do you think can Dubai think of blockchain? Are there any areas left? let us know in the comments below.
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