Dubai to Launch Blockchain Payments


Total News – Atlanta, GA 10/9/2018. Citizens and residents of Dubai will soon be able to make payments using emcredit's emCash for goods, services, and utilities. In order make this happen, emcredit, Dubai's credit union, has partnered with blockchain payment provider Pundi X, and Ebooc Fintech & Loyalty Labs LLC.

According to the press release, the bespoke, Pundi X POS ("point of sale") 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 (AED). POS devices are expected to be rolled out at shopfronts after the deal with provision for an increase in coming years .

An emcredit spokesperson 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."

Zac Cheah the CEO and co-founder of Pundi X said:

"Bringing blockchain-based payments technology into the government sphere is a major development for the technology.

"But to be able to bring it to one of the great cities of the world and the most advanced economy in the Middle Eastmakes today an historic moment for the real-world application of a technology that has promised so much potential until now. We are very proud to partner with emcredit and to support its vision for supporting its customers through technological innovation".

Further details will be announced later this financial year following the development, testing and approval of the technology by government.
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