Citizens of Dubai will soon be able to perform day-to-day transactions such as paying bills, purchases, school fees, and other utilities, based on a secure cryptocurrency developed through the joint efforts of blockchain payment provider Pundi X, Ebooc Fintech & Loyalty Lab together with Dubai’s official credit information body – Emcredit.
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With this development rolling out in Dubai, citizens of the tech-forward city will soon shift to using digital currency to transacting in-store retail payments, settling utility dues, as well as telecommunication and school fees via government retail arms through emcash, Dubai’s official digital currency launched by Emcredit.
Dubai Soon to Employ Digital Payment Transactions
The Pundi X POS (point of sale) device which has been developed for Ebooc Fintech & Loyalty Labs for the specific use and transactions with Emcredit, will be solely dedicated to establishing a stable, digital equivalent of the UAE dirham.
Ebooc, the pioneer Emirati fintech company will officially partner up with Pundi X together with blockchain-based firm NexGen Technology to provide loyalty solutions for the financial services sector.
XPOS devices are expected to be rolled out as early as this month in a number of storefronts in the UAE after important corporate settlements are organized to officially launch this service by the government.
With the introduction of blockchain-based payment transactions, Dubai is asserting its status as one of the leading tech hubs in the world. Integrating innovative technology such as blockchain in enhancing citizen benefits and overall transaction convenience and security has been one of the key priorities for adopting this system across Dubai.
This initiative borne of the Pundi X and Ebooc Fintech & Loyalty Labs partnership will bring the world’s first blockchain-based XPOS technology into a public sector environment for the first time and this will also be the company’s first deployment in the region.
The company also aims to deploy over 100,000 units of its unique blockchain-based POS devices for global retail within the next three years.
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