Automating Payments in Dubai via New Cryptocurrency
Blockchain organization Pundi X, which offers payment solutions, has joined forces with Dubai's Emcredit. They plan to create a digital counterpart for the Emirati local currency. More details about the collaboration should be shared after the development phase, followed by experimentation and final authorization of the project by local regulators as the year ends.
Residents in Dubai should be able to pay school fees, bills, and for any retail goods via a local cryptocurrency soon. The agreement took place among Loyalty Labs, PundiX, and otgers.
The PundiX point-of-sale product will be designed for Ebooc only for use with a new cryptocurrency backed up by the Emirati local fiat. Pundi X announced that it has plans to ship 1000s of its new payment devices to partners in the retail sector worldwide. The aim is to send more than one hundred thousand of the company's POS blockchain-powered products to the international market by the year 2021.
Users will also be able to use the crypto for paying in the store for retail items, settling governmental bills, telecom bills, and also paying school tuition via emcash, the name of the cryptocurrency from Emcredit.
A Global Innovations Hub
This project validates the position of Dubai as a global innovation hub for blockchain technology and further as the first destination worldwide to let users make important purchases easily using the digital currency.
An Emcredit spokesperson announced that the agency is devoted to bettering the pay options offered to users in accordance with regulations put forth by Dubai's ruler. He further stated that offering the first ever type of devices for crypto payments is a huge step for Dubai, cementing its position as a global technology hub.
Implementing the most recent technologies like blockchain is a very important priority and is benefiting users through easy accessibility and a secured network throughout Dubai.
Pundi X's Chief Executive Officer, Zac Cheah, said that this step of introducing payment solutions through blockchain tech into the governmental sector is a huge achievement in the field.