A milestone has achieved by Dubai Economy as the acceleration has upward by the initiative of establishing a facilitative financial partnership for transaction through virtual or contactless payment. This partnership is bringing together the Object Tech Group Ltd from UK and Dubai Economy subsidiary Emcredit together under the accelerator umbrella of Dubai Economy to devise and implement an encrypted, reliable, easy, and digital currency emCash, which people can easily utilize to pay for non-government and government services all over the UAE. Based on innovative and latest technology of blockchain, emCash will be a famous digital mode of payment in emPay wallet.
Emcredit has launched this currency to support contactless payment all over the Emirates. UAE residents can now make various payments easily theough emPay by utilizing the NFC (near field communication) option on their smartphones. emPay users can use this secure method of payment and digital currency with emPay, and merchants can receive their money without contacting the second person or intermediaries in real time.
A MoU has been signed with Dubai Economy by Object Tech under which the company will work on this digital currency with Emcredit to create and implement emCash. A financial identity to this method will reinforce Dubai as a highly developing and competitive business haven for entrepreneurs and enhance customer satisfaction and accelerate evolution of UAE into a globally smart economy, as stated by Deputy Director General of Dubai Economy, Ali Ibrahim.
Advantages of Digital Currency
It has varied benefits such as faster processing, less cost and complexity, highly efficient delivery time, and reliability. It will definitely redesign the lifestyle of Dubai residents and the way they will do the business.
It is also possible that customer can select between two methods of payment on EmPay platform the digital form emCash or existing dirham payment. The normal settlement procedure will be used for payments through dirham, costs and intermediaries will remain same. While emCash are settled between the merchant and buyer, as stated by CEO of Emcredit, Muna Al Qassab.
How New Businesses Can Benefit From Digital Currency
The digital currency is a new addition to transaction modes, and payment methods which can give a great opportunity to entrepreneurs and SMEs in their dealings. It is much easier to use than your traditional transaction methods and banking. If you are new to Dubai’s business arena, opening a bank account could be a great hassle for you. This long process can cut short through this new payment method. Digital currency is surely a boom to SMEs planning to take charge of their finances.