Blockchain Payments

Blockchain Payments with State Digital Currency In Dubai

By  10:27 PM  No comments
Dubai residents will soon have the means to create payments for school fees, bills and different retail purchases with emCash, a state-developed blockchain-based digital currency.
The UAE’s 1st official credit bureau – emCredit – under the Dubai Department of Economic Development is pushing its official blockchain-encrypted state digital currency emCash for wider adoption by rolling out point-of-sale (PoS) devices at government storefronts across Dubai.
PoS devices also will be deployed at retail storefronts, enabling  each citizens and residents of Dubai to create purchases following a partnership with blockchain payments provider Pundi X , Trade arabia reported on Monday.
A spokesperson for the state-backed subsidiary emCredit stated:
To be the world’s 1st city to offer blockchain-based payment solutions to our residents is an exciting moment for Dubai…Deploying cutting-edge technology like blockchain is a key priority and is delivering benefits to our citizens in the sort of convenience and securities to customers and merchants across Dubai.
As reported by CCN in October 2017, emCash was developed as Dubai’s 1st blockchain-based digital currency as a digital equivalent to the dirham, the UAE’s fiat currency.
While UAE residents use the digital currency via a smartphone app ‘emPay’, the blockchain enabling the digital currency is compatible with shared ledgers to record transactions instantaneously while ‘control over payments isn't limited to any single member in the emPay ecosystem,” emCredit chief executive Muna Al Qassab explained at the time.
The entire ecosystem consisting of the digital currency, the smartphone application and the PoS terminals will see development and testing before their approval by government regulators this financial year.
The development comes at a time once the smart Dubai office, a government initiative led by the crown prince of Dubai, has approved a citywide blockchain payments platform connecting all 38 government entities, partnering financial institutions and different municipal departments in the UAE’s largest and most populous city. In this specific use-case, the blockchain deployed is compatible with both public and permissioned blockchains using open-source Hyperledger and public Ethereum tech.

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