Oct 9, 2018 09:25 UTC
Oct 9, 2018 at 10:04 UTC
Dubai Is the First City in the World to Offer Blockchain-Based Payments
Now, the residents of Dubai can pay for their bills, goods, as well as different fees using digital currency! Ebooc Fintech & Loyalty Labs, Blockchain application for loyalty programs, and Blockchain-based payment platform, Pundi X, have partnered with Dubai’s credit union, emcredit to pave way for an initiative which will allow the citizens to make transactions in a seamless manner using digital currency emCash.
emCash, a Blockchain-encrypted state currency, was launched in year 2017 as the equivalent of the UAE dirham. It is different from cryptocurrencies as it is not controlled by a single entity. emCash can be used in daily transactions to facilitate transactions between merchants and consumers.
With experience and knowledge in Point of Sale, Pundi X is set to bring its expertise to develop a POS device. It will run on emCash, which will thus be used to pay for government utilities, in-store purchases, and telecommunications. CEO and Co-Founder of Pundi X were quoted as saying, “Bringing Blockchain-based payments technology into governmental sphere is a major development. But to be able to bring it to one of the great cities of the world and the most advanced economy in the Middle East makes today a historic moment for the real-world application of a technology that has promised so much potential until now.”
Dubai is pushing to become the world’s very-first smart city with the deployment of Blockchain technology across all spheres of life. It has long been a leader in innovation.
Digital Force Pro CEO, and Co-Founder, Ebooc said, “At Ebooc, we are envisioning that consumers in Dubai will be able to make real-time payments with the use of Dubai’s digital currency for all their payment needs, that range from shopping to paying government fees and much more. Ebooc is looking to extend its reach as the exclusive POS partner of Pundi X.” Since it was voted in June by the Binance community to be listed on the exchange; Pundi X has been gradually gaining traction. The powerhouse brand aims to have more than 100,000 POS systems across retails outlets around the world within a span of three years.