By Dubai has developed a blockchain-encrypted, state digital technology called emCash. emCash will now be used by residents to make payments for school fees, bills and other retail purchases.
emCredit is the United Arab Emirates’ first official credit bureau, which falls under the Dubai Department of Economic Development. emCredit is being pushed for broader adoption by rolling out point-of-sale (PoS) devices at government storefronts across Dubai.
emCredit has partnered with blockchain payment provider Pundi X, Ebooc Fintech & Loyalty Lab to develop technology can be used for multiple payments. Just eight months after raising $35 million in start-up funding during a public token sale this January, Pundi X is now shipping their payment devices to a global retail market.
According to the TradeArabia News Service, Pundi X aims to the rollout of more than 100,000 of its unique blockchain-based POS devices to the global retail market within three years’ time.
CCN reported last October (2017) that the Pundi X P0S device was created for the exclusive use of emCredit to run a stable, digital equivalent of the UAE dirham, which is the fiat currency in the United Arab Emirates.
The technology will enable those living in Dubai to pay school fees, bills and other purchases using the virtual currency. The idea is that both governmental and non-governmental transactions can take place using the system. The residents of Dubai will use an app on their phones that will allow them to make payments via an emPay wallet.
Dubai aims to ensure that all governmental documents, as well as digital passports, will be developed for travellers visiting the country, using blockchain technology. This is in the hopes that Dubai will become the first blockchain city by the year 2020.
Muna Al Qassab, Emcredit Ltd CEO, stated that the emPay system “allows for shared ledgers so that control overpayments is not limited to any single member in the emPay ecosystem and transactions are recorded instantaneously.”
Governmental regulators will only authorise the entire ecosystem consisting of the digital currency, the smartphone application and the PoS terminals after they have been adequately developed and tested.
A spokesperson for the state-backed subsidiary, emCredit reported that “to be the world’s first city to offer blockchain-based payment solutions to our residents is an exciting moment for Dubai. It confirms Dubai’s status as an international tech hub. Deploying cutting-edge technology such as blockchain is a key priority and is delivering benefits to our citizens in the form of convenience and securities to customers and merchants across Dubai.”
On Monday, Trade Arabia reported that PoS devices would also be deployed at retail storefronts, which will enable both the citizens and the residents of Dubai to make purchases. emCredit has partnered with blockchain payments provider Pundi X.
The Crown Prince of Dubai has led a government initiative with the Smart Dubai Office, in a partnership with a FinTech specialist firm. A citywide blockchain payments platform has now connected all 38 government entities, as well as partnered with other municipal departments. The blockchain deployed is compatible with both public and permitted blockchains using open-source Hyperledger and public Ethereum tech.
What are your thoughts on Dubai’s emCash? Do you know of other cities pushing a similar initiative? Don’t hesitate to let us know your thoughts in the comments below!
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