Pundi X has partnered with Dubai’s official credit bureau emcredit to enable digital blockchain payments at stores and for other utilities.
The collaboration, which includes Ebooc Fintech & Loyalty Labs as a partner, will enable the residents in Dubai to pay for various utilities using emcash, a digital currency launched by emcredit.
All consumers can use emcash for paying school fees, government services as well as for in-store purchases.
Facilitating blockchain for faster payments
The service will utilise Pundi X POS device for emcredit. It will run a stable and digital equivalent of the UAE dirham (AED).
As an exclusive partner of Pundi-X, fintech Ebooc is providing blockchain-based NexGen technology. Furthermore, it is also deploying loyalty solutions for the services.
XPOS devices will roll out in shops soon. The option of a potential increase could happen in the following years.
Pundi-X expects to roll out around 100,000 blockchain-based POS devices across the retail segment in three years.
Pundi X co-founder and CEO Zac Cheah said: “Bringing blockchain-based payments technology into the government 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 an historic moment for the real-world application of a technology that has promised so much potential until now.”
The introduction of blockchain payments will work to facilitate the adoption of digital currency. Moreover, it will enable the citizens to complete essential payments swiftly.
Further details of the partnership are expected to be announced later this year following the testing and approval of the blockchain payments technology by government regulators.