Dubai Economy signs deal to expedite emCash

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DUBAI / WAM

Dubai Economy achieved a milestone in its accelerators initiative by establishing a partnership to facilitate financial transactions through contactless payment.
The partnership brings Emcredit, a subsidiary of Dubai Economy, and the UK-based Object Tech Group Ltd together under the Dubai Economy Accelerators umbrella to develop and implement emCash, an encrypted digital currency, which people can use to pay for various government and non-government services.
Based on latest blockchain technology, emCash will be the digital currency in emPay wallet, launched by Emcredit to support contactless payments. emPay will allow the UAE residents to make varied payments through the near field communication (NFC) option on their phones. With emCash, emPay users will have the option of a secure digital currency, and merchants can receive such payments in real time without going through intermediaries.
Object Tech has now signed a MoU with Dubai Economy under which it will work with Emcredit to develop and implement emCash. Ali Ibrahim, Deputy Director General of Dubai Economy, said emCash would give a financial identity to contactless transactions, reinforce Dubai as a competitive business destination, enhance customer happiness and accelerate Dubai’s evolution into a smart economy.
“A digital currency has varied advantages faster processing, improved delivery time, and less complexity and cost. It will change the way people live and do business in Dubai.”
“Customers can choose between two payment options on emPay platform the existing dirham payment or emCash. While dirham payment goes through normal settlement procedures, intermediaries and costs, emCash payments are settled directly between the user and merchant,” said Muna Al Qassab, CEO, Emcredit Limited.

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