Dubai Eyes POS Devices for State-Backed Crypto emCash
Spending cryptocurrencies on everyday purchases is still an evolving dynamic all across the world, but a new initiative in the United Arab Emirates will see Point of Sale (POS) devices installed throughout Dubai that are compatible with the city’s emCash cryptocurrency.
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POS Devices to Boost emCash Payments
UAE’s credit bureau emcredit has announced it’s teaming up with crypto payments play Pundi X and Ebooc Fintech & Loyalty Lab to deploy emCash-centric POS devices for Dubai storefronts.
The POS terminals, developed by Pundi X for their fintech partner Ebooc, are set to be placed in a variety of facilities, in turn enabling Emiratis to pay for both government and non-governmental services using emCash. For example, once the system is live, residents of Dubai will be able to make retail purchases, pay bills, and even cover administrative fees via emCash.
On the heels of the partnership, Pundi X CEO Zac Cheah noted:
“Bringing blockchain-based payments technology into the government sphere is a major development for the technology. We are very proud to partner with emcredit and to support its vision for supporting its customers through technological innovation.”
For Dubai, It’s About Leaning Into Blockchain
The joint initiative sees Pundi X adding another notch to its growing belt of partnerships, whereas the UAE, and more specifically Dubai, continues to see blockchain-based embraces.
For their part, emcredit said through a spokesperson that the collaboration was another step toward ensuring Dubai becomes a global tech center:
“[The deal] 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.”
Last year, emcredit partnered with United Kingdom-based Object Tech Group Ltd. to develop the state-backed digital currency emCash, an alternative to UAE’s fiat currency.
emCash was initially designed to allow citizens of UAE to make contactless payments using an emPay wallet with their smartphones. The new Pundi X collaboration is instead aimed at increasing the reach of emCash via POS terminals.
The UAE government is expected to evaluate and formally approve the entire emCash ecosystem, including the new addition of POS terminals, by the end of this year.
Do you think the POS terminals will increase the adoption of digital currency among Emiratis? Share your views in the comments section.
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