The partnership is between 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. 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.
Deputy Director General of Dubai Economy, Ali Ibrahim said, the token will be considered legal tender:
for various government and non-government services, from their daily coffee and children’s school fee to utility charges and money transfers.
He then goes on to say,
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, and mark a giant leap for the city in harnessing game-changing innovations to improve the ease of business and quality of life. We are delighted to have Object Tech as our partner in this initiative and the Dubai Economy Accelerators programme. Obtaining the approval of other UAE authorities will be considered if required,
Muna Al Qassab, CEO, Emcredit Limited, added that emCash also reduces fraud, as well as inflation, since the currency is issued in real time, based on actual demand.
Customers can choose between two payment options on the emPay platform the existing dirham payment or emCash. While the dirham payment goes through normal settlement procedures, intermediaries and costs, emCash payments are settled directly between the user and merchant. emCash thus gives real-time value movement and merchants can pass the cost benefit to the emCash holder. It also reduces fraud, as well as inflation, since the currency is issued in real time, based on actual demand.
There has been no mention on when emCash will be released. We’ll keep you in the loop!