Dubai to Launch Digital Currency ‘emCash’-Launched by Emcredit to support contactless payments, and founded on the latest blockchain technology, emCash will be the digital currency in the emPay wallet. emPay allows UAE residents to make varied payments, from their daily coffee and children’s school fee to utility charges and money transfers, through the near field communication (NFC) option on their phones. With emCash, emPay users will have the option of a secure digital currency. Merchants will receive such payments in real time without going through intermediaries.
The UAE’s first official credit bureau – emCredit – under the Dubai Department of Economic Development, is pushing its official blockchain-encrypted state digital currency emCash for wider adoption by rolling out point-of-sale (PoS) devices at government storefronts across Dubai.
‘Trade Arabia’ reported that PoS devices will also be deployed at retail storefronts. Enabling both citizens and non-national residents of Dubai. This is to make purchases following a partnership with blockchain payments provider Pundi X.
emCash – National Digital Currency
The government of Dubai has teamed up with the city’s Accelerator Initiative to create a new “encrypted digital currency” emCash with its own blockchain. The project, emCash, works as part of the payment system: emWallet as per an announcement in a press release. It enables its users to handle different types of transactions in digital form with NFC-supported smartphones. Additionally, the city is making use of blockchain technology in various other projects. It is through the shared platform: “Blockchain as a Service”.
How does emCash work?
Dubai to Launch Digital Currency ‘emCash’-Citizens of the UAE will be able to access the emWallet app on their smartphones. When making payments, users will be able to choose between two payment options: regular dirham payment or emCash digital currency. While the dirham payment goes through the normal settlement process and cost, emCash payments are sent and received in real-time. In addition, merchants save the fee they would have paid to the intermediary.
Last but not least, paying digitally with emCash reduces fraud and inflation. Because the currency is being issued based on actual demand and in real time. The blockchain of emCash allows for shared ledgers so that control over payments is not limited to any single member in the emPay ecosystem and transactions are recorded instantaneously.