Dubai To Offer Crypto Payments Via Pundi X POS Devices
Blockchain retail startup Pundi X has teamed with Ebooc FinTech & Loyalty Labs to facilitate crypto payments in Dubai.
Pundi X is a multi-cryptocurrency point-of-sale (POS) solutions provider for retail stores seeking to accept cryptocurrencies. Its Pundi XPOS solution enables shops, cafes and convenience stores to facilitate cryptocurrency transaction for the average consumers. The solution also carries support for credit and debit card payments as well as multiple cryptocurrency transactions.
Ebooc claims to be the first Emirati FinTech company to establish a presence across the broader region. It provides blockchain loyalty programs, mobile digital wallets, NFC card products and a secure payment experience to clients and customers running on NexGen technology as a decentralized, distributed ledger which creates trust and improved efficiency levels.
Pundi X and Ebooc will work closely on developing digital payment gateway services for governments, financial institutions and major corporates in the Gulf and Middle East. The partnership will enable residents in Dubai to use digital currency to make retail payments in-store, pay for government utilities, telecommunication, and school fees in government shopfronts via emcash – Dubai’s cryptocurrency launched by Emcredit, a state-backed subsidiary of the Dubai Department of Economic Development.
Pundi X will create POS devices for Emcredit that will run a stable and digital equivalent of the UAE dirham (AED). Pundi X said it plans to submit the project to the government for testing and approval later in the year.
Pundi X CEO and co-founder Zac Cheah said that this latest project confirms that Dubai is yet again a source of global leadership, this time in the emerging field of blockchain-based payments technology, with the potential to forever change the way consumers make secure, digital payments.
“Bringing blockchain-based payments technology into the government sphere is a major development for the technology,” Cheah said.” “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.”
Sunil Malhotra, Managing Director Bchain and co-founder of Ebooc, said that the partnership will deliver a differentiated customer experience through innovative POS products and service for consumers in Dubai bringing together various service providers under one platform.
“There is no better way to announce Pundi X’s arrival in the Middle East and North Africa than with a partnership with Ebooc in Dubai – the region’s technology hub,” Malhotra said.
Emcredit said that they are committed to continuously improving the services they offer to their customers in accordance with the directive of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai.
“To be the world’s first city to offer blockchain-based payment solutions to our residents is an exciting moment for Dubai,” Emcredit said. “It 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.”