Wed 20-06-2018 18:04 PM
DUBAI, 20th June, 2018 (WAM) -- Emcredit, a subsidiary of the Department of Economic Development (DED) in Dubai, and ebooc, has signed a memorandum of understanding (MoU) to launch a next-generation digital payment Point of Sale (POS) platform for Dubai. The MoU was signed by Ali Ibrahim, Deputy Director General of DED and Managing Director of emcredit Limited, and Muna Al Qassab, CEO of emcredit Limited, with Abdalla Al Shamsi, CEO Digital Force PRO and Co-founder of ebooc, and Sunil Malhotra, Co-founder of ebooc and MD of Bchain.
"We are delighted to create a strategic partnership with ebooc as it’s one the first Emirati Fintech company using NexGen technology to offer and integrate innovative POS solutions exclusively across the retail merchant network in Dubai, UAE," Ali Ibrahim said. "Through the collaboration, consumers in the UAE will be able to make retail payments in-store, pay for government utilities, telecommunication, and school fees, among many other options, from a single POS machine."
Under the MoU, ebooc, which is an Arabic word for e-wallet, will provide advanced NexGen POS system with bespoke functionality built exclusively for emcredit’s next generation POS payment solution across sectors. The underlining objective is to provide a secure and seamless payment experience to clients and customers which runs on NexGen technology as a decentralized, distributed ledger which creates trust, thereby improving efficiency levels.
Muna Al Qassab said: "We are delighted to partner with ebooc to further enhance the overall experience for our customers by offering them a full range of leading edge customised payment services. As a unique payment solution developed by DED in line with the Smart City initiative of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, emcredit and ebooc’s POS will provide additional convenience, comfort and security to our customers and merchants in Dubai. Our collaboration with ebooc demonstrates emcredit’s commitment to continuously offering more value to customers through cutting edge and innovative technologies."