Pundi X plans to make cryptocurrency microtransactions in Dubai a reality with a new stablecoin called emcash. Together with Ebooc fintech and emcredit, citizens and residents in the megacity will be able to participate in a vibrant token-based economy.
Making Cryptocurrency Retail Payments in Dubai
In a press release published by PR Newswire on Monday (October 8, 2018), Pundi X announced its partnership with Ebooc Fintech and emcredit. The partnership will see the use of emCash – a cryptocurrency created by emcredit – to be used on Pundi X’s legacy point of sale (POS) devices – XPOS.
emcredit, a subsidiary of the city’s Economic Development Department first announced plans to create emCash in October 2018. emCash is a stablecoin linked to the UAE dirham (AED).
As part of the partnership, Pundi X plans to rollout XPOS devices all over the city. People in Dubai will be able to make retail purchases in stores city-wide, pay school fees, as well as utility bills, using emCash at XPOS devices in various locations.
Commenting on the deal, Pundi X CEO, Zac Cheah, said:
Bringing blockchain-based payments technology into the government sphere is a major development for the technology. 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 a historic moment for the real-world application of a technology that has promised so much potential until now. We are very proud to partner with emcredit and to support its vision for supporting its customers through technological innovation.
According to the press release, more details of the partnership and the cryptocurrency retail payment plans itself will emerge following approval by state officials.
Global XPOS Technology Expansion
Pundi X created the XPOS as part of its deal with Ebooc Fintech. The latter is Pundi X’s partner in both the Middle East and in Africa. Apart from Dubai, Pundi X is also pursuing expansion plans in other areas around the world.
Apart from Dubai, Pundi X plans to ships thousands of XPOS devices to other locations in Brazil, South Korea, Singapore, and several countries in Africa. Pundi X also wants to have over 100,000 of its XPOS in many places around the world by 2021.
Should the Dubai government approve the cryptocurrency retail payment scheme developed by Pundi X and its partners? Let us know your thoughts in the comments below.
Image courtesy of Pundi X, Shutterstock