Emcredit, a subsidiary of the Department of Economic Development (DED) in Dubai, and ebooc, has signed an agreement to launch a next-generation digital payment Point of Sale (POS) platform for Dubai, UAE.

The memorandum of understanding (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."

Al Shamsi said: "We have partnered with leading global NexGen solution providers to support the UAE's fast-growing financial services sector, a key driver of economic growth in the country. In line with this, we are excited to be partnering with emcredit to launch this important initiative in the UAE that can potentially change the way payments are made." He added: "Our focus would be to encourage more Emirati youth to join this transformative process of using leading technologies like NexGen to benefit UAE and the regional economy."

Sunil Malhotra said: "ebooc brings in state-of-the art NexGen based payment solutions which can create immense value for the end user by saving on expensive transaction fees in addition to benefits to the merchant community through cost efficient and trusted payment channels. It can also facilitate in the future direct VAT deductions at POS transaction source which can be channeled to the government thereby saving time and money, and creating a high level of trust and transparency."

ebooc will deliver a differentiated customer experience through innovative features, seamless integration, loyalty solution, enhanced security and greater convenience to the people in the UAE to make financial transactions on the NexGen platform in a smart way, bringing together various service providers under one platform. – TradeArabia News Service