UAE’s first official credit bureau, emCredit, has collaborated with Pundi X on Monday to launch emCash for its customers. The blockchain payment provider Pundi X aims to provide a platform which will provide easy payment option to the citizens.

According to the reports by Trade Arabia, the citizens will be able to pay their bills using the state-developed blockchain-based digital currency, emCash. This will enable people for paying school fees to purchase retails just through a single app, “emPay”.

emCredit which works under the Dubai Department of Economic Development has also laid out ideas for widening this platform. The plan is to widen the idea by engaging point-of-sale (POS) devices at various storefronts. Both the residents as well as the stores can use these POS devices for making payments.

Taking this opportunity, emCredit Chief Executive, Muna Al Qassab also shared his views. He explained that using the digital currency can help in recording transactions. This will provide transparency of data to the customers.

Further adding, he also stated that the distributed ledger technology will ensure that the data is not supervised by only one system. Multiple networks will be able to access the data, thus making it more feasible.

Moreover, the testing and further development of the digital currency, POS devices and the app is yet under processing. The government regulators have also to approve it for its introduction to the market. The team is hopeful that by revolutionizing the payment industry, Dubai will become the world’s first city to offer blockchain based payments.