DUBAI is developing a new sovereign cryptocurrency called emCash.
Emcredit, a subsidiary of Dubai Economy, and UK-based Object Tech Group will work together to establish contactless payments. The partnership is part of the Dubai Economy Accelerators umbrella and will entail the development and implementation of emCash, an encrypted cryptocurrency, which allows UAE residents to make varied payments, from their daily coffee and children’s school fee to utility charges and money transfers, through the near field communication (NFC) option in their phones.
Based on blockchain technology, emCash will be the digital currency in emPay wallet, launched by Emcredit to support contactless payments. With emCash, emPay users will have the option of a secure digital currency, and merchants can receive such payments in real time without going through intermediaries.
“Customers can choose between two payment options on the emPay platform – the existing dirham payment or emCash,” said Emcredit CEO Muna Al Qassab. “While the dirham payment goes through normal settlement procedures, intermediaries and costs, emCash payments are settled directly between the user and merchant. emCash thus gives real time value movement and merchants can pass the cost benefit to the emCash holder.”