The government of Dubai has disclosed plans to launch a crypto-currency designed for non-contact payments. A corresponding agreement was signed this week between Emcredit, the credit arm of the Ministry of Economic Development and the British company Object Tech Group Ltd. This is written by Arabian Buisines.
The developed crypto currency is called emCash and will be used in emPay's purse, which Emcredit has developed to support contactless payments.
With the emPay purse installed into the smartphone, users will be able to make various payments using the NFC feature. The main advantage is real-time payments and no intermediaries. EmCash, which is based on the technology of blocking, can be used to pay for a variety of goods and services - both public and commercial.
As the deputy director of the Ministry of Economic Development, Ali Ibrahim, emCash will impart contactless payments with financial identification that will strengthen the status of Dubai as a competitive tourist destination, improve the quality of customer service and accelerate the evolution of the emirate into a smart economy.
