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.