Direct Debit System (DDS), the UAE’s first paperless direct debit marketplace, has partnered with Keyper, a leading venture capital-backed, technology-enabled property management platform, to launch the first digital rental payments (DRP) platform accessible to all tenants and landlords in the UAE.
Industry sources added that this partnership also delivers a long-awaited solution to the traditional post-dated cheque (PDC) based transactions, permitting the property owners to receive the payments of rent digitally.
Industry sources added further that the Direct Debit System enables automatic rent deductions from tenants’ bank accounts under pre-agreed conditions, mirroring the functionality of PDCs. The technology thus curbs the error-prone system of cheque acceptance, management, and processing, thereby aligning seamlessly with the strategic directives of the UAE Central Bank and the UAE Government to shift towards modern payment methods.
Omar Abu Innab, Co-founder and CEO of Keyper commented on the partnership, “We are thrilled to collaborate with Direct Debit System to introduce this revolutionary digital rent payment solution to the UAE. Cheques are a relic of the past. The requirement for our solution has been evident, as all stakeholders in the ecosystem are dissatisfied with cheques but lacked a viable alternative that preserved the functionality and the security of cheques without adding significant friction. The ‘bank agnosticism’ of Direct Debit System is a huge plus for us, as embedding direct debit into our service will help numerous landlords in the UAE who have multiple assignments of receivables and loans from banks against their properties.”
Ummair Butt, CEO of Direct Debit System, stated “This partnership is a testament to our commitment to innovation and our vision to simplify and enhance the rental process for landlords and tenants alike. Collaborating with Keyper allows us to expand our reach and contribute to the digital transformation of the rental market in the UAE, aligning it with other comparable global cities. Together, we are setting a new standard for the entire rental market, making the process more efficient, secure, and user-friendly.”
Industry sources further added that as part of the launch, Keyper is embedding its rent facilitation services (Rent Now Pay Later) into the rental process, which offers tenants the flexibility to make monthly digital payments while making sure that landlords can receive payments upfront. Driven by the Direct Debit System, this transition towards digital payments is all set to significantly boost the rental experience for both landlords and tenants, in addition to curbing the operational costs associated with rent payment processing. This initiative is specifically beneficial for non-resident property investors in Dubai, offering them a seamless avenue to lease their properties and receive payments digitally, anywhere in the world.
Despite the rapid advancement in digital solutions and numerous initiatives aimed at encouraging uptake, the adoption of digital rent payments has been slow, with 95% of tenants still forced to pay with cheques. This new collaboration specifically caters to the needs of individual and small-to-medium landlords that displays the majority of property rentals in Dubai.
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