For powering up the Cashless Economy Dubai Economy rolls out a Unified Payments Network

The unique, innovative and first of its kind platform permits the existing digitalized payment providers as well as it also fetches the underbanked merchants as well as individuals onboard.

A latest platform has been initiated off by Dubai Economy for empowering cashless transactions with the Emirate thrives in towards achieving its primary objective of enhancement of it to be known as one amongst the global top 10 cashless economies.   

Dubai Economy stated that “the primary objective of The Unified Payments Network is to gather all the Payment Service Providers, as well as Unbanked, Underbanked merchants within the similar platform. A subsidiary of Dubai Economy’s EngageDXB, that is also an application fetching in both Public as well as Private Networks.”

The Director General of Dubai Economy Sami Al Qamzi, stated on Tuesday at the GITEX Technology Week that: “For the Swifter and for an aggressive pace for digitalizing as well as the cashless initiative UPN’s will be core and optimally utilized for overall enrichment of the attractiveness of the Dubai and the UAE within the Digitalized transformation pace globally. He further emphasized that this in turn will support in achievement of a secured, seamless shift of Dubai aimed for having a cashless society within the line of vision of the government as well as strategic initiatives via latest-formed Cashless Dubai Working Group.”

  • Dubai Economy also further elaborated that how utilization of UPNs will augment native E-Wallet as well as payment service providers prevailing service offerings.
  • It further pointed out that the process of joining is absolutely free as it further encourages a broader merchant adoption as well as an end-to-end digitalized payment acceptance solution, that is all capable in processing exclusively all digitalized payments. With the advent of COVID-19 Pandemic, it has no doubt triggered the Digital as well as Contactless Payments solutions.
  • The utilization of UPN will further aid Merchants in acceptance of all types of payments within a solitary secured digitalized account as well as permits service providers for permitting their services via their network.
  • Thereby it allows the hosting services for varied native as well as global payment cards, payment acquirers, banks, exchanges as well as other remittance houses.
  • Dubai Economy further stated within the statement that: “the Dubai Economy will primarily pursue for a swifter UAE financial inclusion rate via utilization of the payments network, bestowing for progression of UAEs goal of being known as one amongst the topmost ten cashless economies globally.”

As per the Statista records, within four years from now in 2024, Digital Payments, globally are all projected to raise to $8.26 trillion, from the $4.4 trillion as witnessed this year.

As per the reports stated through a McKinsey survey, it was screened out that around ten percent or more of UAE clients are excessively in contention for utilization of credit card or a digitalized wallet, and 20 percent stated that they are less likely to utilize cash while a payment is done.

The Chief Executive of Corporate Strategic Affairs Sector at the Dubai Economy Mohammed Shael Al Saadi, further stated that: “The optimal utilization of UPNs will further cut short the time taken, efforts as well as the investment for marketing as well as promotion for latest payment products as well as services. This enhanced platform will also further boost up the payment service providers for aiming upon their offerings as well as to conventional old school acceptance networking methodology.”

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