UAE citizens and residents can now use a paperless marketplace to facilitate all their recurring payments digitally. The marketplace was developed by Direct Debit System, a fintech firm based in the UAE, and was authorized for launch by the Central Bank of the UAE.
The digital marketplace is expected to benefit over 96% of monthly salaried individuals by enabling them to keep track of their monthly expenses like rent and school fees. This allows them to avoid debt by better budgeting their income. Merchants will also benefit from the Direct Debit System service as it offers a fixed-fee structure that is cost-effective and saves time, without it affecting their relationship with their banking services provider.
“Since our soft launch in September, we have received incredible feedback from businesses who want to move to the paperless and digital transformation space. Our first merchant is set to accept its first direct debit payment in March 2023,” said Ummair Butt, Founder and Chief Executive of Direct Debit System. “Our mission is to encourage a culture of monthly direct debit payments for all big or small ticket items, at very low cost to merchants and free of charge for payers,” he added.
The platform can only be accessed via the UAE Pass, and all payments made through it will be regulated by the Central Bank as a safety measure. The system is also compliant with Dubai Electronic Security Centre’s regulations.