Dubai Payment Services Now Implementing Blockchain Technology

The Prince of Dubai has decided that he would like to implement blockchain technology into the nation’s retail app, DubaiPay. This will allow customers to pay for goods, by using cryptocurrencies and it will allow for transactions to occur in real-time. The project will be developed by Dubai’s Department of Finance (DoF) and the Smart Dubai Office (SDO). Currently, the DoF is manually recording transactions, before they are settled. This process is not only long, but there is also a fee deduction for each transaction. It takes 45 days for the process to be complete. The DubaiPay app has more than 40 entities which also includes non-govt. and govt. agencies. The portal has collected a whopping $35 million from over 9.4 million transactions. Numerous government agencies in Dubai will be a part of the blockchain platform in the future. These agencies include Dubai Airports, Dubai Customs, Dubai Police, and Roads and Transport Authority.

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