Besides VAT, emCash is the new change the UAE is going to experience from 2018. Digital payments were introduced and running successfully in many other developed nations. In the UAE, most of them are already aware of the digital money.
Now the Government of Dubai has planned to introduce emCash in order to support the digital currency and make transactions easy to the people. Digital currency has greater advantages, compared to the payments made using banknotes or coins. it lets you pay your monthly bills from home, transfer money to others without even going to banks and wait in the queues and even forget your wallets or cash at home. It will be very helpful for everyone in Dubai, especially for the self-employed individuals. It will have a huge impact on the lifestyles of the people and definitely become a game changer. Many banks in UAE like Mashreq Bank(Mashreq Neo), RAKBank and 16 more well-known banks have already introduced e-wallets and it is working effectively.
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emCash:
emCash, the initiation of Dubai government is launched by Emcredit(Emirates Credit Information Company Limited). Dubai, which always welcomes new technology seems all set to introduce emCash to the residents. emCash is a mode to make payments i.e digital currency that allows contactless transactions. Emcash comes always handy. It can be used to make all the bill payments easily without the contact details of the end person. It is just a new way of making payments right from clearing the utility bills, school fees, grocery shopping to the transfer of money to other accounts and much more. All this can be done within seconds, even without being on the waiting list anymore. It makes you handle the cash easily and can actually make Dubai a cashless society.
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Digital currency is already well established in several countries and made great changes in their economic developments. emCash will definitely have the similar impact in Dubai.
Even though it seems to sound simple, it will definitely take time for the people in Dubai to adapt to this new technology. This will have a considerable impact on the economic status of the city. All this is commenced by keeping future of Dubai in mind and made this as a part of Vision 2030-Dubai. Dubai government is also planning to start campaigns and give all knowledge about this digital currency in order to educate people and train them for making a good use of the emCash. Even though there are few risk factors are involved in this, but the administration is trying to create awareness and educates them equally.
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About the author
Nikitha is a Senior Analyst at MyMoneySouq.com. She has been writing about personal finance, credit cards, mortgage, and other personal finance products in the UAE. Her work on Mortgage loans has been featured by the GulfNews and other popular Financial Blogs in the UAE.
