It confirmed the cessation of dealing in cash or checks in all federal agencies

“Finance”: Paying in “e-dirhams” to citizens traveling outside the UAE

Yunus Al-Khoury: "The third generation of the e-dirham is used to pay all fees and transactions of federal government agencies."

The Undersecretary of the Ministry of Finance, Yunus Haji Al-Khoury, stated in statements to "Emirates Today" that the ministry is currently working on establishing an international system for exchange in dirhams, enabling citizens traveling abroad to make all their payments using the "e-dirham" card, in cooperation with the Central Bank of the United Arab Emirates, And central banks in other countries, stressing that work is currently underway to create an integrated system for cashless payment, based on dirhams, and without the use of other payment systems currently in place.

Al-Khoury added that the Emirati citizen would be able to dispense with other payment cards, and to use the "dirham card" directly to make his payments outside the country.

And he indicated that the trend is to make the e-dirham card an alternative to the cards of other systems outside the state, noting that the third-generation e-dirham system currently contains a payment card and a smart application, and is used to pay all fees and transactions of federal government agencies, and confirming that all cash transactions or Pay by using checks in all federal government agencies and ministries, and all transactions have become electronic.

It is noteworthy that the current payment cards used outside the UAE belong to either "Visa" or "MasterCard".

Users outside their home countries face imposing fees related to currency exchange differences, in addition to fees imposed by banks for external use. Creating an international exchange system between the UAE and other countries would directly adopt the dirham as the currency for various payments outside the country, so that the citizen does not bear the current fees.

According to the Undersecretary of the Ministry of Finance, all the details of the international exchange system in dirhams will be announced at a later time, but he stressed that the Ministry of Finance preceded many countries in achieving the cash transformation, and is now seeking to compete with the global payment systems with an integrated system based on the dirham.

It is noteworthy that the UAE, with the launch of the e-dirham system in 2001, revolutionized financial technology services, to become the first secure electronic payment system with a national identity, and the e-dirham system today represents a success story for an innovative system that places customer happiness at the top of its priorities.

The UAE is the first country in the region to develop an advanced digital system to collect government services revenues. Over the past two decades, the system has continued its development process to keep pace with the latest global trends in the world of electronic payment, and to respond to the requirements of the financial sector, and has been able to develop advanced digital features and technologies in cooperation with partners and national banks , So that the latest version will be launched in 2020, which is the third generation of e-dirham.

The launch of the e-dirham system is one of the first steps the UAE has taken to enter the new era of cashless payment solutions.

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