70 billion dirhams, the value of transactions through the direct debit system during 2020
The value of transactions through the direct debit system operated by the Central Bank amounted to 70 billion dirhams during the past year, a growth of about 14.7% compared to 2019, according to statistics issued by the bank.
The growth recorded in the value of transactions through the direct debit system came amid an increase in the number of transactions executed through the system to about 15.2 million transactions.
The direct debit system is a way to pay bills on a regular basis from the current or savings account, where the service can be activated through the concerned bank so that the amounts due are then deducted on the due date.
It is noteworthy that the direct debit system, which the Central Bank began operating several years ago, aims to reduce the need for forward checks to pay installments when obtaining a loan, financing or carrying out any other purchases.
The growth recorded in the value of transactions through the system indicates the high frequency of bank customers' use of the direct debit card, which ultimately serves the goal of encouraging electronic payments in the UAE.
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