Supported by the "Innovation Accelerator" of the Mohammed bin Rashid Innovation Fund
Launching the first comprehensive digital direct debit platform in the UAE
The Mohammed bin Rashid Innovation Fund is a federal initiative of the Ministry of Finance.
archival
Fatima Al-Naqbi: “The new platform provides merchants and customers with a flexible and convenient way to make regular payments.”
picture
Direct Debit System, a UAE-based financial technology company, announced the official launch of the Direct Debit Marketplace, the region's first comprehensive online marketplace for direct debit services, with the support of the Innovation Accelerator Program of the UAE Fund. Mohammed bin Rashid Innovation, the federal initiative of the Ministry of Finance, which is operated by the Emirates Development Bank.
A statement issued yesterday stated that the platform provides merchants and dealers alike with easy and convenient solutions under one roof to collect regular financial payments, such as school fees, insurance fees, rent, subscriptions to fitness clubs, and other services based on regular subscriptions, in a digital form. It completely eliminates the hassle of paperwork.
He added that the services of the new platform are available to all companies and businesses that receive regular financial payments in various business sectors.
The statement indicated that the platform and all direct debit operations that take place through it are subject to the laws, provisions and legislation of the Central Bank, explaining that customers can cancel direct debit operations according to the conditions stipulated in the contracts concluded with merchants.
Fatima Al-Naqbi, Chief Innovation Officer and representative of the Ministry of Finance in the Mohammed bin Rashid Innovation Fund, said, "Direct Debit is an example of using technology to develop useful solutions, as it provides merchants and dealers in the UAE with a flexible and convenient way to make regular payments efficiently and at a low cost." .
He added: "We at the Mohammed bin Rashid Innovation Fund are continuing to work continuously in line with the vision of the UAE to contribute to supporting and promoting innovation and achieving economic growth and diversification in the country."
For his part, the founder and CEO of Direct Debit System, Omair Bit, said, “Making large payments using checks is very common in the UAE, whether it is to pay rent or pay school fees and others.”
He added, "The (Direct Debit Market Place) platform for direct debit offers citizens and residents a safe, legal and easy alternative to paying all their regular financial dues through one platform and on a monthly basis," noting that the platform was integrated with the digital identity application (UAEPASS).
Butt explained, "Avoiding large payments that are usually made in two or three annual payments, and paying them in monthly installments through the direct debit system, will enable more than 96% of people with monthly salaries to control their financial resources and not fall into debt risks or be subject to accountability." Legal, especially that rents and school fees represent more than 50% of their salaries.
Follow our latest local and sports news and the latest political and economic developments via Google news