The UAE Central Bank (CBUAE) has approved the launch of the country’s first paperless direct debit marketplace, offering an all-in-one solution for payers and merchants to make monthly payments. The marketplace has received the green light to go live and will act as a ‘special’ sponsoring entity and will be included as a direct participant in UAEDDS, according to a communication to banks and financial institutions in the UAE.
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The direct debit marketplace was developed by UAE-based FinTech company, Direct Debit System, and offers residents and citizens of the UAE a safe, legal alternative to make all their recurring payments in one place. Users can access the marketplace only through UAEPASS, and all payments made through the platform are integrated with and regulated by the UAE Central Bank.
Direct Debit System’s founder and CEO, Ummair Butt, expressed his delight at receiving the official go-ahead and thanked the Central Bank and its leadership for allowing the company to be part of the digital payments transformation agenda for the country. He noted that the first merchant would accept its first direct debit payment in March 2023.
