Dubai: Dubai has launched a payment platform that will bring on board ‘under-banked’ merchants or even those who don’t have such banking facilities. They will now be able to engage in cashless transactions via the Unified Payments Network (UPN), which will also feature payment service providers.
UPN will “ensure that no merchant or individual is left behind in the race towards a cashless society”, Dubai Economy, which operates the Network, said in a statement. Merchants will have the choice to configure the payment acceptance channels on-the-go.
The UPN’s ‘Digital Settlement Account’ provided will also enable them to accept all types of payments in one digital account that supports their business at zero adoption cost.
“UPN will further reduce the time, efforts and the investment to market and promote new payment products and services,” said Mohammed Shael Al Saadi, CEO of Corporate Strategic Affairs sector at Dubai Economy “This platform will encourage payment service providers to focus on their offerings and to onboard more users, without investing further on the traditional acceptance network.
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“It’s indeed a win-win situation for payment service providers, merchants and individuals.”
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