Retail payments smartphone app DubaiPay is going to be integrated into the Smart Dubai Office. The office is known for using blockchain technology and promoting its use across different industries. This integration would enable reconciliation and settlement transactions almost instantly.
DubaiPay Integrated into the Smart Dubai office
Blockchain technology is changing the way many financial applications work. The Smart Dubai Office (SDO) has recently launched a system that runs with blockchain technology and that would be upgrading DubaiPay.
At the moment, Dubai’s Department of Finance (DoF) is physically checking the payments from different portals. After it, the DoF reconciles the transactions before settling them.
Some days ago, Smart Dubai wrote a tweet in which they explain their work with the Payment Reconciliation and Settlement system.
#SmartDubai continues to grow through the horizon of success as they launch the “Payment Reconciliation and Settlement” System today, developed in collaboration with #Dubai Department of Finance as a #Blockchain-powered upgrade to its financial system. pic.twitter.com/fESbFBuKpj
— Smart Dubai (@SmartDubai) September 23, 2018
Mira Sultan Obaid Abdul Rahman, director of smart services-enablement department at Smart Dubai, commented that the intention is to increase government’s efficiency. According to him, this could be achieved by transferring all transactions to the blockchain network.
At the moment, the DubaiPay has over 40 different entities. 27 of them are related to the government and 14 are private. Additionally, the portal collected $35 million dollars from 9.4 million transactions.
Wesam Lootah, Chief Executive at Smart Dubai Government Establishment (SDG), said:
“We, at Smart Dubai, consider technology to be a means for us to help improve people’s quality of life and spread happiness among them. Correctly applied across various key sectors, we believe Blockchain has massive potential to achieve our emirate’s ambitions for a fully-fledged smart transformation.”
Dr. Aisha Bint Butti Bin Bishr, director-general at Smart Dubai said that blockchain is one of the most promising technologies in the world. According to him, it is attracting more investments every single year.
There are several agencies in the city that will join the blockchain platform. The announcement informed that the Roads and Transport Authority, the Dubai Police and the Dubai Customs, among others, will be part of the new platform.
Carlos is an international relations’ analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.