The Central Bank of UAE (CBUAE) has launched the country’s first paperless Direct Debit Marketplace (DDMP), offering payers and merchants a one-stop shop for monthly recurring payments.
DDMP will now be directly linked with the UAE Direct Debit System (UAEDDS) and will act as a special sponsoring entity. UAEDDS is a payment system that enables individuals and businesses to make automatic payments from their bank accounts for recurring expenses, such as utility bills and loan payments.
UAEDDS, in a statement, remarked that people can also conveniently pay recurring bills such as school fees, insurance, rent, gym memberships, and any other subscription-based fees. Residents can access this platform using UAEPASS.
All payments made through the platform will be regulated by the CBUAE. The portal adheres to the DESC standards, implying that user data will be secure owing to the government firewalls and systems.
The Founder and CEO of UAEDDS, Ummair Butt, a graduate from the University of the Punjab, expressed his gratitude to the central bank for allowing the company to be part of the country’s digital payments transformation agenda.
The platform also received positive feedback from businesses during its soft launch in September. The first merchant is expected to complete its first direct debit payment this month.
The DDMP will help over 96% of salaried individuals in avoiding debt and budget their income better by paying monthly instead of quarterly cheques.