Dubai fintech to offer direct debit for organisations with recurring payment contracts

Dubai fintech to offer direct debit for organisations with recurring payment contracts

Dubai: A Dubai fintech Direct Debit Marketplace will soon go live with its portal that would allow organisations to directly debit recurring payments due from their subscribers. The process would allow collections of rent and payment of school fees, insurance and gym memberships to be paid this way. The platform also comes ‘bank agnostic’, which means that its users’ relationship with their bankers will not be affected. All the payments done through the portal will be integrated with – and regulated by – the UAE Central Bank. The imminent launch of services come as more payments in the UAE will look at options other than cheques. For instance, rental payments should soon go into direct debit mode. "Writing four cheques for rents or three for school fees are common in UAE,” said Ummair Butt, founder and CEO of Direct Debit System. “Our app provides residents and citizens with a safe, legal alternative to make all their recurring payments in one place, ideally on a monthly basis. “Monthly payments and avoiding quarterly- or biannual bulk payments means Direct Debit Marketplace can help over 96 per cent of monthly salaried people to stay in control of their finances and out of debt.