UAE Central Bank gives green light to UAE’s first paperless Direct Debit Marketplace

UAE Central Bank gives green light to UAE’s first paperless Direct Debit Marketplace

System allows consumers to make all their recurring payments in one place

The UAE Central Bank. - KT file

Published: Fri 17 Mar 2023, 5:11 PM

The UAE Central Bank (CBUAE) has given the go ahead for the country’s first paperless direct debit marketplace, to provide payers and merchants with an all-in-one solution to make regular monthly payments.

A communication to banks and financial institutions in the UAE confirmed that the Marketplace has received the green light to go live, saying, “We would like to announce that Direct Debit Marketplace (DDMP) will enact the role of a ‘special’ sponsoring entity, and will be included as a direct participant in UAEDDS.”

Developed by UAE-based FinTech company, Direct Debit System, the direct debit marketplace has been established to provide residents and citizens of the UAE with a safe, legal alternative to make all their recurring payments in one place. Accessed only through UAEPASS, the marketplace offers users peace of mind, with all payments facilitated through the platform being integrated with, and regulated by, the UAE Central Bank.

Ummair Butt, founder and CEO of Direct Debit System said, “We are delighted to be given the official go ahead and are grateful to the Central Bank and its leadership for