UAE’s first paperless Direct Debit Marketplace launches today

UAE’s first paperless Direct Debit Marketplace launches today

- The platform offers merchants fixed transaction fee for credit cards & current accounts, significantly reducing traditional transaction costs

- Direct Debit System is a success story of the Mohammed bin Rashid Innovation Fund (MBRIF) Innovation Accelerator programme

Dubai, UAE: Direct Debit Marketplace, the UAE’s first paperless direct debit marketplace, has officially launched today.

The first of its kind marketplace in the region, the platform provides payers and merchants with a simple and convenient all-in-one solution to conduct recurring payments, such as: school fees, insurance, rent, gym memberships, and any other subscription-based service.

Available to organizations that take recurring fees in any sector of business, the Direct Debit Marketplace platform is bank agnostic, which means that it does not affect the merchants’ relationship with their banking services provider. The platform offers all users peace of mind, as direct debits facilitated through the platform are integrated with, and regulated by, the UAE Central Bank. Payers also benefit from cancelation control, within their contractual terms of agreement.

Direct Debit is an Alumni of the MBRIF Innovation Accelerator programme, an initiative launched by the UAE Ministry of Finance to support nationwide innovation.

Commenting on the launch, Fatima Al Naqbi, Chief Innovation Officer at the Ministry of Finance and MBRIF