Funds collected by UAE’s direct debit system reach Dhs61 billion – Gulf Today

Funds collected by UAE’s direct debit system reach Dhs61 billion – Gulf Today

Funds collected by UAE's direct debit system reach Dhs61 billion

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The value of financial aid, provided by the UAE government, amounted to Dhs7.46 billion in 2019. File/ WAM

Value of funds collected through the UAE Direct Debit system (UAEDDS) of the Central Bank of the UAE (CBUAE) rose by 7 per cent to Dhs61 billion in 2019 from Dhs57 billion in 2018, according to figures released by the Central Bank of the UAE.

The statistics noted the increase in the funds settled through the UAE Direct Debit system was matched with a similar surge in executed transactions from 13.4 million in 2018 to 16 million at the end of 2019.

The objective of introducing the UAEDDS by the CBUAE is to provide the customers with an automated payment method that will facilitate recurrent payments from their bank accounts to pay, for example, utility bills (telephone, electricity and water), insurance premiums, and to service and repay credit cards, finances and loans payments.

The apex bank launched the system eight years ago in implementation of the Federal Government's strategy to adopt advanced technological payment systems in an effort to improve bank customers' services.

Meanwhile the UAE Government's efforts to provide financial aid and other social