The UAE-based FinTech company, Direct Debit System, has officially launched first-of-its-kind platform, Direct Debit Marketplace.
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.
The Direct Debit Marketplace platform is bank agnostic, which means that it does not affect the merchants’ relationship with their banking services provider. Since the platform’s direct debits are integrated with and regulated by, the UAE Central Bank, all users can use it with trust. Payers also benefit from cancelation control, within the contractual terms of the agreement.
Direct Debit is an Alumni of the MBRIF Innovation Accelerator program, an initiative launched by the UAE Ministry of Finance to support nationwide innovation.
Ummair Butt Founder & CEO Direct Debit System
“Writing four cheques for rent or three for school fees is commonplace in UAE. Our Direct Debit Marketplace 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 bi-annual bulk payments means Direct Debit Marketplace can help over 96 percent of monthly salaried people to stay in control of their finances and out of debt. This is especially important knowing that rents and school fees account for more than 50 percent of their salaries. Our mission is to encourage a culture of monthly direct debit payments for all big or small ticket items at very low cost to merchants & free of charge for payers.”
The platform is integrated with UAEPASS, the UAE’s only secure digital identity. One-time Direct Debit payment setup can only be done through UAEPASS, which makes the whole process 100 percent paperless. This also means that users will need the UAEPASS app downloaded on their smartphones and they must have ”signature qualified status” to sign a Direct Debit mandate, providing an enhanced level of security.
