Direct Debit System’s new platform will charge merchants a fixed fee for credit card & current account transactions, significantly reducing operating costs. The platform provides consumers and merchants with a simple all-in-one method for setting up and receiving recurring payments, such as school fees, rent, utility bills, and general subscription-based services, such as gym memberships.
One of the headline features of the service is that it will not affect merchant relationships with banking providers. In addition, the platform’s transactions are integrated with (and regulated by) the UAE Central Bank.
“We are delighted to see the launch of Direct Debit, another success story from our Innovation Accelerator program, where we nurture promising startups that innovate and use technology to disrupt industries. Direct Debit is a perfect example, providing merchants and payers in the UAE with a marketplace where they can transact recurring payments efficiently at low cost,” says Fatima Al Naqbi, Chief Innovation Officer, Ministry of Finance and MBRIF representative.
Writing cheques for rent or school fees is still common in the UAE, so Direct Debit Marketplace hopes its app will provide a safer, more convenient, and centralized alternative. UAE-based merchants using the platform can easily integrate with their accounting software or use the built-in dashboard. Direct Debit Marketplace is integrated with UAEPASS, the UAE’s secure digital identity scheme, which makes the entire process paperless.
“Data security is very important for us, and the system is hosted in Dubai’s Data Center, known as Dubai Pulse. This makes us DESC (Dubai Electronic Security Center) compliant, with data positioned safely behind government firewalls and systems, which are the best in the world. Direct Debit Marketplace is a Decretal System of the UAE, which means the system is accepted by the national courts. With recent changes to laws related to cheques, both paper-based redundant cheques and new paperless digital direct debits carry equal weight when it comes to the law,” says Ummair Butt, Founder, and CEO of Direct Debit System.
The new service is supported by the National Bank of Fujairah (NBF), and it’s hoped that the platform will be fully operational before the end of 2022. Direct Debit Marketplace is already seeing huge interest from merchants and promises to drastically cut the time spent organizing recurring payments.
Yalla!Hub Forms New Partnership With WEE Marketplace
The collaboration will accelerate e-commerce digitalization and allow for speedy deliveries across the Gulf countries.
After raising $6 million to expand into Saudi Arabia and Qatar, Yalla!Hub is now set to collaborate with WEE to facilitate the sale of products through both YallaMarket and the WEE marketplace. The companies plan to enhance the GCC e-commerce market using a range of innovative solutions for sales and delivery, presenting new opportunities for Emirati-based and foreign suppliers.
“This collaboration with WEE Marketplace signifies a major step forward in our mission to revolutionize e-commerce through digitalization in the UAE and GCC, making market entry and operations smoother both for customers and businesses. With this partnership, we’re able to extend the reach of brands to a wider audience,” explained Leo Dovbenko, CEO of Yalla!Hub.
Meanwhile, new partner WEE is uniquely positioned in the UAE and already well known for fast delivery services. The company’s WEE Marketplace will soon feature goods from Yalla!Hub on their platform, empowering Dubai shoppers with 1-hour delivery windows and a next-day service across the rest of the Emirates.
“WEE Marketplace and Yalla!Hub are absolute leaders of the UAE fast e-commerce market, and this partnership opens new horizons for brands, allowing them to enter at once both platforms. We choose the brands very carefully, aiming to give the best products to our customers,” said Anastasia Kim, CEO and co-founder of WEE marketplace.
The Emirati e-commerce market has now reached a value of nearly $13 billion and is expected to grow to $20 billion by 2027. Express deliveries account for 5.5% of total merchandise turnover, which currently stands at around $700 million. Among the express delivery categories, cosmetics, pharmaceuticals, flowers, and groceries lead the way.