EMPAY wants to be at the forefront of the shift towards currency-free economies

Gigi George Koshy
Gigi George Koshy

Dubai: As the world shifts to a currency-free economy, EMPAY’s attempt is to stay quite ahead of the others in the game.

Gigi George Koshy, the deputy CEO of EMPAY, is happy to point out that since the first day of its launch, more than 500 people have been downloading daily and using the UAE EMPAY app, which has been developed locally in the UAE.

EMPAY enables money transactions in just a couple of minutes without having to go to banks or sign hundreds of papers.

Gigi, the son of Koshy George and Leelamma Koshy of Nadackavil House in Adoor, Pathanamthitta, is proud that the world's first contactless instant credit app, EMPAY, is now growing at the international level beyond Dubai and the UAE.

He talks about the benefits and advantages of using the app that provides private and government services, instant credit, and usability within three minutes. He said that EMPAY aims to make the mobile phone that travels with everyone their financial partner.

EMPAY’s development plans

As retailers become more active, so do consumers. As a precursor to that, all government services will be made available on EMPAY. The services of Diva, municipality, police, health authority and economic department are all available on EMPAY.

Joining hands with various retail ventures

Of course. We have signed an agreement with Lulu Group. EMPAY is expanding its service to groceries along with food. An agreement has also been signed with Union Coop, the largest co-operative in the UAE. The rest of the work will be completed soon and it will all be available at your fingertips from the new year onwards.

Financial facilities

There is an agreement with Al Fardan Exchange and there will be more with Lulu and others. The unique feature of the app is that you will get to know the exchange rates of different exchanges in one place and it will also facilitate transfer of various currencies.

Instant credit facility

Debit facility is now available. By December 20, digital cards offering credit facility will also be offered. The credit amount starts from Rs 6 lakh and can be up to 10 times the income. The interest rate will be determined on the basis of an individual's repayment capacity and previous repayment history. In any case, credit will be available to anyone who downloads the app.

In other emirates

EMPAY will be available in other emirates soon. The service facilities in each emirate will be the first to be included in the app.

Schools and restaurants

192 schools and a long list of restaurants in Dubai are connected to EMPAY. The app is enough to order food and pay school fees.

Gigi said the EMPAY app will soon be available in other countries, including India. The EMPAY app is a major step in the UAE's drive to promote a currency-free economy, paperless transactions and digitalisation, he said. Expo 2020 and World Cup football will open up great possibilities, he said.

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