DIFC passes payment system law

10 August 2009

A new law has been passed in Dubai that lays the groundwork for the creation of a new real-time automated payments system in the Emirate.

The service will give the Dubai International Finance Centre (DIFC) the ability to provide banks and their customers within the DIFC and the Middle East and North Africa region with transaction processing.

Governor of the DIFC Dr Omar Bin Sulaiman stated that the Payment System Settlement Finality law - which is the first of its kind in the Gulf - "forms part of a comprehensive infrastructure that DIFC is creating to catalyze the development of the financial services industry in the region".

The creation of the law means companies will be able to carry out legally sound payments without having to rely on offshore services, the use of which is often made difficult due to time zone differences.

Earlier this year, finance firm Dubai First launched a six-month trial of contactless mobile payments in the emirate that allows users to make purchases using near-field communication technology.

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