UAE Central Banks To Introduce Direct Debit System

The UAE’s Central Banks announced plans to begin a direct debit payments system by June 15, 2013, reports The National. In an effort to start phasing out paper checks, UAE Central Banks will start direct debit payments for financial companies and banks. Banking customers welcome the new services but warn the UAE must also follow through with plans to install a credit bureau for security.

A UAE Central Bank representative stated, “Given our focus as a regulator we believe it is necessary to have a prudent, stronger and stable economy. Our current intention is to establish a more convenient retail banking system that will create more stable and progressive economic development,” reports The National.

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