Khaleej Times

New way to convert digital assets in UAE

- Staff Report

dubai — Digital financial platform Paycent is launching the Paycent debit card, which will help users instantly convert digital assets into local currencies for use or withdrawal from automated teller machines, eliminatin­g the need to go to designated exchanges to do so.

This is the first such payment solution that cuts across all barriers and instantly converts all digital currencies to fiat currencies, such as the US dollar and UAE dirham.

The Paycent applicatio­n works like a digital bank account to their investors. The company is building a remittance network and plug it into its mobile wallet so, in addition to having an ATM withdrawal option, the user will be able to transfer funds in real-time anywhere in the world.

In reality, it is a mobile wallet for fiat and digital assets with a debit card and will include money

The full ecosystem allows payments for daily household spend such as utilities, restaurant, Atm, etc Nitin Gupta, COO of Paycent

transfer feature. “We are bringing the financial technologi­es of the Fourth Industrial Revolution to today’s customers — especially millennial­s, who deal in both the fiat and digital currencies — and need a platform to convert them instantly,” Nitin Gupta, chief operating officer of Paycent.

“Paycent is a global mobile dual e-wallet that can be funded by digital currencies [Paycentos, Bitcoin, Ether, Litecoin or Bitcoin cash] with high-liquidity and fiat currencies within the same mobile applicatio­n... the full ecosystem of Paycent allows payments for daily household spend such as utilities, restaurant, ATM, etc.”

— business@khaleejtim­

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