Blockchain firm HashCash Consultants is reportedly implementing its HC Corporate Payment solution into one of Dubai?s retail chains to improve e-commerce.
Dubai is one of the most popular destinations in the world especially for shopping. Although retail shopping is quite developed in the city, e-commerce has not really caught on. HashCash is determined to spearhead an aggressive push towards e-commerce in Dubai. The California-based blockchain firm will roll out its new solution called HC Corporate Payment through one of Duba?s retail chains. Its aim is to facilitate cryptocurrency payments through the retail chain?s platform.
HashCash Will Boost #ecommerce in #Dubai With HC #Corporate #payment .
A leading Dubai-based retail chain will be using HC Corporate Payment by HashCash to enable #cryptocurrency transactions on its e-commerce platform.https://t.co/e7WbC9zJvK pic.twitter.com/top46dfXu8
? HashCash News (@HashCashAdmin) November 26, 2018
E-commerce penetration in the UAE is still quite low compared to western markets
E-commerce in the United Arab Emirates (UAE) currently covers roughly 2 percent of the country?s retail market which is rather underwhelming. Many developed western markets enjoy at least 15 percent e-commerce penetration. This means that e-commerce still has a lot of ground to cover in the UAE. Analysts expect UAE?s e-commerce market to be four times larger in two years compared to its current size. HashCash plans to be at the center of that growth through the HC Corporate Payment Solution.
Retail demand is expected to continue growing in Dubai and more players will come into the market. This means more competition which will push more growth as they explore more competitive options for consumer reach. E-commerce will be one of the likely trends that will become popular since it focuses on more access and delivery to the customers who can shop from their living rooms.
HC Corporate Payment is the ideal solution for Dubai as blockchain takes root
The HC Corporate Payment solution will significantly improve B2B payments, allowing seamless payment services. It will also facilitate real-time reconciliation and document sharing, as well as automation courtesy of smart contracts. The blockchain-based solution unites each participant in one network through a digitized end-to-end process. Since it is blockchain-based, there are advantages such as faster processing time and lower costs.
HC Corporate Payment is ideal for Dubai?s e-commerce market since it aligns with the government?s blockchain adoption plans. Dubai is one of the cities that have embraced Blockchain technology and e-commerce. It will thus be easier if the e-commerce system uses digital currencies and blockchain to facilitate faster processes.