A collaborative effort between Direct Debit System, the UAE’s first paperless direct debit marketplace, and Keyper, a leading proptech platform, has introduced a significant innovation in Dubai’s rental market – a digital rent payment system. This initiative replaces the traditional method of post-dated cheques, offering several advantages for both landlords and tenants.
The new platform facilitates automatic rent deductions from tenants’ bank accounts based on pre-agreed terms, mirroring the functionality of cheques while eliminating the inefficiencies associated with paper checks, such as errors in acceptance, management, and processing. This aligns with the UAE government and central bank’s goals of transitioning towards modern and secure payment methods.
Keyper integrates its “Rent Now Pay Later” service within the platform, providing tenants with the convenience of spreading rental payments while ensuring on-time receipt for landlords. This digital solution is particularly beneficial for non-resident property investors, enabling them to remotely manage their rentals and receive payments electronically.
Despite advancements in digital solutions, cheque usage for rent payments remains high. This collaboration specifically caters to individual and small-to-medium landlords, the dominant segment of Dubai’s rental market.
Industry leaders from both companies expressed their enthusiasm for the initiative. Omar Abu Innab, CEO of Keyper, highlighted the need for a secure and user-friendly alternative to cheques, while Ummair Butt, CEO of Direct Debit System, emphasized the partnership’s role in simplifying the rental process and promoting the digital transformation of the UAE’s rental market.
This shift towards digital rent payments is expected to significantly enhance the rental experience for all stakeholders, improve efficiency, and contribute to Dubai’s position as a global leader in real estate innovation.
Publish Mar 08, 2024
Source: https://www.arabianbusiness.com/gcc/uae/major-dubai-real-estate-boost-allows-digital-rent-payments-with-direct-debit-instead-of-relic-cheques
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