Direct Debit System has partnered with Keyper, a technology-enabled property management platform, to launch the first digital rental payments platform accessible to all tenants and landlords in the UAE. The collaboration delivers a long-awaited solution to the traditional post-dated cheque (PDC) based transactions, enabling property owners to receive payments of rent digitally.
Direct Debit System facilitates automatic rent deductions from tenants’ bank accounts under pre-agreed conditions, mirroring the functionality of PDCs. The technology eliminates the error-prone system of cheque acceptance, management and processing, and aligns with the strategic directives of the UAE Central Bank and the UAE Government to transition towards modern payment methods.
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95% of tenants in Dubai are still paying with cheques
As part of the launch, Keyper is embedding its rent facilitation services (Rent Now Pay Later) into the rental process, which offers tenants the flexibility to make monthly digital payments while ensuring landlords can receive payments upfront. Enabled by Direct Debit System, this shift towards digital payments is poised to significantly enhance the rental experience for both landlords and tenants, in addition to reducing the operational costs associated with rent payment processing.
Despite the rapid advancement in digital solutions and numerous initiatives aimed at encouraging uptake, the adoption of digital rent payments has been slow, with 95% of tenants still forced to pay with cheques. This new collaboration specifically caters to the needs of individual and small-to-medium landlords who now represent the majority of property rentals in Dubai.
Omar Abu Innab, Co-founder and CEO of Keyper, said: “We are thrilled to collaborate with Direct Debit System to introduce this revolutionary digital rent payment solution to the UAE. Cheques are a relic of the past. The need for our solution has been evident, as all stakeholders in the ecosystem are dissatisfied with cheques but lacked a viable alternative that preserved the functionality and the security of cheques without adding significant friction.”
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