Arab Financial Services (AFS), a digital payment solutions provider, has partnered with Ternoa Blockchain to popularize crypto payments among retail consumers in the UAE.
AFS and Ternoa Blockchain Partnership
AFS and Ternoa have partnered to implement the PayFi network, offering stablecoin payments for merchants in the UAE via point-of-sale terminals.
Leveraging New UAE Regulations
In 2024, the UAE Central Bank introduced new regulations for payment tokens. Under these regulations, only AED-backed stablecoins are recognized as legal tender for purchases in the country.
Expectations from the Partnership
AFS CEO Samer Soliman noted that integrating stablecoins and decentralized finance opens new opportunities for merchants and consumers. Ternoa's CEO Mickael Canu added that this will enhance accessibility to digital payments.
The collaboration between AFS and Ternoa aims to ensure secure and convenient digital payment procedures in the UAE using stablecoins and innovative technologies.
