A delivery company in the UAE is preparing to make cryptocurrency payments. Cryptocurrencies accept payments from YallaMarket, a Dubai-based grocery delivery service. Officials said that the crypto currency will be accepted as a form of payment through their mobile application. The YallaMarket payment system accepts stable currencies such as USDT (Tether) and USDC. These are blockchain based cryptocurrencies supported by the US dollar equivalent to popular tokens. In addition to launching a new payment method for customers, the startup is also preparing to accept crypto investments from Mena-based partners.
The acceptance of some cryptos is growing exponentially in the UAE. Recently, Dubai-based Beck n More Cafe, owned by Emirati businessman Mohammed Al Hamadi, became the first cafe in the emirate to accept cryptocurrencies as a form of payment. During the first two days of adopting this new payment mode, many customers made payments from the cafe using their cryptocurrencies.
According to YouGov, 67% of UAE residents say they would like to invest in cryptocurrencies over the next five years. At the same time, Ugov says the UAE is one of the global markets where 40 percent of consumers say they trust cryptocurrencies.