Users in the UAE can also use the platform to accept payments in cryptocurrencies for their businesses.

Over a decade after the first cryptocurrency was launched, the blockchain boom has triggered a renewed interest in the digital coins among young netizens, tech geeks and those trading in virtual assets, followed by the popularity of assets sold online as crypto tokens. Although some governments have been sceptical about digital cash not regulated by any central bank, with frequently fluctuating rates, authorities in the UAE have welcomed the virtual money which is almost impossible to fake, and can facilitate seamless cross-border trading.

Cryptocurrencies like Ethereum and Dogecoin are popular among Emiratis, while Bitcoin is also being accepted by some government agencies in futuristic megacity Dubai. Sensing the rising curiosity about crypto trading among people who may not be very tech savvy, an exchange in Dubai has rolled out a simpler process, which enables people to buy virtual currency using hard cash, and get payments in AED, USD or Pounds, in their bank accounts, after selling crypto coins.

With the requirements and convenience of end-users as a priority, the exchange called Pallapay in the UAE, has also enabled entrepreneurs to accept payments in cryptocurrencies with a few simple steps. In addition to facilitating trading and payments through its expertise in blockchain tech, the platform has its own digital asset in the form of a crypto token called Palla, which is listed on major exchanges in the country.

Pallapay has also created a first-of-its-kind point of sale mechanism for virtual coins, which is designed for e-commerce transactions and accepts every cryptocurrency that exists, without charging any processing fee at all. The merchants that use this payment gateway can either get crypto cash in their wallets or it can be converted into cash that is reflected in bank accounts.

To make sure that cross-border trade continues smoothly, the cash from crypto sales can be transferred into international accounts, before locals withdraw it from Pallapay branches. The platform is also the only legal medium for over-the-counter sale and purchase of cryptocurrencies in Dubai.