The adoption of a central bank-backed system is empowering families in the UAE to effectively manage their expenses, thereby steering clear of debt pitfalls and safeguarding their credit scores.
A novel school fee payment application has emerged as a preferred choice among UAE households, presenting them with the flexibility of installment-based payments and simplifying the payment procedure.
The collaboration between Direct Debit System, a trailblazer in paperless direct debit solutions for educational institutions, and fintech startup Zenda marks a significant stride towards modernizing the payment landscape for tuition and other educational costs. By leveraging Zenda's intuitive payment app and integrating it with Direct Debit System's paperless infrastructure, parents can now settle school dues with the convenience of pay-now or pay-later options.
This partnership not only caters to tuition fees but also extends its services to encompass additional expenses such as transportation and meals, thereby broadening the spectrum of payment choices accessible through the application. Endorsed by the UAE Central Bank and integrated with UAEPASS, the entire process has been streamlined to operate seamlessly in a paperless environment.
Ummair Butt, the founder and CEO, underscores the significance of this collaboration in revolutionizing traditional payment methods, emphasizing the financial relief it brings to parents. By transitioning from cumbersome bulk check payments to a monthly digital payment system, families can better manage their finances, mitigating the risk of debt accumulation and preserving their creditworthiness.
Raman Thiagarajan, co-founder of Zenda, expresses enthusiasm about partnering with Direct Debit System, lauding their pioneering efforts in digitizing recurring payments in the UAE. He emphasizes how their joint services not only offer flexibility to parents but also enhance the efficiency of payment collection for educational institutions.
Meanwhile, testimonials from parents like Ahsan Rathor and Arvind Rao underscore the tangible benefits of the payment app, citing its convenience in matching expenses with income streams and alleviating the financial burdens associated with lump-sum payments. Rathor highlights the practicality of the pay-later option, while Rao emphasizes the significance of staggered payments in reducing the strain on families and facilitating the digitization of school receivables.
In essence, the synergy between the Direct Debit System and Zenda represents a paradigm shift in payment methodologies, empowering families to navigate their financial obligations with greater ease and efficiency while advancing the digitization agenda in the education sector.
