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4 Digital Wallets promoting a cashless economy in MENA

By Delisha Fernandes

March 26, 2024

  • Cashless Economy
  • Credit Cards
  • Digital Wallets
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Digital WalletsDigital Wallets are contactless mobile payment systems — indicating the shift from traditional credit cards to a more portable form of payment. Think of them as digital copies of your debit or credit cards kept in an app on your smartphone.

These innovative financial solutions are not only reshaping the way transactions are conducted but also fostering financial inclusion across the continent. From offering convenient payment options to bridging the gap in financial accessibility, these digital wallets are at the forefront of driving economic growth and empowerment in the region.

Here are 4 Digital Wallets promoting a cashless economy in MENA:

Payit is a UAE-based fully featured digital wallet. Powered by First Abu Dhabi Bank (FAB),  customers no longer have to worry about carrying cash or struggling to exchange money. Payit smart wallet app offers real-time, online payment for your everyday shopping, online bill payment, bill splitting, and money management. Recently, Payit launched the Letsgo Payit Visa Platinum Card. This digital card will connect the user’s wallet to Visa merchant acceptance locations of 80+ million for a complete range of point-of-sale and online transactions.

PayBy offers cashless mobile payments, digital wallet, credit, and merchant services. The company was launched in 2005 and authorized as a payment institution to simplify cashless transactions between consumers and businesses.

stc pay is a secure integrated digital wallet. Consumers can make all their usual financial transactions securely and effortlessly in one app – in addition to new and innovative features designed to enhance and present solutions to current socio-financial behaviours. For instance, through the stc pay digital wallet, you can transfer, receive, purchase, and manage your spending. Furthermore, you can share group expenses with your contact list – whether friends or family – using the Shared Wallet feature.

QNB Pay Wallet is the latest product of QNB. It allows you to digitize your cash and cards in order to make quick transfers and contactless payments by simply scanning a QR code through your smartphone or by using a mobile number. QNB Pay is a convenient alternative to cash and physical card payments.

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