back Back

4 e-wallets promoting a cashless economy in UAE

By Delisha Fernandes

October 10, 2023

  • Careem
  • Digital Wallet
  • E-Money

digital paymentsE-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.

In an era marked by technological evolution in the FinTech sector, The Kingdom of UAE encourages nationals and residents to embrace a cashless future. This advancement brings significant opportunity for FinTech firms to enter the market with their digital wallets and mobile payment applications as they don’t need bank accounts and will be a gateway for many individuals to other banking and financial solutions.

Here are 4 e-wallets that are making waves in the UAE:

Careem is a Dubai-based company that offers delivery and food delivery services, car rides, home cleaning services, bike rides, digital wallets, and much more. Recently, Magnati partnered with Careem to expand digital wallet services through Careem Pay. This partnership with Magnati enables Careem Pay to launch new services that will make everyday purchases, payments and transfers easier for customers, captains and merchants.

e& money is an Abu Dhabi-based financial super app. Customers can go cashless without needing a bank account, send money globally and locally, pay bills, send gifts, and much more. It is a new, convenient, rewarding and highly secure service from Etisalat that allows you to make purchases, pay your utility bills, and recharge your accounts all via one simple application.

Klip is jointly set up by Emirates Digital Wallet LLC and 15 of the UAE’s National Banks. It also supports the UAE Central Bank’s aim to reduce and eliminate cash circulation, minimising financial risk and fraud. Klip’s offers a secure and convenient payment solution for companies across the region to pay and support their employees. The digital wallet lowers remittance fees, instant transfers, cashless transactions, and reward features, eliminating the need for costly alternative international money transfer services to send money home.

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 struggle while exchanging 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.

Also read: Global Payments Vendors and Landscape Report Q2 2024

Previous Article

October 10, 2023

Unionpay and Triplink unveils ‘Virtual Commercial Card’ in Singapore

Read More
Next Article

October 10, 2023

Arnur Credit bags $9m from IFC to aid Women-led MSMEs in Kazakhstan

Read More

IBSi Daily News Analysis


July 19, 2024


SMEs leverage cloud to gain competitive edge, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

July 19, 2024

Ecommpay & Mastercard partner to deliver Click to Pay in Europe

Read More

July 19, 2024

FinTech Focus: Catch latest developments of the week

Read More

July 19, 2024

Paysys Labs & Raqami Islamic Digital Bank to fuel digital payments in Pakistan

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q2 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
Get your copy now! IBSi Sales League Table 2024