4 e-wallets promoting a cashless economy in UAE
By Delisha Fernandes
E-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.
IBSi Daily News Analysis
November 28, 2023
A $4 trillion Islamic banking market to be driven by FinTech, study showsRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage