Payit, the UAE’s first fully featured digital wallet, is expanding access to cashless transactions with the launch of the new Letsgo Payit Visa Platinum Card, powered by First Abu Dhabi Bank (FAB). This will connect the user’s wallet to Visa merchant acceptance location of 80+ million for a complete range of point-of-sale and online transactions.
The digital payments market in the MENA region is expected to reach $9 billion by 2028 (124% up from 2021). Although the UAE population still relies on cash and credit cards for payments, the new generation and the millennials have already started exploring emerging digital payment methods.
As more than half of the UAE consumers are set to use cashless payments by 2024, virtual cards have become an emerging trend among the residents. Virtual cards have become one of the region’s most popular digital payment methods, as they offer flexibility, simplified payments, speed, and security.
The launch of the Digital School marked a progressive move by Dubai’s government. While the education system is transforming toward providing digital education, the school fee collection system also requires innovative solutions for cashless solutions.
Whether you are a small business owner or a big giant in any industry, almost everyone requires payment processing services to run their businesses smoothly. Moreover, nearly 88% of the payment transactions were contactless in 2021, which justifies that customers are moving toward making payments digitally.
More than 50% of the UAE’s consumers use digital wallets to make payments as it allows convenient contactless payment solutions. Additionally, the United Arab Emirates (UAE) residents have been quite active in contributing to the move toward building the world’s most innovative digital economy in the country.
As a Non-Resident Indian (NRI), you must have tried different online payment service providers to send your money to your families in India. Be it a mobile balance recharge, bill payment, or utility payment, you need a service provider who can help you make international payments hassle-free.
Major Asia-Pacific countries such as India, Bangladesh, China, Philippines, etc have on average, more than 70% prepaid phone users leaving the post-paid service users at 30%.
While more than 50% of UAE consumers want to go cashless by 2024, they have already started their march towards using digital wallets for various payments. Consumers demand faster, safer, and more convenient (simple-to-use) payment options and, most importantly, contactless payment methods.
Index Just as technology plays an essential role in the virtual world, payments are another crucial part. While it is paramount to offer a seamless user experience through the metaverse, virtual assets will have to be transferred using virtual currency. But are we future-ready to experience the metaverse with digital currency? Which digital payment methods