In a significant milestone, Payit, the innovative digital wallet powered by First Abu Dhabi Bank (FAB), has won the prestigious Best Bank Digital Wallet Award at the MEA Finance Banking Technology Summit 2024. The award was announced on 15th October 2024.
Payit is celebrating the honor of securing two prestigious awards. On September 11, 2024, Payit was crowned the Excellence in Mobile Wallet Innovation Award at the FINNOVEX Middle East 2024 Awards. And on September 12, 2024, it won the Best Digital Overlay Payment Service Provider Award at the MEA Finance Awards. Payit was also a sponsor at FINNOVEX Middle East 2024 Awards, 27th edition.
Freelancing offers more flexibility and potentially higher earnings, but timely and secure payments can be challenging when working with multiple clients. Therefore, having a secure payment system in place is crucial. This article covers the best payment method to receive funds in the UAE without opening a bank account.
A mother who brings smiles to our faces, eternal love to our hearts, and peace to our minds juggles multiple roles every day. The chores of a mother have not decreased over the years. In fact, they have only increased. But thankfully, digitization has brought in many tools and platforms that have greatly eased life for mothers across the globe.
High-end digital solutions such as digital banks and mobile wallets have become more prevalent in the modern period, and more people are using them to send and receive money.
As per the survey conducted by Visa, 82% of small and medium business owners responded to using more digital payment options, including mobile wallets, to offer their customers simple and secure payment methods.
In fact, nearly 60% of these small business owners replied they would only use digital wallets to accept payments. However, this shift in trends has primarily occurred among large businesses that have the means to provide customers with various payment options.
So, let’s dive deep into what mobile wallets are and how they help you grow your small business.
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.
Around 1.7 million people (32% of the total population) in the UAE are unbanked, earning approximately AED 2,494 per month (~ $679) as per the data released by the UAE Federal Competitiveness and Statistics Authority.
One of the major drivers for the United Arab Emirates (UAE) consumers to turn more digital about payments is the global pandemic. People started adopting digital ways (e-wallets, payment links, etc.) to make payments and money transfers.
NFC (Near Field Communication) is a comparatively short wireless networking technology based on standards that are increasingly being used in consumer and professional electronics, notably for integrating mobile devices as a way of sharing digital content. Users can use Near Field Communication (NFC) technology to make secure transactions, share digital data and content, and connect electronic devices with a single tap. NFC broadcasts have a small range (from a few centimeters to a few inches) and require the devices to be close together.