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.
The popularity of digital wallets has increased significantly over the past few years. Digital wallets are now a common tool for day-to-day transactions because of their friendliness, convenience, ease of use, and security.
Have you ever used a digital wallet? If you have used it, do you think it is better than debit or credit cards? With the growing popularity of mobile wallets, traditional credit/debit cards are being taken over by this new invention.
Digital wallets are a great innovation that is shaking up the world of banking. It has brought to the table many new features that make it stand out compared to traditional cards. It has led to the growth of contactless payments in the UAE, which now accounts for 13% of the total payments as a key player, compared to the initial 10%.
However, nothing has a hundred percent efficiency, and digital wallets are no exception. They have some downsides that credit/debit cards might cover. So let us look at using digital wallets vs bank cards Pros and Cons.
Despite the advent of digital wallets, we haven’t completely replaced credit or debit cards or even traditional cash. We still use them to pay utility bills, make online and in-store purchases, make payments for restaurants, hospitals, schools, and so on.