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.
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.
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.
It’s the year 1997, you’re standing in front of a Coca-Cola vending machine in Helsinki. Following the company’s instructions, you send a text message, and your payment is made. The soda can pop out, and you walk away with it. This was one of the first demonstrations of digital payments, which eventually led to the birth of e-wallets. But what is an e-wallet, and how does it work?