The modern world has produced innovative ideas to make transactions quicker and easier for the average consumer. This has been done by introducing various payment services such as mobile wallets and mobile banking. Mobile wallets, such as payit, can be used anywhere that accepts cash or credit.
As the world evolves, businesses are looking to expand their payment options to online platforms. When you expand your business payment options, you provide more opportunities for your customers to pay in a manner that they are comfortable with- it might even increase your customer base within time. Hence, it is good to incorporate online payments in your business if it is compatible with your payment procedure.
The invention of online banking has transformed a hectic and lengthy process into a quick and secure method of sending money. According to the Nilson report, around 1.01 billion online transactions occur worldwide.
As the UAE is leading the GCC region in accepting digital payments to become a cashless economy, businesses from all sectors have also adopted more innovative payment methods.
A few years ago, people treated the idea of a digital wallet as one bound to fail. No one was willing to put their money in the hands of this completely foreign idea, especially when you could just use your credit card to make payments just as easily.