With card payments accounting for almost half of all transactions in the UAE, 2023 is seeing a significant shift in how we make online payments. The trend has paved the way for virtual cards, giving traditional cards a virtual facelift.
When opening a bank account, you are always asked whether you want savings or a current account. If you don’t know which one you should select, you will end up opening the wrong account that will not serve your purpose.
As Ramadan is nearing, the UAE is already witnessing a shift in consumer behaviour in a way that more online shopping is anticipated. Starting from the evening of 22nd March 2023, Ramadan this year is all about using digital payments, digital platforms, and online orders.
The United Arab Emirates (UAE) has a whopping population of 9 million expats, which comprises 88.52% of the total population. Attractive package, lap of luxury, and the dash & dunes of the country have gathered more expats to work for them.
However, living in this country from a financial perspective is not smooth sailing if you haven’t planned your finances. This blog is your go-to guide for personal finance tips if you are a working expat in the UAE
As a card-dominated country, UAE has 63% of its total population as credit cardholders. They use credit cards for shopping, payments, and even to withdraw money. Although debit cards are used to withdraw money from Automated Teller Machines (ATMs), credit cards also facilitate withdrawing cash at a specific cost.
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.
The unemployment insurance scheme announced by the UAE government is effective from 1st January 2023. The scheme is introduced to offer social security during unemployment and enhance the competitiveness of unemployed people. Already 250,000 people applied to the scheme by 12th Jan 2023
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.
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.