Index Just as technology plays an essential role in the virtual world, payments are another crucial part. While it is paramount to offer a seamless user experience through the metaverse, virtual assets will have to be transferred using virtual currency. But are we future-ready to experience the metaverse with digital currency? Which digital payment methods
Index The United Arab Emirates (UAE) is the third largest crypto market in the world as per Chainalysis in October 2021. While the Middle East makes 7% of the global trading volume for cryptocurrency markets, UAE, among all, runs an extra mile toward becoming a global digital asset hub. But, what is so special about
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.
While you become your boss when you work as a freelancer in the UAE, you also may deal with some problems, and the most common problem related to freelancing is getting paid on time. You send an invoice to the client and then chase the client for the payment, and after many reminders, you finally receive the money in your bank account.
While digitization is happening across most sectors such as banking, telecommunications, health, etc., educational institutes and schools are also not behind the race. The concept of homeschooling and smart learning are emerging as we see new transformations in the academic industry.
“I received a text message from DEWA that alerted us that our water consumption is 70% higher than our regular use. Upon investigating, my husband found that one of the bathrooms had a leakage that we generally would not have been able to find out.”
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.