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.
We live in a fast-paced, highly digitized world. Information and data move faster than ever before thanks to the advent of modern technology, particularly the internet.
While there certainly are some criticisms concerning the internet, there’s no denying that it’s made life significantly simpler for all of us. Special needs individuals, in particular, can testify to this.
QR codes and sound-based payment systems are two recent technologies that have entered the public sphere. Even though they are being widely used to make transactions all over the world, not many people know about them or how they work.
If you want to know more about QR codes and sound-based payment systems, keep reading.
As one of the fastest-growing eCommerce markets, the UAE’s eCommerce market is expected to grow to $9.2 billion by 2026. In this highly competitive market, online businesses must find ways to stand strong and make sustainable growth.
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.
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.
Payit digital wallet, powered by First Abu Dhabi Bank (FAB), and Magnati, the fully-owned payment subsidiary of FAB, has partnered with WOW Electronics Transport Services to launch a state-of-the-art digital payment service for its leaders and their riders. With this partnership, WOW riders can now make cashless mobile payments for their rides seamlessly using the