With the country boasting a 100 percent internet penetration rate, it comes as no surprise that e-wallets are becoming increasingly popular in the United Arab Emirates (UAE). According to a report, the nation’s mobile wallet market was worth $3.6 billion in 2022. Until 2028, it could grow at a compound annual growth rate (CAGR) of 12.12 percent.
Find out the top e-wallets in the UAE.
What is an e-wallet?
A digital wallet or an e-wallet is an app that allows cashless transactions, securing your payment information and passwords for numerous payment methods and websites. You can access it on a computer or on a mobile device. Apart from holding credit, debit, and bank account details, it can also store gift cards, membership and loyalty cards, coupons, tickets for events and transport, hotel bookings, driver’s licenses, ID cards and even car keys.
Top e-wallets in the UAE
In the UAE, over half of its population uses an e-wallet to make various types of payments. Below are the most reputable e-wallets in the country.
PayIt
Award-winning and innovative, Payit is the UAE’s first fully-featured digital wallet. It is powered by First Abu Dhabi Bank (FAB) and has garnered over 1 million downloads to date. You can also use it to make money transfers across more than 200 countries and territories. One of its standout features is that it’s entirely free — no need to pay for account maintenance, top-ups, or sending money. There’s also no minimum balance required, ensuring better flexibility. If you need to withdraw cash, you can do so at ATMs. It has teamed up with several other entities and merchants for discounts, deals and cashback promos.
Etisalat Wallet
This e-wallet is offered by Etisalat, and it allows you to turn your phone into a versatile wallet. You can use it to make purchases, pay utility bills and top up Etisalat mobile credit (for yourself and your family members), among other services. You can also buy parking tickets in key UAE cities from the app. To access these services, you must have an Etisalat mobile account — whether it’s postpaid or Wasel prepaid — and a valid Visa or Mastercard. This e-wallet guarantees a high level of security for a hassle-free payment experience.
Klip
Klip promotes cashless payments with features like lower remittance fees, instant transfers and rewards. Offering convenience for both individuals and companies, it ensures that linking banking accounts is easy. There are also advanced security features such as biometric banking and voice-activated payments. This e-wallet, developed by Emirates Digital Wallet LLC in collaboration with 15 UAE national banks, supports the UAE Central Bank’s vision to reduce cash circulation. The goal is to help lower financial risks and fraud.
Read: What is IBAN in UAE?
Beam Wallet
Beam Wallet has earned the recognition of being the fifth most promising startup in Europe. The digital wallet leverages Near-Field Communication (NFC), a short-range wireless connectivity technology, to facilitate payments. After you’ve linked your credit card to the app, you can access a range of services. These include mobile recharges and DTH subscriptions. In 2016, it became the first digital wallet in the UAE to enable users to pay for fuel.
Google Pay
Google Pay, or simple G Pay, is a product of one of the most prominent tech giants globally. This versatile digital wallet platform is available to both Android and iOS users. It enables seamless transactions once you register your bank-issued card details. In the UAE, it supports a range of major banks including Emirates NBD, Emirates Islamic, Mashreq, and Standard Chartered. Complementing its seamless payment features is a robust security system. G Pay offers passcode protection and encrypted transactions. Its autofill feature offers a fast and secure way to complete online payments.
Careem PAY
Careem PAY, integrated within the Careem app in the UAE, makes financial transactions smoother by enabling easy payments, bill clearances and money transfers. It has a user-friendly interface, allowing you to send or receive funds through phone numbers, payment links or QR codes. Like other reliable e-wallets in the UAE, security is a top priority. The app does not require nor share card details for transactions.
Samsung Pay
Now part of Samsung Wallet, Samsung Pay is compatible with both swipe and tap terminals. As an all-around mobile payment solution, you can count on its robust five-layer security system to safeguard cashless transactions. This e-wallet supports several cards, including Visa, Mastercard and American Express from over 1,000 partner banks and credit unions. For a richer experience, it allows you to easily digitize loyalty, membership and gift cards using your device’s camera, making it possible to store almost any card with a barcode. Note that this is only available on certain Samsung devices.
Apple Pay
Available to download on Apple devices, this digital wallet is easily accessible with Apple’s Touch and Face ID features. As another security measure, you have the option to deactivate lost devices via iCloud or Loss Mode on another Apple device. As a mode of payment, Apple Pay is reliable, boasting acceptance by over 85 percent of retailers worldwide. It’s also compatible with millions of websites and apps. You can swiftly add cards by scanning them or entering details manually.
Final thoughts
As a digitally advanced country, the rising prominence of e-wallets is an inevitable thing to happen. With various e-wallets available in the UAE, performing financial transactions has now become quicker and easier. To maximize your chosen wallet, make sure to familiarize yourself with its features and stay updated with any new benefits.
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