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Cashless Payments trending in the UAE

Cashless Payments trending in the UAE

Digitalization is being adapted in most of the sectors and banking field is no exemption. Right from opening a bank account to performing transactions, everything is done online. A recent survey by Dubai Police, Dubai Economy and Visa on Covid-19 impact on customer’s purchase behaviour along with usual views on digital payments. The survey concluded that 

Consumers started finding online payment easy, convenient and also safe, especially in this Covid-19 situation. Along with consumers, even merchants have become interested to set up digital payment methods that would make customers complete the payments easily.     

Read: How to Save money using Digital Bank Accounts in UAE

Businesses, consumers and banks equally contribute to making digital payments the most preferred one and eliminate cash transactions. Even after Covid-19 pandemic, the cashless payment methods seem to be continued, considering the ease of use.

Recent Cashless transaction initiatives 

Currently, there are many big digital payment platforms in the UAE like C3Pay, Google Pay, Apple Pay, and much more. In addition to these, in the UAE, there are two major digital payment platforms launched this year. One is Abu Dhabi Pay by Abu Dhabi Government in collaboration with First Abu Dhabi Bank (FAB) and the other is Klip by Emirates Digital Wallet with FAB, National Bank of Fujairah, Mashreq Bank, and Mastercard. Both of these platforms enable consumers to perform transactions conveniently at any time. 

->Abu Dhabi Pay 

Abu Dhabi Pay works as a part of “payit’ application by FAB. UAE residents with a valid Emirates ID can get the application on Play Store and Appstore irrespective of the bank they are availing services at. Regular transactions for dining, shopping, money transfer to domestic and international accounts, etc. which can be carried out on Payit. Currently, with the collaboration, Abu Dhabi Pay allows the users to make payments for the government services availed. 

Check: Thing to know about Digital Banking in UAE

-> Klip 

Emirates Digital Wallet is a well-known digital cash platform that is in business in the UAE for so long now. Klip app built by Emirates Digital Wallet with FAB, National Bank of Fujairah, Mashreq Bank, and Mastercard. This payment method allows customers even without a bank account to perform transactions using the digital wallet. Klip users can send, receive and perform other transactions using the app easily. The app just requires a phone number. 

Klip has 15 UAE national banks involved with it RAKBank, ADCB, FAB, ADIB, Mashreq, DIB, CBD, SIB, Al Hilal Bank, Bank of Sharjah, Al Masraf, UAB, Invest Bank, NBQ and NBF. The features of Klip app are as follows, 

Usually, digital payment systems make the work of the customers very easy. The transactions can be made quickly using the mobile phone from anywhere and anytime. The Covid-19 pandemic has made digital payment methods not only popular but also important as the payment method doesn’t involve any physical contact. The only concern of transacting digitally would be the security. Though most of the well-known digital payment platforms are highly secured ones, the users need to be careful and do their part by not sharing any passwords, PINs or any banking credentials with anyone. 

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