The Central Bank encourages banking customers to use digital platforms like online banking services, mobile payments and Ewallet payments/contactless payments. By using the contactless payment method you can stay safe as you need not touch the payment terminal for making a payment.
Here in this article, we present you with list of the E-Wallets (Mobile Wallets) in the UAE.
| List of Top E Wallets in the UAE |
|---|
| 1. Payit |
| 2. Google Pay |
| 3. Emirates Digital Wallet |
| 4. Samsung Pay |
| 5. Beam Wallet |
| 6. Etisalat Wallet |
| 7. Apple Pay |
| 8. WePay |
| 9. AliPay |
| 10. Careem PAY 11. Klip 12. Paypal |
1. Payit
Payit powered by FAB is a digital wallet that can be used all over the UAE at multiple partners and merchants. It can be used to send money, pay bills, shop, top-up mobile worldwide.
There is no registration fee or minimum balance or bank account required on Payit wallet. It is accepted across all the big brands in the UAE like Sharafdg, Emax, Jumpo, Bodyshop, Babyshop, Cineroyal, Novo Cinemas, Joyalukkas.
Payit can be used to send money across the world. They offer competitive rates, 24/7 availability, fast and secured services.
Offers provided on Payit:
- Up to AED 25 Cashback on your first purchase using the wallet
- 50% Cashback on dining bills
- 20% Cashback on lifestyle purchases
- Get 50% Cashback on Groceries
- Get 20% cashback on your first Online purchase using payit
Apart from these, there are several promocodes and offers on the usage of Payit.
For FAB Ratibi Cardholders: FAB Ratibi holders can get upto 50% of salary advance on Payit wallet.
2. Google Pay
G pay or Google pay is the digital mobile wallet platform developed by Google. Google Pay can be used by anyone. It works on both Android and iOS.
You have to register your card details issued by the bank and you can make payments across UAE.
The service is available for Emirates NBD, Emirates Islamic and Mashreq, Standard Chartered. RAKBANK and many other banks are set to join the service in the near future.
Google Pay security is protected with a passcode and there is no need to worry regarding card information security. The reason is neither phone nor your bank send/ receive/ store your account information.
The transactions are encrypted, it uses codes to give instructions to the bank and this way it secures your payments.
3. Emirates Digital Wallet
The first of its kind wallets are implemented under the UBF (UAE Bank Federation). It supports the banking sector making it a milestone in pushing UAE towards a cashless society. It was established by 16 UAE nationals banks.
Emirates Digital Wallet LLC owns and operates Klip. Klip is an app that provides money to spend, store, remit digitally.
Klip can be accessed through Emirates Digital wallet or an app available from the stakeholder.
You can link klip account to your bank account or add cash at selected locations in the UAE. You can use a klip account to send or receive money for goods and services.
Anyone who is a resident of UAE and the one who has an active SIM card can use it. It is like having cash in your pocket. It is also available for those residents in the UAE who do not qualify for a bank account.
It enables biometric banking and voice-activated payments which empower users to have control over their mobile phone devices.
Click Here: How to Save money using Digital Bank?
4. Samsung Pay
Samsung Pay is a simple and convenient way to make payments. It works with any retailer for virtual payments.
Samsung Pay is compatible only with Galaxy S8, Galaxy S7, Galaxy A5 (2016/2017), Galaxy S7 Edge, Galaxy Note5, Galaxy S6 Edge+, Galaxy A3 (2017), Galaxy A7 (2016/2017), Galaxy S8+, Samsung Gear S3.
It is accepted at all swipe or tap terminals and it is not restricted only to NFC contactless terminals.
Samsung Pay is focused on enabling simple and secure in-store payments.
Samsung Pay is built with five-layer security and you are well protected with Samsung pay to perform cashless transactions.
Check Here: Know what UAE banks are offering during COVID-19
5. Beam Wallet
Beam Wallet is a payment system that uses NFC based system. The wallet user can add a card or pre-load credits to the wallet.
Payments can be made by tapping at the terminal to complete the transactions. Beam wallet provides cashback and discounts to users regularly
Beam wallet users can recharge mobiles, pay for DTH subscriptions and also pay for fuel using this e-wallet. In the year 2016, the Beam wallet became the first app to let UAE pay for fuel expenses. Beam wallet was ranked at no. 5 in the Financial IT Pathfinder ranking in the year 2016-2017.
6. Etisalat Wallet
Etisalat wallet is a rewarding, convenient and highly secure service from Etisalat. It allows customers to pay utility bills, make purchases, transportation fees, top-up Etisalat’s mobile credit and many other services.
Etisalat Wallet is available to download from Android and iOS app stores.
Etisalat wallet provides customers to access thousands of retailers and merchants enrolled to program. To use Etisalat wallet users need to have Etisalat mobile account either postpaid or wasel prepaid. A valid credit or debit card from Visa or Mastercard.
Apart from the general benefits of Ewallet, the benefits of using an Etisalat wallet is you can purchase parking tickets in Dubai, Abu Dhabi and Sharjah, pay bills, top-up Etisalat credit including family members. It provides a high level of end to end security.
7. Apple Pay
This Digital wallet is compatible with Apple devices like iPhone, iPad or Apple watch. In the UAE, the Apple watch payment is not widely used yet.
The key feature of Apple pay is Touch ID. It will let you make payments with a contactless reader after holding your phone device next to the terminal. Users have to add their debit or credit card information on the passbook. This feature comes exclusively for Apple devices.
Apple does not share your card details when you shop online. In case if you have lost your phone, you can get it deactivated using your iCloud account or even with the loss mode feature available on another iPhone device.
Click Here: Things to know about Digital Banking in UAE
8. WePay
A Chinese online payment service provider is a fast emerging app. WePay is part of WeChat. It started its operations service in Dubai. There are many options in WePay but all the options are not available for the residents of the UAE.
The reason is that this app ties your phone directly to your bank account which must be in mainland China. WePay accepts MasterCard Credit cards and foreign Visa cards but you can still use them to make payments.
WePay uses similar security features as other E Wallets so that your payments are secured.
9. AliPay
AliPay is a widely used online payment service which is provided in China. It was established in 1994, with more than 70,000 merchants and 200 financial institutions across 55 countries.
First Abu Dhabi Bank got into partnership with Alipay to provide better connectivity to UAE merchants. AliPay has features that work similarly to other Ewallets. AliPay has a payment authorization rate that guarantees the best user experience.
10. Careem PAY
Careem is a well-known brand in the UAE. They have started a digital wallet in the UAE which can be used to make payments, clear bills and receive money. Careem Pay is approved by the central bank of UAE.
Careem PAY can be used in the Careem app itself which is a multi-service app that provides taxi rides, food delivery, groceries purchase and many other services. It was launched in a partnership with FAB and the payment solution is Magnati.
11. Klip
Klip is an all-in-one digital wallet. It is jointly set up by Emirates Digital wallet LLC & 15 of UAE’s National banks.
You can make payments with snap with just a few taps. No more burden of hectic fees and long queues. It is easy, quick and efficient when you pay with Klip. Sending and receiving money is easy by using this app. International payments are easy with Klip.
Klip is supported by the UAE Central Bank which is aiming to reduce the circulation of cash and thereby reducing the risk of financial fraud. This platform is an alternative to the traditional banking system. It promotes loyalty, security, trust for users and simplifies the tasks of sending, receiving money and payment of bills.
12. Paypal
Paypal has been providing its services for the past 25 years and it is a more widely used platform. This is extensively used for faster and efficient transfer of funds. An International powerhouse with 439 million users, paypal offers personal and business accounts.
In the US and UK it is the largest used source of fund transfer. It is still very convenient for using as it is simple to use with the app. It is mostly used for international transactions. Including FX. The exchange fees are high and also out of network ATM fees.
For online shopping it is still considered as the best source of e wallet. The advantage is you do not need to give retailer bank account information or the card information.
Conclusion
During the 2020 Covid-19 Pandemic, the usage of the e wallets increased significantly for several payments right from rent, utility bills, online shopping, EMIs, etc. The Government of UAE has advised its residents to use mobile payments and other contactless payments to protect themselves from Coronavirus. It has also advised customers to use digital platforms for making transactions instead of visiting branches in person.
In this COVID-19 fluid situation use any contactless payments or any digital payment services and contribute to reducing the spread of the virus. The safety and wellbeing of residents are the highest priority. These are temporary difficulties that will fade away. Coordinate with the government officials to help you and serve you better. These e wallets in UAE will help you in performing your transactions smoothly.
About the author
Vinay Kumar Goguru is a finance professional with more than 8 years of diverse experience as a researcher, instructor and Industry work experience with both public and private entities. Prior to MyMoneySouq, he spent 6 years in Berkadia, It's a commercial mortgage banking company. He has a "Doctoral Degree in Commerce" and two master's degrees with a specialization in Finance, one as Master of Commerce and other as Master of Business Administration. He has written several articles on personal finance, published by different International journals. He loves traveling, reading and writing is his passion. He has a dream of writing a book on his favorite finance topics.
