An e-wallet is a virtual wallet that stores payment card information in a mobile application. It is also known as digital wallet or mobile wallet. The e-wallet service providers list their stores in their app and you can very conveniently make contactless payments in the store through the wallet app.
This is the same as your credit or debit card, but it offers many other benefits. To pay, your e-wallet must be linked to your bank account or debit card.
The government recently recommended that UAE residents use mobile payments and other contactless payments (such as e-wallets) in the UAE to protect themselves from the coronavirus. In addition, the central bank is also encouraging bank customers to use digital platforms such as online banking, mobile payments and e-wallet or contactless payments to conduct transactions instead of visiting branches in person. Contactless payment can help you stay safe during the current pandemic or when it happens again because you don’t have to touch the payment terminal at any time.
Top 5 E-Wallet in UAE
- Apple pay
- Etisalat E wallets
- Emirates Digital wallet
- Google Pay
- Samsung Pay
1- Apple pay
Apple Pay is a contactless payment technology for Apple devices. Its goal is to keep consumers away from physical wallets and enter a world where both debit and credit cards are available on the iPhone or Apple Watch, making it possible to pay for purchases with a device instead of a card. In the UAE, payment for Apple Watch has not yet become widespread. Apple does not store your transaction information or card number on its servers, but your most recent purchases will be stored in the Wallet app. It creates a number or token to replace your card details, thus making card payments secure. Specifically, it will create a device account for each of your cards.
2- Etisalat E wallets
Etisalat e-wallet is a convenient, useful and highly secure service provided by Etisalat, allowing customers to use a simple mobile app to make purchases, pay utility bills, transport fees, recharge Etisalat mobile credit, etc. The app can be downloaded from the app stores for Android and iOS. Etisalat wallet can be accessed directly via mobile phones 24/7 when customers travel in the UAE or abroad and used as a digital wallet, eliminating the need and risk of carrying cash.
Once registered, users can fund their wallet, send and receive funds between mobile phones, transfer them to their own or third-party bank accounts, and pay merchant bills and pay bills.
3- Emirates Digital wallet
Emirates Digital Wallet LLC (EDW) owns and operates the Klipklip digital money platform in the UAE. He was the first in the country to take action to reduce the use of cash in the UAE and supported the efforts of the UAE government to promote digital transformation. The first-of-its-kind wallet, developed and implemented with the support of the UAE Banking Federation (UBF) and fully supported by the country’s banking sector, marks a true milestone in moving the country towards a cashless future. With the acceleration of the transition from the Internet to mobile banking, we see that the participants in the banking industry are paying more attention to improving the security and usability of mobile banking.
4- Google Pay
Google Pay is most widely used to send money or request payment to family and friends using mobile phones. You can also use Google Pay to pay utility bills and top up your prepaid phones. All you need to do is enter your card details once, and then you can make payments throughout the UAE. The service is currently available at Emirates NBD, Emirates Islam, Mashreq and Standard Chartered Bank. Don’t worry, RAKBANK and many other banks will be joining the service soon. Google Pay is a secure digital platform that encrypts your transactions.
5- Samsung Pay
Samsung Pay only supports Galaxy smartphones, namely Galaxy S8, Galaxy S7, Galaxy A5, Galaxy S7 Edge, Galaxy Note5, Galaxy S6 Edge +, Galaxy A3, Galaxy A7, Galaxy S8 +, and Samsung Gear S3. Samsung Pay uses NFC technology to transfer credit or debit card information to NFC-enabled payment terminals, just like NFC-enabled cards work. However, it can also be used in combination with traditional payment terminals and credit card machines using MST (Magnetic Secure Transfer) technology. Samsung Pay is more secure than using physical cards because it doesn’t actually store the actual card number. In short, it stores the encrypted version of the card number sent to the payment terminal instead of the actual card number.
Pay attention to the current situation, and choosing a regular payment method will greatly contribute to the spread of the virus. Therefore, it is necessary to use contactless payment methods or any digital payment services, because our safety and well-being should be the highest priority at this time. Remember, government officials can only help us when we coordinate their efforts. So let us help them serve us better and do our best to overcome this situation together.