What are E-Wallets?
E-wallets are virtual wallets that stores payment card information on a mobile app. Its also known as Digital Wallets or Mobile Wallets, e-wallet service providers list their empanelled merchant stores in their app where you can make contactless in-store payments in a very convenient way via wallet app.
It’s the same as your credit card or debit card but it offers a host of other benefits. An E-wallet needs to be linked with your bank account or debit card to make payments.
Recently, The residents of UAE have been advised by the government to use mobile payments and other contactless payments like E-wallets in UAE to protect themselves from the coronavirus. Additionally, the Central Bank has also encouraged banking customers to use digital platforms like online banking services, mobile payments and E-wallet payments or contactless payments for making transactions instead of visiting branches in person. Contactless payments can help you stay safe during the current pandemic or if such a situation arises again as you do not need to touch the payment terminal at any point.
Read More:- Everything you need to know about Digital Banking in UAE
Here are some of the most popular E-wallets in UAE that will help you in going digital and contactless too…
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1. GPay or Google Pay
Google Pay is most widely used to send or request money from family and friends using a mobile phone. You can also pay your utility bills and recharge your prepaid phone using Google Pay. All you have to do is enter your card information once and you can then make payments across UAE. Currently, this service is available for Emirates NBD, Emirates Islamic, Mashreq, and Standard Chartered. Do not worry, RAKBANK and many other banks are set to join the service in the near future. Google Pay is a secure digital platform that ensures that your transactions are encrypted.
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2. Emirates Digital Wallet
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3. Samsung Pay
Samsung Pay is only supported by Galaxy smartphones, i.e., 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 a credit or debit card’s information to an NFC-enabled payment terminal, just like how an NFC-enabled card would work. However, it also works with traditional payment terminals and card machines by using MST (Magnetic Secure Transmission) technology. Samsung Pay is safer than having a physical card because it doesn’t actually store the actual card number. Simply put, it stores an encrypted version of the card number that is sent to payment terminals instead of the actual card number.
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4. E Wallet by Etisalat
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5. Apple Pay
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Keeping note of the current situation, opting for regular payment methods can greatly contribute to the spread of the virus. Thus, it is essential to use contactless payment options or any of the digital payment services since our safety and well-being should be the highest priority at this point. Remember, government officials can only help us if we coordinate with their efforts. Thus, let us help them serve us better and take every step in our power to overcome this situation together.