2018-09-07 09:38:22UncategorizedEnglishFind out why mobile wallets are so popular in the United Arab Emirates. As the UAE moves toward becoming a cashless society, more consumers...https://quickbooks.intuit.com/ae/resources/ae_qrc/uploads/2018/09/woman-makes-purchase-with-digital-wallet.jpghttps://quickbooks.intuit.com/ae/resources/uncategorized/digital-wallet/Small Business Term: What is a Digital Wallet?

Small Business Term: What is a Digital Wallet?

1 min read

If you ever queued behind someone paying for a purchase with their mobile phone, you’ve seen someone use a digital wallet. Consumers who use digital wallets connect their bank account, debit card, or credit card to an app in their phone or smart watch. The technology allows them to complete sales transactions quickly. It’s important for you to understand how digital wallets work and the benefits of accepting them in your enterprise.

Widespread adoption of smartphones in the United Arab Emirates is one reason why digital wallets are becoming so popular. The government plans for the UAE to be a cashless society in the next few years, and this is another reason why citizens of the Emirates are being encouraged to use mobile wallets.

So how do digital wallets work? Consumers download their digital wallet app of choice from either the Apple or Android app store, depending on which kind of phone or watch they have. Many phones come with it already installed. They store their credit card, debit card, or bank account numbers in the secure apps and keep their physical cards and banking information safely at home, so they won’t get lost or stolen. Popular mobile wallet apps associated with local banks include:

  • Emirates NBD Pay
  • MashreqPay
  • Etisalat Wallet
  • Beam Wallet

 

Many businesses in the UAE also accept Apple Pay and Samsung Pay digital wallets.

Why should businesses adapt? Improved customer service is one of the leading reasons businesses accept mobile wallets. Counting change when a customer pays cash takes time, resulting in long queues, but a digital wallet-enabled point-of-sale system completes transactions in seconds. Also, some mobile wallets allow users to store their rewards card numbers in the app. This ensures the card won’t be forgotten at home or lost. The more rewards points a customer can amass, the more likely they are to visit your business regularly.

Accepting mobile wallet payments is a highly effective way increase cash flow and the financial strength of your business.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.
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