Mobile Wallets are witnessing tremendous growth in the UAE

Mobile wallets have grown significant importance in the UAE as consumers can have easy and secure payment options with digital banking.

In this fast-paced city, people dont have much time for digging cash and credit cards in their personal wallets. Cashless payments are taking the charge as UAE leading banks such as Emirates Islamic push for smart payments.

With just a single tap at their smartphone or smartwatch, the residents can undergo the transactions at supermarkets, department stores, hotel check-ins, cinemas, petrol stations, taxis and many more outlets as banks and payment providers are raising digital payment solutions in the country.

Mobile payments in the UAE are tremendously growing demonstrating the transaction growth in double digits. This easy and secured method creates an unparalleled value and smooth convenience for residents.

A mobile wallet is an app on your smartphone where you can store debit and credit card to make purchases. It is not just about a plastic card functioning through your phone but it is the way that leads to superior control and delivering smooth customer experience.

Emirates Islamic, the UAEs leading financial institution that constantly differentiates itself through innovation and key areas of technological advancements.

The banks first digital approach has gained immense attraction among customers with 60% of them now actively using online banking. It was the first Islamic bank in the UAE to launch a mobile banking app that has an excellent rating on the App Store with more than 16000 reviews now.

The cardless withdrawal at ATM, remote branch queue ticket and smart pass authentication are some of the many innovative features by Emirates Islamic in digital banking that essentially adds to extra convenience to customers.

As per to the State of the Global Islamic Economy Report 2017-18, the young Muslim population is growing in the global Islamic economy who is expected to reach 2.2 billion by 2030.

Telecommunications Regulatory Authority stated that the usage of mobile wallets will raise the penetration rates of smartphones. Government policies have played an essential part in forming a digital culture in the UAE and have constantly helped in eliminating many barriers in the process of being a cashless society.