What is an e-wallet and how does it work. Great question. Simply put, an e-wallet is an online wallet app where you can stash your cash without it getting lost, stolen, or put through the washing machine.
An e-wallet makes payments and money transfers faster, easier, and more secure. Any transaction you want to make – international or local – can be safely completed from the comfort of your couch.
What is an e-wallet and how does it work. Once you’ve downloaded an e-wallet app. to your smartphone, you can do all of that – and more – while you’re on the go.
Why go cashless?
There are loads of reasons to go cashless: ask anyone from Finland, Sweden, China, Australia, or the United Kingdom. These five countries are leading the charge with barely any physical money changing hands, even in rural areas. Sweden is on track to be a cashless society by 2023!
Digitization is all about making life easier, and that’s exactly what an e-wallet does. No more waiting in lines at the banks, hoping the taxi driver has changed, wondering if there’s an ATM nearby, or stressing about how much cash you’re carrying on your person before making a large deposit or sending money home.
We’ve all been worried lately about picking up and passing on germs. Physical cash changes hands constantly, making it prime real estate for bacteria. Contactless payments have been on the rise since COVID-19 swept the globe and it was such an easy transition, it’s hard to even think about going back to using physical currency.
If you’re a shopaholic or a little disorganized when it comes to budgeting. Your e-wallet will help you stay on track with a personal transaction trail of where and when you spent your money. No more wondering how your money seems to magically evaporate every month!
How does it work?
Making the switch to a cashless lifestyle couldn’t be easier. Let’s take an exmple like payit e-wallet which is completely free of charge – there are no setup or maintenance fees to worry about. This is about spending your money where and when you want to.
All you have to do is download its app. and follow the step-by-step instructions to link it to debit from any bank in the UAE or top it up using the FAB mobile app. If you do find yourself in a situation where you need cash, you can use payit also to make a withdrawal from any FAB ATM. What is an e-wallet and how does it work.
Where does it work?
The UAE is full of local and expatriate people who love to explore their surroundings and living life to the full. The e-wallets are the perfect companion for busy lifestyles.
It can be used for topping up Nol or Salik to get you from Downtown to the Marina, and Mawaqif so you can instantly pay for your parking when you arrive.
Sharing lunch with friends and splitting the bill? Pull out your smartphone to pay using your mobile wallet, or transfer the money from your e-wallet direct to their bank accounts. Before you pay, check out different e-wallets offers to make sure you don’t miss any of the dining and shopping deals we’ve organized for you.
Need to send money home? You can skip that trip to the bank and transfer funds to almost 200 countries – and if you’re sending money to India, you’ll skip the fees too.