The most popular electronic payment types and methods in UAE
There are many advantages offered by e-commerce sites, but perhaps the diversity of electronic payment methods is the most important of all, as it facilitated the conduct of online shopping in UAE, and it is also one of the most important reasons for the success and spread of electronic commerce in the world due to its reliability and degree of security High availability and wide availability, it is not possible to complete business online without it.
What are the most popular electronic payment methods in UAE?
Credit Cards
Credit cards are one of the most popular payment options for online purchases, and this is due to their protection features that prevent fraud cases, and they are widely used worldwide and are convenient for shoppers as well, as many studies indicate that the majority of online shoppers in { country} they buy more with credit cards than with cash.
The credit card mechanism allows plastic card holders to borrow money from banks or ATMs and use them in purchases and various commercial transactions, provided that these funds and any interest or taxes incurred are paid each period or on the due date, where the lender issues a statement of accounts in the name of the card holder. On a monthly basis, and among the most popular forms of these cards: Visa, MasterCard, American Express
Debit Cards
They are magnetic payment cards issued by a bank, which can be used for purchases and in cases of cash withdrawal, and sometimes include credit cards, ATM cards, and smart cards.
Online purchases are deducted from the deposit account, unlike credit cards in which the lender is debited, but it is more savings, as it avoids users from paying various fees, and makes the user more responsible for his expenses because the money is deducted directly from his account, in addition To the degree of its high security, no one can use your bank card without knowing the PIN, and besides all that, many banks in UAE announce the possibility of opening profitable accounts and getting rewards for holders of these cards.
Smart Cards
They are cards integrated with a processing chip that saves user data instead of the magnetic tape found in ATM and credit cards. It provides additional protection for user accounts. It is also used in the transfer of financial information, instant payments and money transfers, in addition to a variety of identification purposes. And security, which is why this type of card is very important for organizations that want to protect their transactions and account information in an era of increasing breaches and security challenges, where all transactions are encrypted to protect the transfer of information from one party to another.
Electronic wallets
Electronic wallets are mobile applications that store credit card and bank account information, which can be used to make purchases online and in shopping stores or to deposit and transfer money. Ease of use and more secure than traditional methods due to the security technologies it provides such as fingerprint reading, facial recognition, password entry and others, so some believe that it will replace cash and credit cards in the future, and one of the most popular types of electronic wallets in UAE is : Apple Pay, Google Pay, Paypal, etc.
Electronic Funds Transfer
It is also called direct deposit, and it is an electronic movement of funds from one bank account to another, where these transfers are made by bank employees, and for this reason it is considered an easy and quick way to pay and transfer money, and the method of electronic transfers is done between the two parties of the sender and the recipient, once the sender starts the transfer Through the Internet or payment terminals, the money will be transferred immediately from the sending bank to the receiving bank, and this method can also be used in payments for service in public institutions in UAE.
eCheque
Electronic Cheque are a form of online payment, which takes the same procedures and legality as a paper Cheque, but it is a check that works in an electronic format, that is, it can be processed in a simple way, and it has higher security features than paper Cheque, including the possibility of authentication, encryption and signatures.
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