Why Retailers should Start Using Payment Wallets in UAE

The UAE’s retail sector is at the forefront of the cashless and contactless payments trend. Retailers should consider incorporating payment wallets in UAE to cater to these preferences. Payment wallet adoption is a game-changer, backed by compelling statistics.

Enhanced Convenience for Customers:

Faster Checkouts: Forget long queues and fumbling for cards. Payment wallets enable lightning-fast, one-tap transactions. A Mastercard study found that 39% of UAE residents used tappable smartphone wallets last year, highlighting the preference for speed.
Seamless Online Shopping: Integrate wallets into your e-commerce platform. A report states that 58% of UAE consumers use wallets for online grocery shopping, demonstrating their demand for a frictionless experience.

Greater Security and Fraud Protection:

Advanced Encryption: Payment wallets in UAE, like Safexpay, utilize robust encryption and tokenization technologies in the UAE. Another survey highlights that 58% of respondents use wallets for bill payments, indicating their trust in security features.
Reduced Cash Handling: Eliminate the need to manage physical cash, minimizing theft or errors. A study by Statista reveals that 48% of e-commerce transactions in the UAE use card payments, making a shift toward digital wallets a natural progression.

Boosted Sales and Customer Loyalty:

Exclusive Offers and Rewards: Partner with wallet providers to offer exclusive discounts, cashback, and loyalty programs. Research by Mordor Intelligence suggests a 12.3% CAGR for the UAE mobile payments market, implying customers respond well to such incentives.
Targeted Marketing: Gain valuable insights into customer spending habits through wallet data. According to Visa, more than 50% of UAE consumers plan to go 100% cashless by 2025, making data-driven marketing crucial.

The Safexpay Advantage:

Safexpay, a leading payment wallet in UAE, offers a comprehensive suite of payment wallet services tailored to the needs of local retailers. Here’s what sets them apart:

Seamless Integration: Providing easy & efficient integration with popular wallets along with creating customizable solutions, ensuring a smooth transition.
Multiple Wallet Options: Catering to diverse customer preferences with popular wallets and local favorites.
Advanced Reporting and Analytics: Gaining valuable insights to optimize your offerings and marketing strategies.

The Future is Cashless:

Cashless payments are the future of retail, and payment wallets are leading the charge. Embrace this technology to unlock benefits like:

Enhanced customer satisfaction: As per Visa, 50% of UAE consumers will make 100% cashless payments by 2024.
Increased sales: Checkout.com’s survey reveals that 48% of respondents think wallets could lead to a cashless society in a decade.
Improved operational efficiency: Reduce wait times and cash handling risks.

Available Payment Wallets in UAE

Samsung Pay

A secure mobile wallet app pre-installed on Samsung Galaxy devices. It stores credit/debit cards, loyalty programs, and transit passes. Users can make contactless payments at NFC-enabled terminals by tapping their phone. Pre-installed on popular Samsung phones in the UAE, this wallet enjoys wide adoption. Its key feature, Magnetic Secure Transmission (MST) technology, allows payments even at older terminals without NFC, making it particularly relevant for smaller merchants still transitioning to contactless options.

Google Pay

A mobile wallet app available on Android devices and non-Android phones. It stores similar information as Samsung Pay and allows contactless payments using Near Field Communication (NFC) technology. With the high Android phone penetration in the UAE, Google Pay offers a familiar and accessible option. Its integration with Google Rewards and loyalty programs can incentivize users, making it attractive for customers and merchants seeking increased engagement.

Apple Pay

A mobile wallet app exclusive to Apple devices like iPhones. It securely stores payment information and lets users make contactless payments by holding their device near an NFC reader. While limited to Apple devices, its popularity among premium phone users and seamless integration with the Apple ecosystem can attract a specific, high-spending customer segment. Partnering with Apple Pay can cater to this tech-savvy demographic.

Data Points to Consideration

Apple Pay:

While user statistics are not readily available for individual wallets in the UAE, Apple Pay enjoys strong global adoption and is likely present in the UAE market.
A 2023 report by Juniper Research estimates that Apple Pay will have the largest global market share among mobile wallets by 2027, reaching 52%.
The growing penetration of iPhones in the UAE (estimated at 37% in 2023 by Statista) and the brand’s popularity suggest potential for Apple Pay usage.

Google Pay:

Like Apple Pay, user numbers for Google Pay in the UAE are unavailable.
However, research from Statista shows that Google Pay holds the second-largest global market share for mobile wallets in 2023, trailing Apple Pay.
With the high Android phone penetration in the UAE (63% in 2023, Statista), Google Pay has a significant potential user base.

Samsung Pay:

Again, individual user data for Samsung Pay in the UAE is lacking.
However, its unique advantage of MST technology makes it relevant in the UAE, where some merchants might still have older card readers.
A 2023 report by Juniper Research predicts that Samsung Pay will hold the third-largest global market share for mobile wallets by 2027.

Don’t get left behind! Make the switch to payment wallets today and stay ahead of the curve in the ever-evolving retail landscape.

Ready to explore the possibilities? Contact Safexpay by sending an email to care@safexpay.ae today to discuss how their solutions of payment wallet in UAE can empower your business and propel you toward success in the cashless era.

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