Going Cashless in UAE: Pros and ConsApril 22, 2021
Remember dial-up internet? These days, a speedy Wi-Fi connection sometimes feels as though it’s more important than oxygen. That’s how we see the cash.
Society is on a fast track to going cash-free. Sweden and Finland are leading the charge, and the UAE is showing signs of catching up with more options for contactless payments, transfers, and sharing payments between friends and smartphones.
With any technological revolution, there are going to be pros and cons – and we’ve listed what to watch out for. One will outweigh the other in the end. Our money’s on cashless being king.
It’s a time saver
Going cashless means no more queuing at the bank, or waiting in line to pay bills. Different e-wallets in the UAE now give you full access to the utilities you use most: Du, Etisalat, Salik. Keep your household running and your credit score sparkling by paying all your bills on time, using one app. like payit e-wallet. If you’re splitting a bill or sharing a cab you can transfer money to friends in an instant, so there are no loose ends to tie up later.
It’s a money saver
Every year in the United States, $62 million in small change gets lost or thrown away. That is a whole lot of money that will now be much more easily accounted for. No more losing coins in the bottom of your handbag or between the couch cushions. You can keep track of your spending and your small change as it’ll be digitally stored and within reach on your cashless app.
It’s a fashion statement
Keep in mind, we’re talking about going cashless in the UAE: the fashion capital of the MENA region. Here, people dress to impress, and a bulky old-school wallet ruining the line of your tailored suit, kandora, or evening dress just won’t do. Having an e-wallet app that gives you access to all your finances? It doesn’t get much more fashionable than that.
Potentially exposing your personal data
As society makes the move to cashless, there’ll be a whole lot more data swirling around the ether. We recommend always locking your screen, avoiding connecting to public Wi-Fi networks when using data-sensitive apps such as bank accounts, and opting for merchants and retailers you know and trust wherever possible.
Harder to budget
Okay, we have to admit it. e-wallets apps. are so quick and convenient to use that you might be tempted to spend a little more than you normally would. But we figure it will cancel itself out because when you use any of them, you’re eligible for fantastic deals and discounts. So when the bill arrives at a restaurant, or you’re being tempted in your favorite boutique, check the app for ways to save.
You’re on the move, you only have your smartphone, and the battery’s dead. Or your data has run out and now you can’t make a wireless payment. It’s the stuff of nightmares! What next!? This one is tricky and still being worked out. Fortunately in the UAE, our infrastructure is state-of-the-art, and you’re never really too far from a spare charger or Wi-Fi network. Rest easy, troubleshooting solutions for these types of issues will all be part of the change.