Digital Banking in the UAE: How It's Shaping the Way We Live

Digital technology has transformed our daily lives, helping us do just about anything from anywhere with a click of a button. Can you imagine a life without smartphones, social media, online shopping, or digital banking? Neither can we. Banking is one of the industries that has embraced relentless innovation, leading to consumer benefits like easy access to financial products.

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The UAE is among the leaders in the adoption of digital banking, ranking sixth in the world. According to a study by McKinsey, up to 90% of consumers in the country use digital banking channels, including mobile banking, internet banking, and mobile wallets. Some factors spurring this growth are the rising use of smartphones, world-class telecommunications infrastructure, and a young population that prefers to do everything online. As banks operating in the UAE continue to invest in the latest financial technologies, we’re bound to see more and more people taking their banking online.

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The New Way of Managing Money

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Digital banking has completely changed how we manage our money in the Emirates. Financial services are more accessible and convenient than ever. You can now do countless transactions on your smartphone, whether you want to open a bank account, apply for a loan, send money, or pay bills. Even better, there’s no 9-5 when it comes to digital banking; you can do all these transactions and more whenever and wherever you want.

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In a country where expats make up about 85% of the entire population, it’s no wonder digital banking is so prevalent in the UAE. Many come to the Gulf nation seeking new opportunities, fueling the need for efficient online banking tools for international money transfers, currency exchange, online shopping, and other transactions. Digital transformation has also influenced the way we eat, thanks to the efficiency of online food ordering. The abundance of online food delivery apps shows how hugely residents of the UAE have embraced new ways of doing things in the digital age.

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Digital Wallets

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Digital banking has also given rise to digital wallets in the Emirates. Recent reports suggest that by 2025, digital wallet use will account for more than 52% of global e-commerce transaction value. That growth is evident in the UAE, where digital wallets like Pyypl are at the forefront, enabling people to pay, send, and receive money without the need for a bank account. Pyypl also brings financial inclusion to previously underserved segments of the population, especially the unbanked, by delivering access to financial services through smartphones.

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Conclusion

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As everything becomes digitalised, it's undoubtedly clear that digital banking is here to stay. It offers significant benefits over traditional banking, simplifying our everyday lives. No more standing in long queues to perform the simplest of transactions. Now we can all send money to our loved ones and order our favourite treats from the comfort of our homes.