Be
it shopping for clothes in the UAE or your daily needs, the many payment
options available, right from cash, to credit and debit cards, might be confusing; especially for a
first-timer. So what should you use? Read on to know-
Cash
Accepted
across local markets and high-end stores, this is the most versatile mode of
payment. The official currency of the Emirates is Dirhams. You can exchange
your currency at the various Money exchange companies that dot the streets
throughout the Emirates. Also, you have the option of getting Dirhams at your
origin airport or any airport in the UAE. However, it is preferable to scout
for the best rate and go for the exchange company that offers it. It is the
most widely used mode of payment in the UAE as it does not attract any
additional charges. The only risk is theft.
Cheque
Cheques
are amongst the least used mode of payment today. They are used in case of
large transactions. You get a cheque book when you open a bank account.
However, you need to be cautious when issuing a cheque; because a cheque
bounce, might attract a significant penalty and even land you behind bars.
Credit
card
This
is the second-most preferred mode of payment with more than half of the
population using credit cards for making their payments regularly. Credit cards
offer the convenience of not having to worry about your bank balance while
using them. Also, you can easily split the purchase into EMIs when purchasing
so that you can pay as per convenience. Also, the complimentary offers that
come with the credit cards and the rewards on shopping, dining and travel, make
it an attractive option for the residents and especially expatriates.
Debit
card
The
debit card is the next
popular mode of payment. Debit cards
offer more security and control over your purchases. It is protected via a
highly secure four-digit PIN, and a majority of the banks even offer you the
option of a code sent to your mobile to authorize the transactions. You can
also use Debit cards at
ATMs to withdraw cash from your account. Unlike credit cards, the use of debit cards for purchase does not
attract transaction charges. However, using a debit card to withdraw cash from any ATM of a bank other
than your own, is chargeable.
Prepaid
cards
These
cards are similar to debit cards, with the only difference being that you need
not have a bank account. The prepaid card can be used across the Emirates as
well as abroad for transactions. Some companies even offer the added advantage
of withdrawing money from selected ATMs. Besides, shopping with partnered
brands can also earn you rewards, cashback and reward points. The cards are
available at petrol pumps as well as other partner outlets.
Online
Banking
Your
credit card and debit cards enable you to make payments or transfer funds
online. It makes online shopping a breeze. The transactions are conducted using
secure payment gateways, and hence are safe.
Digital
payment
Digital
payments are a big thing in the UAE. Making payments via the phone is
convenient and relatively safe; As a result, the usage of mobile wallets is
increasing. There are many players in the digital payments market like Trriple
Payments, Beam Wallet, Bridg, Cardtek, Mashreq Bank, Emirates NBD, OMA Emirates
and Network International. Apple Pay and Samsung Pay, too, are widely used for
the convenience they offer. Meanwhile, 16 banks in the UAE are coming up with a
digital payment solution called Klip to promote cashless economy and support
the central bank of the UAE.
While
making a purchase always remember to check for additional charges and other
fees on the method of payments you will be using. Also, look for rewards and
points to make the most of your purchase.
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