• How you can benefit from using e-payments?

      July 10, 2017    

    How you can benefit from using e-payments?

    How you can benefit from using e-payments? Slowly but surely, customers in the UAE are adopting a new way of shopping, opting for online purchases rather than visiting traditional brick-and-mortar stores.

    A report by Visa and the Department of Economic Development in Dubai showed that the average monthly online spend by UAE residents witnessed a double-digit increase in 2017, from Dh1,375 a year ago.

    Estimates and surveys indicate that the UAE's e-commerce market is worth over Dh20 billion annually and project that this number will double by 2020. With a surge in investments in digital payment infrastructure in line with the government's Smart Dubai initiative, online shopping is becoming faster,

    safer and definitely more convenient. Add to that attractive discounts on products and services from merchants and banks, and you stand to benefit in myriad ways.

    Credit cards: Catering to your needs

    According to the study by Visa and the DED, 56 per cent of UAE consumers interviewed make online purchases at least once a week, with nearly 68 per cent saying they prefer using cards to pay online.

    In view of this development, many banks are enhancing the incentives on their credit cards to suit their customers' lifestyle. Co-branded cards in particular come loaded with discounts and other benefits. To take full advantage of this emerging trend, it is important that you prepare a list of credit cards and analyse their offerings before applying.

    If you shudder at the thought of having to compile so much data, do not despair. Today, there are many specialist online comparison sites that present all the information you need at a glance. Speaking to a bank representative can also help you understand the offers in more detail.

    Once your list is ready, compare the options to see which one suits you best - and would save you the most money.

    For instance, banks catering to the online shopper segment tend to offer incentives on online purchases, such as 'buy one, get one free' deals, real-time redeemable loyalty points, accelerated cashback options, as well as tie-ups with online shopping platforms, food delivery apps and digital download sites.

    Ultimately, your personal spending habits should determine which card is right for you. Make sure you read the fine print; some of the benefits come with terms and conditions attached, such as a minimum spend requirement or a limited list of partner retailers.

    And if you still cannot make up your mind, banks also have a range of introductory offers that can help you decide.

    Prepaid cards and digital wallets

    Prepaid cards that you can pre-load with funds to use in store or online are a great way to make e-commerce payments. Their popularity is rising fast because they allow customers to pay regardless of their credit history or whether they have a bank account, advancing financial inclusion.

    In addition, prepaid gift cards save you the trouble of searching for that perfect gift, as they leave the choice to the receiver. Virtual prepaid cards are also available today, reducing the need for plastic.

    Digital wallets, such as Visa Checkout, PayPal, Masterpass, Paytm and Alipay, represent an alternative payment method that is quickly gaining adopters, often due to the discounts they offer either in partnership with retailers or through coupons and online discount codes.

    Future Growth

    While e-payments are still in their infancy in the UAE, the trend is certainly here to stay and grow - given the wide range of benefits they bring to the wider public. Offering easy ways to pay for all sorts of products and services from groceries and utilities to entertainment and holidays, shopping has never been more convenient.

    With improvements underway in aspects such as security, government policies and fraud prevention, we can expect many more smart payment solutions - each offering a wealth of convenience - to enter the market in the near future, and banks will be at the heart of that change.

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