Tuesday, 02 January 2024 12:17 GMT

UAE Employees Can Now Receive Salaries In Digital Wallets As Du Launches New Platform


(MENAFN- Khaleej Times)

Employees in the UAE can now receive their salaries through digital wallets , as the use of this technology has grown exponentially over the past few years.

On Monday, the UAE's second telecom operator, du, launched the 'Salary in the Digital Wallet' (SITW) feature, allowing the UAE workforce to receive their salaries directly into their du Pay digital wallets .

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Through the multilingual du Pay platform, UAE residents can transfer money globally, pay bills, recharge telco accounts, order a debit card, and make card payments.

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As reported by Khaleej Times, the use of digital wallets is growing in the UAE, especially among expatriates from Bangladesh, India, Pakistan, and other Asian countries for remitting money to their home countries .

Currently, some of the popular digital wallets in the UAE include Apple Pay, Samsung Pay, and Google Pay, among others.

To receive salaries in their digital wallets, customers will receive a unique IBAN when registering with du Pay. This will empower residents with instant access to their funds through the du Pay mobile application, along with a physical du Pay card for cashless transactions.

The company said this digital wallet feature is especially beneficial for residents earning less than Dh5,000 per month, who typically have limited or no access to traditional banking services.

Importantly, customers can open a zero-balance account with du Pay .

According to Research and Markets, the prepaid card and digital wallet market in the UAE is projected to grow by 12.7 per cent annually , reaching a value of $8.28 billion (Dh30.4 billion) in 2025. It is expected to grow at a compound annual growth rate (CAGR) of 10.7 per cent, reaching $12.43 billion (Dh45.6 billion) by 2029, driven by increased digital adoption and government initiatives.

“The shift towards digital payment solutions is driven by a growing fintech ecosystem and enhanced payment infrastructure, while the rise of digital wallets is expected to further accelerate financial inclusion,” it said.

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