“You name it, Dubai has it. Or if it doesn’t have it, it’s building it.”
A fascinating country where everything is glamorous, and nothing is impossible… The United Arab Emirates, known as Emirates, is a relatively new country established in 1971. It is located at the eastern end of the Arabian Peninsula and shares borders with Saudi Arabia and Oman. Before diving deep into the payment options in the United Arab Emirates, we better get to know this unique region better.
Although you may think it is a new country, The United Arab Emirates achieved a lot and earned an incredible reputation in this short period. Unlike any other country, something is making all foreigners fascinated and long to visit this fantastic concept of glamour. But what makes this country so exceptional, and why does it attract people from all over the world?
The United Arab Emirates population is around 10 million, and approximately 3.5 million live in the most extensive city, Dubai. This mystical country is, in fact, a federation constructed up of seven emirates: Abu Dhabi, the capital of the UAE; Dubai, Fujairah, Sharjah, Ajman, Al Khaimah and Umm Al Quwain. These seven emirates assemble an outstanding culture and ethnicity mosaic.
In addition to the diverse cultural backgrounds of the native residents, the population of the United Arab Emirates is made up of over 200 nationalities. This is due to the fact that most of the current population consists of expats, entrepreneurs and digital nomads that are coming from all over the world. The majority of the expats are from India, Pakistan, Bangladesh and the Philippines. However, it would not be an inaccurate statement to say UAE also attracts Europeans and Americans.
Dubai is the largest city, whilst it hosts many eccentric local regulations, cultural habits and surprising statistics. The tallest building in the world, Burj Khalifa, is located in Dubai, and it reaches 828 metres. Somehow, there are no personal or income taxes in Dubai. This criterion might clarify why there are more expats than citizens in the city. Another exciting thing is about 40% of the world’s physical gold trade happens in Dubai, and the city has gold ATMs that dispense real gold.
It is no secret that the people of Dubai love luxury. You can see ultra-luxury cars, towering and lustrous buildings, and extravagant yachts everywhere. Actually, due to the high-income rates, high-end brands such as Chanel, Louis Vuitton and Dior are highly accessible to them. Getting a Hermes Kelly or a meowing cougar cub from your boyfriend in Dubai is no biggie. The land where anything is possible, right?
The majority of The United Arab Emirates is Muslim. Islam is the country’s official religion, and some Islamic ordinances are applied as a law called “Sharia Law”. For example, you are not permitted to dance in public in Dubai. Hugging and kissing in public are strictly prohibited. You can hold hands with your husband or wife, though that is as far as it goes. Modest dressing is a must, especially if you are travelling out of Dubai and Abu Dhabi, which are the most flexible cities due to the high population of tourists and expats.
In the United Arab Emirates, both primary and secondary education is complementary and mandatory in public schools for boys and girls. Non-citizens ought to pay fees for both public and private schools. Healthcare is not so distant either, and it is free for only Emirati citizens.
While the general income is high in the country and no personal or income taxes are applied, the expats cannot retire from the United Arab Emirates. There are no permanent visas and residency in UAE. However, the expats can use long-term visas that last between 5 and 10 years. As alluring as it is, The United Arab Emirates cannot be a place to build a home for you and your family if you are not a resident.
Choosing Payment Methods in The United Arab Emirates
As we have mentioned before, this is a federation of innovation and devotion to what is new. In the United Arab Emirates, there is an assortment of options when it comes to everything. Payment methods are not an exception. You might be overwhelmed if you are not a citizen.
In this part of the article, you will discover some of the most popular payment methods in the United Arab Emirates.
What Are The Different Types of Payment Methods in The United Arab Emirates?
Preferred payment methods and practices in The United Arab Emirates are changing rapidly as new technologies appear. Overall, the Emiratis use mostly cards for daily purchases and significant transactions. Since we are talking about one of the wealthiest countries, payment methods are exceptionally wide.
Payment practices in The United Arab Emirates
- Cash in The United Arab Emirates
The official fiat currency of the UAE is United Arab Emirates Dirham. However, you may also pay in USD, Euro and Pound Sterling in international shops. Even though the United Arab Emirates has been extensive on cash usage since the beginning, new steps are taken to form a shift towards more modern payment methods. According to Research And Markets report, in 2018, over 82% of the total payment volume consisted of cash payments. Today, the numbers are dissimilar.
In fact, the government promotes cards and other payment methods to track money. The money under record is the easy way to take a position against money laundering or other malicious activities. So, although you can still use cash for in-store purchases, the massive amounts may create some issues for you.
- Credit Card in The United Arab Emirates
The United Arab Emirates’s vision incorporates cashless payments since they consider shifting to cashless is a step toward a modern economy. Credit card and debit card usage is highly promoted, and you can efficiently complete your purchases using cards for your in-store and online payments. Major credit and debit cards such as Visa, MasterCard, American Express and Maestro are widely available. You should have no concerns about using your regular credit card if you journey to Emirates.
- Digital Wallets in The United Arab Emirates
Digital wallet usage in The United Arab Emirates has been advancing due to the current hype for a cashless economy. The country has a high digital penetration rate; most nationals over 30 use smartphones and mobile devices. This guides to a tremendous ecosystem for digital wallet usage. Digital wallets are often portrayed as the “best payment methods online“ due to perks such as the protection they bring as well as swift transaction rates and little to no fees. Digital wallet use in the United Arab Emirates seems to grow as the day passes.
Moreover, creating an account in a digital wallet is much more effortless than opening a traditional bank account in the United Arab Emirates. Since it can be pretty formidable to operate payments for non-residents, a digital wallet in the local currency, United Arab Emirates Dirham, can be a life saviour.
- Cryptocurrency in The United Arab Emirates
The United Arab Emirates is cryptocurrency-friendly even though the UAE Central Bank does not identify cryptocurrencies as legal tender. According to a report by the country’s Telecommunications and Digital Government Regulatory Authority, over 11% of Emirates residents have invested in one or more than one cryptocurrencies. It is entirely legal to buy, sell and trade cryptocurrencies, and multiple platforms are available for United Arab Emirates residents.
Jeton Wallet in the United Arab Emirates!
Marhaba, Al-Imarat al-Arabiyya al-Muttahida!
Our digital wallet, Jeton Wallet, has been in the Western Asian market for long years. We admire the splendid culture, traditions, and breathtaking blend of vibrant colours of UAE. As a symbol of originality, innovation, and the unpredictable limits of human powers, it is impossible not to fall in love with this land.
In light of our experience in the market, we have designed a cutting-edge e-wallet to provide seamless online payment transfers in the United Arab Emirates. Despite our counterparts, we know how crucial it is to list the local currencies rather than going with only Euro, USD or Pound Sterling. You will find the United Arab Emirates dirham among our more than 50 fiat currencies. Therefore, our users will have reasonable exchange rates and transaction fees.
Furthermore, our digital wallet comes with a flawlessly readied mobile application, Jeton App, delivering the convenience of pursuing your cash flow everywhere you go. You can revise all your transaction history and operate your international money transfers through this user-friendly application with a few clicks.
To meet with our outstanding and trustworthy online payment services, please stop by jeton.com to talk to one of our professional customer support representatives. Together, we can move your online experience beyond your expectations.