The UAE has been at the forefront of technological advancements, and the digital wallet industry is no exception. The country’s commitment to a cashless economy has fueled the growth and adoption of digital payment solutions.
For consumers, digital wallets are beneficial because of their seamless convenience, security through encryption and biometric authentication, versatility for a wide range of transactions, and speedy payments through contactless options. Along with this, many digital wallet providers offer loyalty programs and exclusive deals to incentivise usage. The future outlook of the industry is strong, with the UAE government actively promoting cashless payments, driving the adoption of digital wallets among both residents and tourists. Digital wallets are also increasingly being integrated with other financial services, such as loans, insurance, and investments.
The industry itself is also constantly evolving, with new technologies like biometrics and blockchain being explored to enhance security and efficiency. As businesses, digital wallet providers are prioritising user experience and personalisation to differentiate themselves in a competitive market. An entrepreneur looking to enter this flourishing industry can choose the following business activity under this business license.
6491.02 – Digital Wallet for Electronic Payments
A digital wallet, also known as a mobile wallet or e-wallet, is a virtual application that stores your financial information, such as credit card details, debit card details, and bank account information. It allows you to make secure and convenient electronic payments for goods and services.
A digital wallet application asks customers to register, link their banking cards, and select their digital wallet as a payment method whenever convenient. Entrepreneurs typically focus on technology development and integration, user acquisition and retention, financial management, regulatory compliance, product development, and partnerships. By effectively managing these key activities, digital wallet businesses can create a sustainable and successful platform that meets the evolving needs of consumers and businesses.
This business excludes operational leasing, according to the type of goods leased.
- Third-party Approval: Business activity 6491.02 is exempt from this requirement
- Filing of Economic Substance Return: Business activity 6491.02 is exempt from this requirement
- Anti-Money Laundering Compliance: Business activity 6491.02 is exempt from this requirement
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