Central Bank of UAE is now also encouraging UAE nationals and residents to go cashless. Here is the list of top 10 E-wallets in the UAE.
While banking used to be a time-consuming endeavour, digitalisation has simplified all the aspects related to banking – whether related to opening a bank account or tracking transactions on an account. This has been further amplified with the latest technological advancements as well as the advent of smartphones, with the latter also ushering in new forms of banking on mobile apps.
Notably, digital banking in the UAE has also brought products that are especially available online. One such product is the digital bank account, with this type of account being accessible via mobile apps or laptops. Numerous banks now offer digital bank accounts in UAE, which are in line with the requirements of the youth.
The article will discuss below the top digital banks in the UAE providing excellent digital banking facilities for UAE residents as well as the top neo banks in the emirates.
Mashreq Neo is a digital bank account launched in 2017 by Mashreq Bank. One of the most notable features of this type of account is that customers can simply scan their Emirates ID and use their face as their primary authentication method. Besides banking services, account holders can also use the application to invest in forex, gold, and stocks digitally.
- AED 350 cashback on all transactions done within the first 90 days
- AED 2,500 cashback when you transfer your salary to Mashreq Neo
- Earn AED 100 on each successful referral (valid for up to 20 friends)
Mashreq Neo offers the following digital banking accounts to its customers:
Liv, launched by the Emirates NBD Bank, is reportedly the first digital bank in UAE targeted at millennials. The platform provides an intuitive and straightforward banking experience designed to comprehend the preferences of customers and provide them with a differentiated digital experience. Emirates NBD Liv financial tools are designed keeping lifestyle requirements in mind.
It offers four types of products and services -
Two types of accounts are available with the Liv digital account - Regular Liv Account and Liv Prime Account. Given below is a brief description of both -
E20 is Emirates NBD's digital banking account specifically designed for entrepreneurs and SMEs (small and medium-sized enterprises). Using an E20 digital bank account, the following types of users can fulfil their daily banking needs and access various business management services through a mobile app:
The following types of businesses are allowed to open E20 digital business bank accounts -
E20 account is reported as the first UAE digital business bank account, with this standalone digital bank account being designed for entrepreneurs and SME businesses only.
Dubai-based YAP has partnered with RAKBANK to offer an independent digital banking platform without any physical branches in the UAE. Various products have been launched by the YAP unique to the market, with the popular ones discussed below -
The YAP digital banking platform offers several products, such as new multi-currency offering products, products for house-helpers and the young generation, products for equity trading, loans, and so forth. A user can select the one that fits their needs and easily apply for the same online.
Smartbanking, created by the Abu Dhabi Islamic Bank, offers manifold benefits to the users of its mobile applications. As a smartaccount user, you can track saving details in real-time, transfer money to local and international bank accounts, track credit card transactions, manage credit card bill payments, and recharge Salik credit and mobile devices – all from the convenience of your smart device.
Smartbanking account or a smartaccount is a savings account or simply termed an Online Savings Account (OSA), which is a Mudarabah-based account. This type of bank account can only be opened through the digital channels of the ADIB.
Amwali digital bank account is specifically designed by the Abu Dhabi Islamic Bank for children and parents to encourage savings among the former. You can open an ADIB Amwali account for your children between 8 and 18 years of age. Through Amwali, ADIB empowers the UAE's next generation at an early age.
ADIB Amwali account is a savings account to teach children about finance management while limiting their access to the money in the transactions and accounts. The parents or guardians can control the debit card usage and transfer the funds to their children's accounts via the parent dashboard using ADIB mobile application.
Parents with existing ADIB bank accounts can open an ADIB Amwali account for their children adhering to bank norms and conditions.
OG (On the Go) Pay is launched by OG bank to focus on mobile digital banking and payments through its chat-based payment wallet. OG pay is vital in converting a mobile device into a payment sending, receiving, and processing terminal.
OG Pay is a digital bank offering a chat-based payment system and online PoS, which is accessible via mobile phones. It can only operate in a closed-loop environment that provides numerous customer advantages due to its reasonable operational costs.
Xpence is a digital banking account in UAE designed for freelancers, start-ups, SMEs, and corporates. It allows businesses to manage their expenses digitally without depending much on physical calculations. Xpence offers globally accepted virtual Xpence cards for companies and their teams, with these cards providing complete control of each department's budget and option to monitor individual departments’ requirements through virtual card management with live analytics.
Xpence offers globally accepted physical and virtual visa cards for businesses of all shapes and sizes.
Zand is a Dubai-based digital bank soon launching its cloud-based banking platform in UAE. Zand is focused on technology and aims to humanise the digital customer experience. Notably, it seeks to become the first completely independent digital bank and the first digital bank to offer both corporate and retail banking.
Zand will provide digital banking services to both retail and corporate clients. You would be able to open any of the two types of Zand accounts –
Digital banking, while involving digitising each aspect of banking, is highly beneficial as digital banks can automate and simplify operations that make banking easy for users across different categories. Furthermore, digital banks provide clients with the option of applying for loans and gaining access to customised money management services, such as overseas transfers and investments in various asset classes like stocks, gold, mutual funds, and even crypto assets, all while allowing them to deposit and transfer money remotely.
The UAE is home to several digital banks that are revolutionising and improving the customer experience. From opening a bank account to tracking your transaction, digital banking is making all aspects of banking easier for UAE customers. You can easily choose your ideal digital bank from the list given above as per your banking needs.
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