YAP – Digital Payments App in UAE

With rapid digital transformation taking place, banks and financial institutions are exploring different avenues in the UAE towards the same and making banking more convenient. One of the essential steps towards this goal is the introduction of multiple digital payment applications, which can help you manage your bank account and personal finances from your smartphone. Moreover, such applications play a pivotal role in handling business operations, offering rapid and easy access to capital, and enriching the overall customer experience.

In this article, we will shed some light on one of the popular digital payment apps in the UAE – YAP, including its features, the process of creating a YAP account, eligibility criteria to use YAP, and all the other significant aspects.

What is YAP – Digital Payment App?

YAP, an independent and innovative digital banking platform provided by RAKBANK, seeks to redefine the structure of digital banking by offering a horde of benefits to its customers. It is designed to make banking accessible to customers, analyse spending, earning and budgeting patterns, and also provide the facility of utility bill payments in a few taps. Moreover, the YAP digital payment app does not require a minimum balance or mandatory salary transfer, which makes it a popular choice among UAE citizens.  

Features and Benefits of YAP

YAP, a digital payment app, offers numerous attractive features and benefits along with high-security standards to make banking a seamless experience for you. Let's take a look at some of the key features of the YAP application – 

  • YAP provides digital payment services for UAE residents and does not offer banking services like mortgages, loans, or other financial services
  • YAP services are available on both Apple and Android devices, making them accessible to all 
  • YAP account is a current account offered in partnership with RAKBANK
  • YAP account is solely offered to UAE citizens and residents
  • YAP allows transactions in AED currency only
  • As an account holder, you can deposit money into your YAP digital bank account through any RAKBANK ATM or CDM via cash or cheque
  • You can start a YAP account instantly without a minimum balance or salary requirement
  • YAP account holders will get one free debit card which gives them 24/7 global access through any MasterCard ATM
  • You will receive one free monthly statement listing all the transactions of that particular month as a YAP user
  • Along with the physical card, YAP also offers virtual cards allowing transactions through a two-factor ID via your phone
  • The approval process can take 4 working days after signing up on the YAP application
  • The YAP account is a current and a non-interest-bearing account
  • The YAP account will be automatically deactivated if you didn’t use the account for one year or more
  • You will receive real-time notifications for every transaction
  • With the help of a YAP account, you can make local and international money transfers, get access to remittance services, manage card usage limits, pay utility bills quickly, and manage all your bills conveniently
  • YAP provides spending analytics to make spending and budgeting simpler

What Does YAP Offer?

YAP offers hassle-free banking with a suite of valuable tools to UAE residents – 

YAP Digital Banking Account

  • You are not required to transfer your salary or pay any charges for not maintaining any minimum monthly balance in your YAP account
  • The account provides an IBAN (Non-Islamic Current Account) issued by RAKBANK, offering multiple tools to control your finances
  • You can find your IBAN and YAP account number at the top right corner of the dashboard under the menu button

Debit Card and Prepaid Card

  • Once your account is approved, YAP provides you with a virtual card and a MasterCard debit card within one or two business days
  • YAP cards are issued by the RAKBANK, the Central Bank-regulated sponsor of these cards
  • The physical card will be delivered to your doorstep without any charges and can be used across the globe
  • You can use this card for ATM cash withdrawals and online, international, and retail transactions without additional charges 
  • Many designs are available for YAP debit cards, ranging from metallic hues to chip metal cards
  • One of the remarkable benefits of the YAP debit card is its multi-currency feature. You can use the card while travelling abroad and enjoy the best exchange rates and payments in ATM withdrawals and local currency.
  • You can control your debit card through the YAP application and perform actions such as setting the usage limits, freezing your YAP card, and so forth
  • When you make a transaction using your YAP debit card, the amount gets deducted directly from the account balance
  • You can have more than one virtual YAP debit card for your account. However, it is to be noted that only one mobile number can be linked to a single YAP account

You can follow these steps to activate your YAP debit card - 

  • A PIN will be sent to you via SMS once the card is delivered
  • Log in to the YAP online digital banking account
  • Enter the delivered PIN to activate the card
  • After confirmation, the YAP card will be activated and can be used for transactions

If your card is damaged, lost, or stolen, you must place a new request for a new YAP card through the YAP application. Make sure to freeze the former card with the freeze card feature in the YAP application to keep your account secure.

Add Bills

You can add bills to your YAP account, after which YAP will contact the bill account provider and help you pay the bills on time. Follow the process discussed below to add bills to the YAP account - 

  • Open the dashboard and select YAP
  • Tap on the 'Bill Pay' feature before selecting the 'Add Bill' option
  • Enter the account number details and add each bill to the category

Granular Analytics

  • The ‘spend analytics’ feature in the YAP application can help you track your spending and earnings based on the categories 
  • The categorisation of bills can be helpful in understanding where your money goes and reviewing statements, payments, invoices, and so forth
  • The application will notify you whenever a bill is due, which allows you to pay your bills on time without any major difficulty 
  • It is to be noted that the recurring payment feature is not currently available in the YAP account

Money Transfer

  • You can make local and international money transfers through the YAP application
  • It is essential to mention the purpose of transferring money before the transfer
  • Local transfers take one day if the amount is less than AED 10,000 
  • You can also transfer money through YAP to YAP. The maximum amount you can transfer at once is AED 10,000, although you can conduct multiple such transactions daily 
  • To receive money, you would be required to send only your YAP account details to the sender 
  • To transfer money, adding a beneficiary to your account is necessary . You can add a beneficiary by tapping on the ‘+’ sign at the top right of the send money screen
  • If you have received less amount in your YAP account, you must refer to the fee section in the app as YAP charges a small fee for incoming foreign currency paid in AED. 

Intuitive Card Controls

By giving real-time payment notifications and the option to ‘freeze’ your YAP debit or prepaid card, YAP truly gives you the power to control your card. This offers a greater sense of security about your transactions.

Security Features

YAP's virtual card offers security features such as a unique CVV, expiration date for secure online transactions, and an extensive database of resources for YAP account holders.

YAP Young

YAP young, as the name may indicate, specifically targets young people and teaches them about financial literacy through earnings, savings, and spending via account. However, it must be noted that YAP young accounts can only be opened by the parents of children.

YAP Household

This product allows the members to create an account for their household to help deposit their salaries and other expenses.

Eligibility Criteria for YAP Account

In order to apply for a YAP account, you would be required to meet the following requirements – 

  • Age: At least 21 years
  • Nationality: You must be a UAE resident and not a USA national or USA taxable citizen

Documents Required to Create YAP Account

To open a YAP account, the following documents and details would be required – 

  • An email ID
  • A valid and active UAE mobile number
  • A valid Emirates ID

YAP Fees and Charges Schedule

Here are the fees and charges associated with YAP –

YAP IBAN Account and Debit Card Fee

Parameter Fees
IBAN account and debit card Free
Minimum balance requirement 0
Account closure fee (if the account closed within 12 months) AED 100
Card- re-issuance fee AED 50
Manager’s cheque  AED 50

Fees Associated with Fund Deposits into YAP Account

Parameter Fees
Cash deposit at RAKBANK ATM Free
YAP to YAP transfer Free
Local inward transfer to the YAP IBAN account AED 1
Local inward transfer to YAP IBAN account from non-AED currency AED 20
Top up via credit card or payment gateway 2.55%

Transactions Fee via Card

Parameters Fees
ATM withdrawal at RAKBANK ATM Free
Balance enquiry at RAKBANK ATM Free
E-commerce transactions within UAE Free
POS transactions within UAE Free
ATM withdrawal at any ATM other than RAKBANK AED 2
ATM withdrawal within GCC AED 6
ATM withdrawal at international ATM AED 20 + 2% transaction fee
Balance enquiry at any ATM other than RAKBANK AED 1
Balance enquiry at GCC ATM AED 3
Declined ATM transactions AED 1
POS transactions outside UAE  1.99% transaction fee
E-commerce transactions outside UAE 1.99% transaction fee

Fund Transfer and Remittance Charges

Parameters  Fees
Local outward transfer from the YAP IBAN account AED 2
EFT investigation for TT amendment or cancellation request AED 50
International outward transfer from YAP IBAN account via SWIFT / RMT Applicable as per the remittance and swift schedule

YAP Account Statement Charges

Parameters Fees
Account statement on mobile application Free
Account statement hard copy with stamp AED 25 (delivery charges may apply)

Additional fees associated with the YAP account are given below - 

  • From the third appointment onwards, card delivery charges will be applied. Currently, the charges are AED 25.
  • In addition to the fees stated above, a standard processing fee by MasterCard International will be applied to each transaction performed in any currency other than AED. Currently, the charges are calculated at 1.15%. 
  • VAT (currently at the rate of 5%) will also be levied on the specified YAP fees and charges, wherever applicable. 

How to Create a YAP Account?

To create a YAP account, you can simply download the application from Google Play Store or the Apple Store depending on your system. After that, perform these steps to be followed to get an online digital banking account with YAP – 

  • Open the YAP mobile application
  • Select the option for creating a new account and follow the prompted instructions
  • Once the account is registered, RAKBANK will issue an IBAN
  • Your YAP account will be activated in 4 working days
  • After account verification, a MasterCard will be delivered to your address within two days

Point to be Noted While Using YAP Account

  • You can always change your email address and mobile number through the application
  • YAP only offers personal current digital banking accounts to its customers - joint or business accounts are not provided
  • While a YAP account is free to use, you can avail of the paid services and take advantage of some additional features
  • Keep your YAP account safe by changing your passcode every few months
  • All YAP debit cards are compatible with Apple Pay and Samsung Pay
  • You can also set touch ID and face ID while signing in
  • The YAP application is not available on the desktop
  • If you lose your phone and are unable to access your YAP account, you can contact the customer support team at +971 600 55 1214 

Let’s take a quick look at the frequently raised queries regarding the YAP-Digital Payment App.

Frequently Asked Questions (FAQs)

Can I rename my YAP account on the application?

No, you cannot rename your YAP account. However, it is possible to rename your virtual debit or prepaid card and get a new card through the application. YAP also lets you choose the name you want to display on your primary debit card.

I want to issue cheques from the YAP account. What is the process?

Currently, YAP does not issue chequebooks with its current account.

What are the types of YAP accounts?

YAP currently offers one account to its users, namely the Personal Current Digital Banking Account.

How much do I have to pay to create a YAP account?

You can create a YAP account at zero cost, although some transactions and transfers may come with separate fees. 

How can I pay my telecommunication bill through the YAP account?

You can pay your utility bills through the 'Pay Bills' feature of the application. Through this feature, you can also add and manage all your bills in one go.

How long does it take to receive local transfers through the YAP app?

You can make and receive local transfers within a day. However, the cut-off times and public holidays are not applied.

How long should be the passcode of my YAP account?

The password of your YAP account should be a 4-to-6-digit unique combination of numbers. 

Is the YAP app compatible with Apple Pay?

Yes, the YAP account can work with Apple Pay. All you need to do is open your Apple wallet application, press the + sign, and follow the onscreen instructions. After your card is confirmed, you can start using it.

Can I apply for a joint YAP account?

No, YAP does not offer joint accounts. 

Can my parents use my YAP debit card?

Yes, your YAP debit card can be used by anyone provided they know the PIN.

Will I be notified of all transactions done via the YAP app?

You will get real-time notifications of all your transactions. Remember to turn on notifications from YAP in your phone settings and within the app to receive notifications without missing any major ones.

Can I use the YAP application on multiple mobile devices?

Yes, you can use the YAP application on multiple mobile devices.

More From Bank Accounts