Daily Business Wrap -  Digital Wallets: The many alternatives to carrying cash - video Dailymotion

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From a swipe of a connected watch to a touch of a smartphone, technology has brought a wide choice of digital options for shoppers wishing to replace the traditional wallet. Daily headlines from the UAE and around the world brought to you by Gulf News. See more at: http://gulfnews.com/videos

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00:00Hello everybody, I'm Scott Shuey.

00:02Now, over the last couple of years, we've heard a lot of people talk about digital wallets.

00:06People have been asking, well, what does that mean?

00:08In general, it means you can use this, or whatever phone you do have, to make payments.

00:13And we're going to go over a couple of the biggest e-wallets here in the UAE.

00:18First up, Apple Pay.

00:20It's the one everyone knows about, probably because Apple's branding machine.

00:23Now, where can you use it?

00:25You can use it anywhere that has a contactless terminal system, which means you just walk

00:29up, tap your phone, and that's your payment.

00:32Is it secure?

00:33Yes.

00:34Despite the fact that you have to use a credit card to register your phone with your bank,

00:39it doesn't store your credit card or use it in any of the transactions.

00:43It uses a token system, which actually replaces your credit card.

00:46So it's very secure.

00:47If you ever lose your phone, you can also turn it off remotely.

00:50Now, Apple has been very specific.

00:52They don't track your payments over here.

00:54So in general, it's probably one of the most secure options available.

00:58Now, what if you don't have an Apple?

01:00Well, a lot of us have Androids.

01:03Don't worry, there's at least two systems for Android, and that includes both Google

01:06Pay and Samsung Pay.

01:08Now, Samsung is obviously specific for Samsung devices, but Google can work across anything

01:13that has an Android operating system.

01:16It's very much like the Apple system.

01:17Basically, you register your card, you simply walk up, tap your Android phone to whatever

01:23it is you're going to use, and that's your payment.

01:25It's very secure, very easy to use, and you don't have to worry about compromising your

01:30credit card details.

01:31So a couple of other options for digital wallets here in the UAE include Beam.

01:36Beam's a homegrown wallet made here in the UAE, and essentially, the way it differs from

01:40Apple and Samsung is that you can't just scan your Beam wallet on a card reader or a chip

01:47and pin machine.

01:48There needs to be a Beam terminal.

01:50You might see them in Costa or one of 2,000 other stores that have a Beam terminal, but

01:55the difference is that it's not just any card reader.

01:59The reason that Beam has become popular is because it offers a lot of loyalty points

02:03and reward schemes.

02:05It was recently acquired by Magidao Futame in order to increase their technological retail

02:11offering.

02:12Elsewhere, you have WeChat Pay, which is the wildly popular Chinese app.

02:17It's used by over 600 million people in China.

02:21The Dubai Ministry of Tourism signed an agreement earlier this year to bring WeChat Pay to Dubai.

02:27The difference, again, between WeChat Pay and some of the other mobile wallets is that

02:31most of the money transfers take place over messages as opposed to paying in a store.

02:37But it's a good, quick, convenient way of transferring money to your friends.

02:42Alright, those are the major ones.

02:43Now there's a couple people maybe you think are missing.

02:46Where's the LG Pay?

02:47Where's the Microsoft Pay?

02:49Where's all the other big Chinese brand companies?

02:51Well, to a large extent, those aren't available here because you generally need either a U.S.

02:56or a Chinese credit card to use those systems here in the UAE.

02:59Alright, now if you want to know more about this, you can check us out at gulfnews.com.

03:04We'll have a big story up today which will go over all the variations for wallets that

03:08you can get here in the UAE and what you need to know about them.

Daily Business Wrap - Digital Wallets: The many alternatives to carrying cash

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