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Overview of Digital Wallets in Saudi Arabia
Saudi Arabia has also embraced new and modern methods of making payments other than cash use payment which is referred to as digital wallets or e-wallets. The Central Bank of Saudi Arabia has licensed many companies to provide these services. Now we will discuss the best 6 in Saudi Arabia.
What Digital Wallets Mean
A digital wallet can be described as a specialized account stored on our phones wherein we can transfer and keep money. We can use it to pay for goods and services in physical outlets or purchase stuff in various online platforms. It literally means a bank in your pocket.
Top 6 Digital Wallets in Saudi Arabia
The following are the six digital wallets that are most used in Saudi Arabia:
STC Pay
STC Pay is the most popular digital wallet in Saudi Arabia and trusted by millions of Peoples. It allows users to send money, make local and international transfers, pay bills, recharge their phones, and shop online. STC stand for Saudi telecom company.
Users can connect their wallets to Mada or virtual Visa cards for easy spending both online and in stores. It is compatible with various financial institutions which makes it easier to manage money.
Website: STC Pay
UrPay
UrPay is a fast growing digital wallet in Saudi Arabia. It offers many financial services like safe money transfers, quick bank transfers, QR code payments, bill payments, and Mada and Visa card issuance. Users appreciate its easy to use design and strong security features.
Website: UrPay
Mobily Pay
Mobily Pay is a digital wallet created by Mobily and approved by the Saudi Central Bank. In this app you can transfer money locally and internationally, pay bills using SADAD, recharge mobile lines, send gifts, and manage scheduled payments securely.
Additionally Mobily Pay provides digital Visa cards in classic, platinum, and signature types. Each offering special benefits. Mobily Pay also supports wallet to wallet transfers and payments at many merchants, making it convenient for everyday use.
Website: Mobily Pay
Friendi Pay
Friendi Pay is a digital wallet made especially for expats in Saudi Arabia. It helps you send money quickly and at a low cost. Virgin Mobile Saudi Consortium runs it, and it is trusted by Saudi Arabian Monetary Authority (SAMA).
With Friendi Pay you can send money to many countries. You have different options for getting your money where it needs to go:
- Bank deposits
- Cash pickups
- Wallet transfers
You can pick the option that works best for you.
Easy to Use
The Friendi Pay app is simple and friendly. You won’t have to pay fees to add money to your account. Plus, signing up is super easy.
Website: Friendi Pay
Tiqmo App
Tiqmo is a cool digital wallet. It gives you prepaid Mastercard’s to use for shopping. You can buy things in stores or online. It works both at home and when you travel. You can also take out cash when you need it and keep an eye on how much you spend.
With the Tiqmo app, managing your money is simple. You can send money to friends instantly and pay your bills without hassle. Everything you need is right there on your phone.
Rewards
Tiqmo works with Mastercard to give you cashback rewards. This means when you spend money, you can get some back! This partnership also makes your money safer and helps Tiqmo be better than other digital wallets.
Benefits of Using Tiqmo:
- Easy to make purchases locally and internationally
- Withdraw cash whenever you need it
- Track your spending easily
- Instant money transfers to friends
- Simple bill payments
- Earn cashback rewards
Website: Tiqmo
Alinma Pay
Alinma Pay is simple digital wallet from Alinma Bank. It is approved by the Saudi Arabian Monetary Authority (SAMA).
You can use Alinma Pay to:
- Send money instantly in Saudi Arabia and to other countries.
- Pay your bills easily.
- Shop online without worry.
One great thing about Alinma Pay is that you can get digital cards right away. These cards work with Mada, Visa, Apple Pay, and Mada Pay.
Website: Alinma Pay
How to Use Digital Wallets
A digital wallet is easy to use. Users must download the app and sign up to create an account. Once the account is set up, User can link a debit or credit card to fund their wallet. This allows users to make payments for online and retail purchases.
Advantages of Using a Digital Wallet
Advantages of using a digital wallet include:
- Convenient and easy to use
- Safe and secure
- Offer many services, including international transfers and local bank transfers
- They are available All the Time, so you can use them anytime you want
Conclusion: Digital Wallets
Digital wallets are Increase popularity in Saudi Arabia as a convenient payment option. They provide various benefits and services to users.
Students, workers, and anyone interested in modern payment methods can find value in digital wallets. These tools make transactions easier and more efficient.
Read: Al Rajhi Bank | Download Bank Statement
