Cash and credit cards could soon be obsolete as Apple enables users to pay for goods at the swipe of a phone or a watch.
Apple yesterday morning announced the launch of its digital wallet Apple Pay in the UAE.
Now anyone holding a credit card from six of the country's banks – Mashreq, Emirates NBD, Emirates Islamic, RAK Bank, HSBC or Standard Chartered – with an iPhone 6 or later can pay with their phone or watch at the checkout.
The announcement comes after months of speculation over when Apple would introduce the payment system in the UAE. The company earlier said it would expand Apple Pay further internationally by the end of the year.
The UAE is the first country in the region to get Apple Pay.
The move is a big step for the company, which aims to introduce the system globally. Apple Pay holds 90 per cent of all transactions worldwide, making it a leader in near-field communication – a technology that connects smartphones with retailers.
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Read more:
E-commerce in the UAE: is 2017 the year it finally takes off?
All you need to know about digital wallets in the UAE
Trial run in UAE for Samsung Pay mobile payments
Apple iPhone X launch: facial-recognition and a brand new look
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“The UAE is pushing everything into the smartphone we carry today,” said Dr Fadi Aloul, the head of computer science at the American University of Sharjah.
“We want to move from carrying credit cards to using a phone to pay and for that, you just need enter your details. There are many advantages, including carrying less things and the fact that it’s secure in the sense that no one can read your card details, name or number at the back, or copy them.”
The service uses the Apple Wallet and allows you to store several credit cards at a time. In a shop you hold your phone over the contactless card reader. Soon you will even be able to send and receive money over iMessage.
“It’s even more hygienic in terms of touch. You can get as close as possible without touching it,” Dr Aloul said.
More than 20 million outlets globally allow payments using iPhones and Apple Watch.
The concept was launched in the US three years ago and other countries joined later, including Sweden, Norway and Finland. Global customer satisfaction has reached 98 per cent.
“We currently have Samsung Pay but Apple Pay has more companies that are constituent to it,” said Mohammad Bushlaibi, a forensic analyst at the Telecommunications Regulatory Authority. “The UAE is trying to be leader in this field. They’re trying to get people into it because people complained how Samsung had it and most people have iPhones.”
Mr Bushlaibi said the move made people’s lives more convenient. “Because we’re going into a paperless environment and world, people right now have more transactions with credit cards than cash in their hands,” he said.
Card information is not stored on the device, which ensures that no one else can use the information if the phone were to be lost or stolen.
Tens of thousands of global websites will also have Apple Pay at checkout on Safari, with customers able to use their touch ID through their iPhone, which connects to their computer through iCloud. Those owning computers with touch ID can use their fingerprint.
Other users who can use Apple Pay include owners of Mac introduced in or after 2012 running macOS Sierra or later, and touch ID on the Macbook Pro Touch Bar.
Users will have to update their devices to iOS 11 or later, select the UAE as their region and have an iCloud account.
Apple’s announcement comes several months after Samsung announced it had begun its “early access phase” for its Samsung Pay mobile payments services in the UAE, with testing also extended to six banks.
What is Apple Pay?
It's all in the name; Apple Pay is a digital wallet that allows you to pay for goods - online or in-store - using your Apple-branded products.
How do I use it?
When it comes time to make a purchase in-store, simply place your finger on your iPhone's touch ID and hold your phone near the retailer's contactless payment terminal, which will then scan your details. You'll then be prompted to enter your touch ID or your passcode, after which, your payment is finalised.
On your Apple Watch, you just double-click the side button and hold the display of your watch a few centimetres from the reader.
If you're using it for online purchases, it's just as easy.
If you're using an app or using a browser, you can simply select the 'Buy with Apple Pay' option, or choose Apple Pay as the payment method.
You'll then be prompted to check your billing and shipping information, which Apple Pay will store so you don't need to enter it again. You'll then need to enter your passcode or touch ID.
Can I send/ receive money from my iPhone?
If the person you want to gift money to or receive money from also has an iPhone, you'll soon be in luck: a transaction is only an iMessage away.
Apple is soon to roll out an extension to its Apple Pay system, that will allow users to send and receive money through a simple message. The money will then be stored in your Apple Wallet, and you can transfer that balance back to your bank account.
You can also receive and redeem rewards for using the service.
What can I use?
- iPhone 6 or later in stores, apps, and websites in Safari
- iPad Pro, iPad Air 2 or iPad mini 3 and later for use on apps and websites
- Apple Watch in stores and apps
- Mac introduced in or after 2012 running macOS Sierra or later and Touch ID on Macbook Pro Touch Bar
You'll also need to:
- Be using iOS 11 or later
- Have the United Arab Emirates selected as your region.
- Have an iCloud account
- Have a supported card from one of the six participating banks
How do I check my transactions/ balances?
You can view your last transactions in your Apple Wallet, and some allow you to see the last ten transactions. Each bank differs on what information will be displayed, so it's best to check with your bank to see exactly how this works.
Where can I use it?
- Tens of thousands of locations across the UAE have signed on to accept Apple Pay
- Some of those available at launch include: Apple Store, Virgin Megastore, Caffe Nero, Marks & Spencer, Sharaf DG, and Home Centre, among others.
- The iOS apps accepting Apple Pay so far include: Ounass, Namshi, and Babyshop
UAE jiu-jitsu squad
Men: Hamad Nawad and Khalid Al Balushi (56kg), Omar Al Fadhli and Saeed Al Mazroui (62kg), Taleb Al Kirbi and Humaid Al Kaabi (69kg), Mohammed Al Qubaisi and Saud Al Hammadi (70kg), Khalfan Belhol and Mohammad Haitham Radhi (85kg), Faisal Al Ketbi and Zayed Al Kaabi (94kg)
Women: Wadima Al Yafei and Mahra Al Hanaei (49kg), Bashayer Al Matrooshi and Hessa Al Shamsi (62kg)
How does ToTok work?
The calling app is available to download on Google Play and Apple App Store
To successfully install ToTok, users are asked to enter their phone number and then create a nickname.
The app then gives users the option add their existing phone contacts, allowing them to immediately contact people also using the application by video or voice call or via message.
Users can also invite other contacts to download ToTok to allow them to make contact through the app.
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
Keep it fun and engaging
Stuart Ritchie, director of wealth advice at AES International, says children cannot learn something overnight, so it helps to have a fun routine that keeps them engaged and interested.
“I explain to my daughter that the money I draw from an ATM or the money on my bank card doesn’t just magically appear – it’s money I have earned from my job. I show her how this works by giving her little chores around the house so she can earn pocket money,” says Mr Ritchie.
His daughter is allowed to spend half of her pocket money, while the other half goes into a bank account. When this money hits a certain milestone, Mr Ritchie rewards his daughter with a small lump sum.
He also recommends books that teach the importance of money management for children, such as The Squirrel Manifesto by Ric Edelman and Jean Edelman.
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At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
Sun jukebox
Rufus Thomas, Bear Cat (The Answer to Hound Dog) (1953)
This rip-off of Leiber/Stoller’s early rock stomper brought a lawsuit against Phillips and necessitated Presley’s premature sale to RCA.
Elvis Presley, Mystery Train (1955)
The B-side of Presley’s final single for Sun bops with a drummer-less groove.
Johnny Cash and the Tennessee Two, Folsom Prison Blues (1955)
Originally recorded for Sun, Cash’s signature tune was performed for inmates of the titular prison 13 years later.
Carl Perkins, Blue Suede Shoes (1956)
Within a month of Sun’s February release Elvis had his version out on RCA.
Roy Orbison, Ooby Dooby (1956)
An essential piece of irreverent juvenilia from Orbison.
Jerry Lee Lewis, Great Balls of Fire (1957)
Lee’s trademark anthem is one of the era’s best-remembered – and best-selling – songs.
The biog
Siblings: five brothers and one sister
Education: Bachelors in Political Science at the University of Minnesota
Interests: Swimming, tennis and the gym
Favourite place: UAE
Favourite packet food on the trip: pasta primavera
What he did to pass the time during the trip: listen to audio books
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How much sugar is in chocolate Easter eggs?
- The 169g Crunchie egg has 15.9g of sugar per 25g serving, working out at around 107g of sugar per egg
- The 190g Maltesers Teasers egg contains 58g of sugar per 100g for the egg and 19.6g of sugar in each of the two Teasers bars that come with it
- The 188g Smarties egg has 113g of sugar per egg and 22.8g in the tube of Smarties it contains
- The Milky Bar white chocolate Egg Hunt Pack contains eight eggs at 7.7g of sugar per egg
- The Cadbury Creme Egg contains 26g of sugar per 40g egg
