Tourists Can Now Use Their Home e-wallets While Visiting the UAE

Astra Tech, the Dubai-based technology-focused investment company, has partnered with Alibaba’s global digital payment platform Ant Group to allow tourists to the UAE to shop and pay for services through their home e-wallets without worrying about foreign currency exchanges. The service will begin this month. It will enable more than 1.4 billion wallet users to conduct seamless transactions in their home currencies.

The new service will cater to tourists from countries including China, South Korea, the Philippines, Thailand, Malaysia, Singapore and Italy, among others, through their respective native e-wallets such as Alipay, MPay, Kakao Pay, GCash, TrueMoney and Tinaba.

Tourists Can Now Use Their Home e-wallets While Visiting the UAE

“Our milestone collaboration with Alipay aligns perfectly with the UAE’s commitment to enhancing the payment ecosystem and fostering a commerce-friendly environment,” said Abdallah Abu Sheikh, co-founder of Astra Tech and chief executive of Botim.

No doubt, the UAE is investing heavily to expand its tourism sector. In May, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, said tourist spending in the country rose 70 per cent to Dh121 billion ($33 billion) in 2022, the highest in the region.

Credit cards are the most popular way to pay for e-commerce transactions in the UAE. Then comes the digital wallets, which account for 24 per cent of transaction values.

According to Juniper Research, global consumer spending through digital wallets will reach $10 trillion in 2025, up from $5.5 trillion in 2020.

The partnership between Astra Tech and Ant Group will facilitate settlement processes and mobile-based transactions through Alipay in both physical stores and online platforms.

Physical store customers can scan a QR code at cashier desks when paying for items. Users can enter the amount for payment and confirm the transaction. Retailers can also scan payment QR codes on a customer’s mobile phone. Both methods address challenges such as having to exchange currencies, withdraw cash and language barriers.

Alipay and PayBy plan to expand the service with the introduction of mini-programmes for merchants that could boost their engagement with customers visiting the UAE from Asia and Europe.

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