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However, another key issue you must solve is how you plan to pay for the different elements. Digital payment methods like mobile wallets now seem to be emerging around the world, and new research shows that consumers in the UAE have really accepted them.
Confidence boost
Last month, the Visa releases 2021 maintaining safety investigation, Dubai Police and Dubai Economy. The report shows that 63% of consumers in the UAE are confident in digital payments such as contactless cards and mobile wallets.
The specific reasons for the degree of contactless trust include convenience, payment speed, control, and the fact that it is an innovative payment method. Mobile wallets with biometric verification are particularly popular, and many consumers say they are safe and avoid the problem of remembering passwords.
The popularity of digital payments is also reflected in the discovery of a significant decrease in cash on delivery. In contrast, mobile wallets and contactless use are thought to have almost doubled.
Embraced by business
The results of the survey are undoubtedly fascinating and clearly show that digital payments in the UAE are on the rise. This trend can also be said to be reflected in the fact that many different companies are currently using these methods.
For example, a fintech magazine last year revealed how the Mall of the Emirates in Dubai uses WeChat Pay as a potential payment method. It explains how retailers on the site (including restaurants and other services) now accept payments through the app. Elsewhere, MyBayut detailed how Apple Pay is now used in many places in the UAE, including Address Hotels and Resorts and Carrefour.
However, digital payments are also taking off in other areas.For example, they have become an important part of the online casino world, which is determined by UAE online betting guide for Arab bettingThe website explains how people use a range of methods to transfer funds to online casinos, including e-wallets. It added that some of the most popular payment methods include Neteller, Skrill and Entropay, while Paysafecard and Bitcoin are also accepted by some brands.
Leading the way?
Given the seeming impact of these new payment methods, it may not be surprising that some people believe that the UAE is leading the way in cashlessness. According to TheNationalNews.com report, Money.co.uk’s recent cashless country report ranks the UAE as the eighth largest cashless society in the world. The website added that the region is also likely to become the first cashless country in the Middle East.
The aforementioned Visa study is not the only study showing the level of consumer confidence in this issue. As early as May, a Mastercard study found that 97% of consumers in the UAE hope to use an emerging payment method next year. More specifically, 66% said they might accept digital wallets, and 57% added that they think it is safe to put information in such services.
The MasterCard study also highlights another interesting side note related to digital payments, and many consumers seem to believe that this method helps them manage their funds. The survey found that 74% of consumers in the UAE believe that digital payment methods help them save money.
Changing times
As new payment methods become more common, the way we use and manage funds now seems to be changing around the world. However, recent research does draw attention to how these trends affect Dubai and the entire UAE.
Digital payment methods are clearly taking off, and it is interesting to see that the region is regarded as a leader in the field. However, will Dubai and the wider UAE eventually become one of the first cashless societies as predicted? We can only wait and see.
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