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Credit card usage remains high in the United Arab Emirates (UAE), according to recent data International Intelligence Service, The study found that 41% of total e-commerce transactions in the UAE came from credit cards last year. By comparison, cash accounted for just 7% of e-commerce transactions during the same period.
Mobile wallets are also a popular choice among UAE consumers, accounting for 24% of total e-commerce transactions last year, according to FIS. They have access to a number of digital wallets, including Apple Pay, Alipay, Google Wallet, Samsung Wallet, and WeChat Pay – in addition to domestic products – making payments through digital wallets more accessible than ever.
Will the UAE go cashless by 2030?
separate data Research from Standard Chartered Bank Dubai found that two-thirds of consumers in the UAE expect the country to evolve into a completely cashless society by 2030. Digitization of the banking system is also progressing as more consumers seek a more personalized experience and seek the convenience of accessing various financial services from home.
According to Standard Chartered, 73% of UAE respondents prefer to shop online due to the pandemic. Before the pandemic, consumers preferred to shop in person, but this shopping behavior has naturally changed.
Sonny Zulu, Head of Retail Banking, Standard Chartered Bank, UAE explain:
“The UAE is on the fast track to adopting digital banking and cashless payments, and the pandemic has accelerated digitization.”
stay away from cash
The Middle East has been a staunch supporter of cash for some time, as it has always held strong cultural support for its economy. However, things are rapidly moving away from this stronghold as banks and fintech companies proliferate. Digital payments in the Middle East continue to grow amid changing payment models, disruptive forces and industry pressures.
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