Back to Business in UAE: Are Consumers and SMBs Ready to Get Over the Pandemic?

SourceAl Bawaba

Despite rising infections worldwide, there is a general sense of hope that the COVID19 pandemic is bound to a near end, which has been positively affecting businesses and consumers alike. While businesses in most countries have felt the first recovery signs last summer as countries gradually lifted lockdown measures, there has certainly been a lot of pressure on different sectors who have been struggling to navigate through the crisis, trying to adapt to the new reality. Hoping to understand the different changes that have affected the behaviors of small businesses and consumers, Visa has conducted a study called "Back to Business" last June, examining the different trends that have emerged in today's world.

The study was carried out in 8 different countries, including the business environment in the UAE. According to the study in which 2000 SMBs and 4500 consumers were surveyed around the world, there was a clear indication that contactless payments performed online have seen a huge surge, as people have been avoiding exchanging bills in fear of contracting the coronavirus. This has had a direct effect on decisions taken by businesses to accelerate their switch to digital payment methods, in an attempt to drive their already declining revenue a bit more...