Visa Study: Contactless Payments in the UAE Here to Stay

SourceFintechnews Middle East
SectorFinancial Services

Visa’s third edition of its global research study, “Visa Back to Business Study – 2021 Outlook”, found that both the continued small and micro business’ (SMB) shift towards digital commerce and changing consumer payments habits embracing digital payments in the UAE will continue into 2021. According to Visa‘s study, by the end of 2020, 97% compared to the global average of 83% of SMBs surveyed in UAE had embraced new forms of digital technology to meet changing consumer behaviors. Shahebaz Khan, General Manager for the UAE, Visa said: Advertisement Shahebaz Khan “While there had been a sudden surge in e-commerce and digital payments in 2020 due to the impact of COVID-19, our report suggests that these trends will continue to prevail in 2021, even as the vaccines become more widely available in the country and the wider region. In addition, we believe 2021 will place greater attention on security and fraud, and trial of more emerging digital commerce tools that can help SMBs in the UAE thrive.” The Road to Recovery for SMBs in 2021 Contactless payments are here to stay evidenced by the global rise of contactless payment offerings in 2020, spurred on by challenges including consumers looking for safer ways to pay amidst the more...