Mastercard New Payments Index 2022: UAE Consumers embrace digital payments

Mastercard New Payments Index 2022: UAE Consumers embrace digital payments

- Adoption of cryptocurrency, biometrics, Buy Now Pay Later (BNPL), open banking and account-to-account payments are anticipated to continue accelerating

- Gen Z and Millennials are leveraging more digital payment methods and are more open to buying virtual products in the metaverse

Dubai, UAE: Adoption of a broader range of digital payment methods is accelerating in the UAE and the technology fueling the future of payments is already here, according to Mastercard’s New Payments Index 2022. In addition to being aware of solutions like cryptocurrency, digital cards, biometric payments, BNPL (Buy Now Pay Later) and open banking, consumers in the UAE are increasingly and actively using these solutions in their everyday lives.

Mastercard’s New Payments Index 2022 found that 88% of people in the UAE have used at least one emerging payment method in the last year. Of these, 39% used a tappable smartphone mobile wallet, 29% used BNPL, 20% used cryptocurrency and 18% used a payment-enabled wearable tech device. Consumers are also making purchases in increasingly diverse ways, including through voice assistants and social media apps.

Usage of digital payments increasing, use of cash declining

While traditional payment methods still have traction, 29% of consumers in the UAE indicated they used less cash in