Over 50% of UAE consumers to go cashless by 2024 – Visa

Over 50% of UAE consumers to go cashless by 2024 – Visa

uae,visa,UAE,consumers,cashless
UAE
  • Date: 14-Jan-2022
  • Source: Gulf Business
  • Sector: Retail
  • Country: UAE
  • Who else needs to know?

Over 50% of UAE consumers to go cashless by 2024 – Visa

Visa’s newly-released has revealed that 94 per cent of consumers in the UAE will continue to use digital payment as much as, or more than, in 2021. Also, more than half of UAE consumers (52 per cent vs 41 per cent globally) plan to go cashless by 2024, with nearly all (99 per cent) consumers seeing benefits of a cashless society. Moreover, 96 per cent of small and mid-size businesses (SMBs) surveyed in the UAE (vs 74 per cent globally) said accepting new forms of payments is fundamental to their growth. “Payments are no longer about simply completing a sale. It’s about creating a simple and secure experience that reflects one’s brand across channels and provides utility to both the business and its customer,” said Shahebaz Khan, Visa’s general manager for the UAE, Bahrain and Oman. “The digital capabilities that small businesses built up during the pandemic – from contactless to e-commerce – helped them pivot and survive and by continuing to build on that foundation, they can now find new growth and thrive.” According to this year’s study, which surveyed small business owners and consumers in nine markets – Brazil, Canada, Germany, Hong Kong, Ireland, Russia, Singapore, UAE and

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