UAE active site for innovation in digital payments: PayBy CEO

UAE active site for innovation in digital payments: PayBy CEO

The UAE’s digital economy, in line with global trends, is booming as non-cash transactions via credit and debits cards and e-wallets grow, he explained. A study by Visa revealed that over 90 per cent of UAE consumers planned to use digital payments as much or more in the future.

Fintechs are playing a key role in enabling this shift with more secure, convenient, and inclusive payment solutions. As a key fintech player in the market, Wang noted that PayBy is witnessing a wider adoption of mobile wallets to carry out everyday transactions such as mobile phone top-ups, utility bill payments, taxi fare payments, grocery shopping, and peer to peer transfers.

Wang also pointed out that the Covid-19 pandemic was a big boost for digital payments globally, as well as in the UAE. Mastercard reported over a billion more contactless transactions worldwide during the pandemic period compared to pre-pandemic times. A survey by Mastercard in 2021 also revealed that over 90 per cent of UAE consumers were likely to consider using new payment methods.

“This shows that there is a growing interest in emerging digital payments technologies,” he said. Many small and medium businesses are considering transitioning to digital payments for a more seamless