Fintech thrives as digital transformation jolts finance sector

Fintech thrives as digital transformation jolts finance sector

Cash dominates commerce, with 75 per cent of global consumers conducting most of their transactions in notes and coins.

Physical payments have traditionally been seen as secure and reliable, with e-payments relegated to back-up status. This year has however seen a major reversal in the status quo, accelerating a shift years in the making. In the past nine months, 71 per cent of consumers in the UAE reported an increase in using digital payments, even when shopping in-store.

The fintech industry is poised to benefit from the virtual lifestyle imposed upon us by the 'new normal'. According to startup resource MaGNiTT, the UAE attracted $237m in investment in fintech in 181 deals between the period of 2015-2019. This figure is expected to rise to $2.5bn by 2022, according to