How Covid-19 propelled the UAE’s digital payments space

How Covid-19 propelled the UAE’s digital payments space

The outbreak of the Covid-19 virus has proven to be an 'inflection point' for much of the world.

Of all the changes that have taken place to mitigate and manage the crisis, digital adoption by consumers and businesses has arguably remained the most profound, compressing years of technological transformation into months.

Organisations expanded their digital offerings, while consumers increased their reliance on online and mobile channels to conduct day-to-day activities. Increased digital activity also drove up the volume of digital payments. Months after the outbreak, digital payment transactions not only form part of the 'new normal' but are expected to outlive it too.

FAVOURABLE TRENDS

Few trends will shape the payments industry globally over the next five years.

The Covid-19 pandemic will accelerate cash to non-cash conversion and boost e-commerce growth in select categories,