‘Revolution’ in UAE: Digital payments across key sectors on rise as cash usage declines 20%

‘Revolution’ in UAE: Digital payments across key sectors on rise as cash usage declines 20%

Nearly half of Gen Z in the Emirates use mobile wallets for daily payments, compared to 48% in Saudi Arabia, and 43% in Egypt

Published: Wed 22 Feb 2023, 12:00 PM

The use of digital payment is increasing at an exponential pace in the UAE as around 20 per cent of people have reported a decline in cash usage, said a new report.

According to a paper released by Amazon Payment Services, there was an instant payment “revolution” in the UAE as digital payments across key sectors in the UAE are expected to increase at a compound annual growth rate (CAGR) of 18.3 per cent from 2021 to 2023.

It said nearly half of Gen Z in the UAE use digital or mobile wallets for daily payments, compared to 48 per cent in Saudi Arabia, and 43 per cent in Egypt.

Peter George, managing director for Amazon Payment Services in the Middle East and North Africa (Mena), said Gen Z folks “certainly have the greatest propensity to demand most innovation and they are perhaps the most in-demand of seamless experiences as well. Gen Z is the youngest, but they're also the most demanding, but that keeps us on our toes as well.”

Ronaldo Mouchawar, vice-president of