June 22, 2024

Almost majority of UAEs SMBs can at present be able to handle the Digitized Payments Revolution

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credit-3680209_1280_Pixabay_Tumisu_Almost majority of UAEs SMBs can at present be able to handle the Digitized Payments Revolution
Almost majority of UAEs SMBs can at present be able to handle the Digitized Payments Revolution

Even post the vaccination roll out, in excess of eight out of the 10 smaller trades have anticipation that the clients will endure to prefer contactless payments.

As per the latest report, the Ninety-Seven percent of Smaller as well as Medium sized trades within the UAE, comparatively to global average of 83 percent, adopted latest forms of digitalized payment technology by the preceding year.

This trend is anticipated to endure in 2021 as clients look for safer and convenient payment options due to the Covid-19 pandemic, Visa’s Back to Business report stated.

More than four in five (86 percent) of the UAE’s SMBs assume clients will continue to primarily use contactless payments even after a vaccine becomes extensively accessible.

Shahebaz Khan, Visa’s general manager for the UAE stated that: “While there has been a sudden surge in e-commerce and digital payments due to the impact of Covid-19, our report suggests that these trends will continue to prevail in 2021, even as the vaccines become more widely available in the country and the wider region.”

The report, which surveyed 250 small trade owners at firms with 100 or fewer workforces in Brazil, Canada, Germany, Hong Kong, Ireland, Russia, Singapore, the UAE and the US in November, found that 44 percent of UAE trades had only begun offering contactless payments for the initial time, and the identical amount were offering contactless payment options more often.

UAE-based firms were the second-most likely universally to encounter client concerns about fraud. Ninety-four percent encountered fears about the technology, compared to 96 percent in Hong Kong and 70 percent globally.

SMBs are similar in terms of size and features to SMEs, but fluctuate by employment, with the former often relying on part-time workforces or outsourced staff and the latter employing full-time workforces.

Visa also surveyed more than 1,500 adults in the US, Brazil, Canada, Germany, Hong Kong, Ireland, Russia, Singapore and the UAE about purchasing habits.

“We believe 2021 will place superior consideration [on] security and fraud, and [the] trial of more evolving digital trade tools that can benefit SMBs in the UAE thrive,” Mr Khan stated.

Clients in the UAE are the least probable to upsurge the amount of time they employ shopping in person (37 percent, compared to 53 percent globally) after a vaccine is extensively available.

Clients are also keen to have substitutes to conduct cash, pens and keypads while shopping in-person. In the UAE, 74 percent of clients, compared to 47 percent globally, stated they will not shop at a store that does not offer a contactless way to pay.

Nearly 93 percent of local patrons now expect digital opportunities when they shop in person. Tapping a credit or debit card is the favoured payment option (57 percent), followed by payments over a mobile wallet (51 percent) or mobile payment apps (44 percent).

In a separate report on Wednesday, Mastercard stated nearly 20 to 30 per cent of the COVID-related surge in E-commerce expenditure will be an enduring feature in the share of total retail spending in the Middle East and Africa territory. The business said 73 percent of clients in the territory are shopping more online than they did before the pandemic.

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