As per the latest survey conducted by YouGov, UAE, Middle East’s one of the largest super economies, is all opting out for a whole new digital as well as cashless economy, as six out of the ten consumers promote the same.
With a huge 76 percent of the individuals favouring it as most preferred medium for doing any cash transactions, with the advancement of technology and tech-savvy era, the market research firm YouGov, is stating that the high-income households earning in excess of Dh25,000 per month are more likely to opt for the digital payments.
With the outbreak and surging pandemic crisis, more than half (52 percent) respondents surveyed, stated that they had opted to save for their future and hence utilize reduced cash transactions, and only 17 percent stated that they had utilized them more than often.
In a collective study carried out in June by Dubai Police, Dubai Economy and Visa echoed in tandem that, there is a huge paradigm shift in consumer behaviour and spending pattern, wherein the nation’s (UAEs) majority consumers are opting out for contactless payments during spending at physical stores and online even post the pandemic has started showing decline in trend.
The findings advocate that consumers’ behavioural changes prompted over with the aid of the pandemic outburst are probable in accordance to proceed even post the pandemic. Speed, convenience and restricted human contact were cited namely the principal reasons for the make bigger between cashless transactions.
Ali Shabdar, regional manager MEA, Zoho Corp, a software development corporation suggested that “By maximising performance and transparency into doing business whilst minimizing threat and logistical bottlenecks, digital payments move a primary function in the advancement concerning the advantage economic system at a macro level.”
“The UAE is a forerunner in FinTech of the region or we be able count on similarly innovations among the industry thanksgiving in conformity with the efforts about the government.”
Globally, Covid-19 is prompting quicker adoption regarding digital repayments then this structural change wish speed up when the economy begins after recover, in accordance according to consultancy Bain & Company.
In January 2020, GlobalData, a Data as well as the analytics company, listed Finland, Sweden, China, South Korea or the UK namely nations together with the close context to stay cashless leaders on the subsequent decade.
While purchasing at physical outlets, nearly viii abroad over ten UAE residents think about such important in imitation of be able in accordance with perform repayments thru savings then debit cards. Only 5 out of ten humans would select in accordance with make money payments, whilst almost vii out on 10 respondents’ ancient digital systems such as Apple Pay, Samsung Pay or e-wallets.
Contactless payments are extra into favour amongst high-income earners, together with 86 percent looking to grant with payment cards as well as the 69 percent preferring to give together with digital wallets, the YouGov survey found.
However, the findings revealed that human beings in the UAE still prefer in imitation of usage cash to procure or purchase lower priced gadgets or needs or wants between physical stores, while debit and credit payment cards are used to make expensive purchases. For an illustration: – when it comes according to private purposes certain namely hailing a taxi, getting a haircut, and hiring a window cleaner, seven in ten individuals opt for in accordance with afford among cash, the YouGov findings found.
The survey also discovered up to expectation the availability concerning money in the UAE has not been affected for the duration of the pandemic. Residents hold get entry to in imitation of cash beside uninterrupted ATMs, together with 85 percent saying she found it altogether and fairly effortless in conformity with get right of entry to cash.