The current COVID-19 situation has supported the huge meteoric rise in swifter adoption of digital payments and online purchasing spree with an ease and convenience of ordering and getting the requirements delivered right at the doorstep with contactless delivery and payment options.
According to a latest Mastercard survey, it was founded out that Fifty-four percent of UAE residents and patrons expected a much higher surge in the online shopping spree over the in-store purchases, despite the easing of post COVID-19 situation.
The global FinTech Payment giant reported this on yesterday, that the patrons are of the believe that due to the twin benefits of “Convenience and flexibility as provided by varied E-commerce platforms, the online purchasing spree will be emerging as a most popular medium of spending.”
For producing a more detailed, specified, unbiased report, the FinTech Payments giant Mastercard had interviewed 6,750 clients across 15 markets and powerful economies – that included Australia, Brazil, China, Colombia, France, Germany, India, Italy, Spain, Japan, Mexico, Russia, the UAE, the UK and the US. The company however, did not disclose findings from any other market it had polled simultaneously with these emerging markets.
As in accordance with the consultancy Bain & Company’s survey, this paradigm shift will witness huge acceleration even with the recovery amongst the economies as the advent of post COVID-19 time period is resulting in a rapid surge of adoption of digital and contactless payments globally.
Girish Nanda, Mastercard’s country manager for UAE and Oman, announced that “There is a significant increased traction in UAEs Online Shopping spree as it has become domineering for traders of all dimensions to ensure that they are offering an appropriate, pleasurable and protected digital experience.”
Mr. Nanda further announced that “the firm is in pursuit of accommodating and building up of latest technologies as well as applications, for ensuring that every digitalized transaction can be trusted, safe, as well as completely contactless via enablement of latest AI-Blockchain powered applications, tokenized commodities thereby leveraging their payment gateway capabilities.”
Furthermore, the tokenized commodities or technology is a very advanced, unique, innovative kind of new era invention, wherein it replaces a consumer’s 16-digits based account number alongside a secured, contactless, digitalized token that also secures and mitigates the risk of any kind of data theft with regards to card numbers from the hackers or fraudsters.
Mastercard survey also revealed that in the present context, even though there is huge surge in COVID-19 pandemic turmoil, post the lockdown situation, majority of patrons are also upsurge and have moved “away from cash and opting for a complete contact-free as well as digital payments experiences – and they don’t expect to return back to a cash based economy.”
As per a recent survey from Dubai Police, the Dubai Economy as well as Visa in June founded that nearly 48 percent of the UAE patrons will upsurge their utilization of online payments with cards as well as digital wallets for any future e-commerce purchases.
Kartik Taneja, Executive Vice President and head of payments at Mashreq Bank stated that “Emergence over tokenisation has now not only provided much stronger protection concerning card holder data as well however, it has also enabled seamless checkout experience for the patrons.”
He further stated that “They are assured of offering more solutions desire support for bettering consumer’s confidence with the ample expansion strategy of digital exchange between the region.”
Mastercard has collaborated together with Checkout.com of in the location in accordance to rolling out this technology.
Sebastian Reis, Executive Vice President, global e-commerce, for Checkout.com, stated that “They have already viewed an acceleration between the change out of offline to the on-line E-commerce of the UAE bolstered via the pandemic.”
Unlike the physical cards, network tokens operating in present context do not expire. When shoppers obtain a current physical card from their bank, theirs credentials are mechanically updated, eliminating the hassle concerning re-entering their card numbers.