The United Arab Emirates (UAE) is witnessing a rapid shift toward digital payments as consumers increasingly opt for contactless and online transactions, according to a recent report by Visa, the global payments technology company.
The report, titled “Cashless Cities: Realizing the Benefits of Digital Payments,” reveals that the UAE boasts one of the highest rates of digital payment adoption globally, with 87% of consumers using digital payments at least once a week.
The COVID-19 pandemic has accelerated the adoption of digital payments, as consumers seek safer and more convenient ways to pay. The report notes that 83% of UAE consumers have increased their usage of contactless payments during the pandemic, with 69% citing safety and hygiene concerns as the primary reason.
Furthermore, the report highlights the government’s efforts to promote digital payments in the UAE. The country has implemented several initiatives to encourage digital payment adoption, including the launch of the National Payments Platform (NPP) and the UAE Pass digital identity platform, which provide a secure and convenient way for consumers to make payments and access government services.
As the UAE continues to push for greater digital payment adoption, the possibility of a fully cashless society is gaining momentum. According to industry experts, including a McKinsey report, the UAE could become completely cashless by 2030. Countries like Finland and Sweden have already made significant strides toward this goal, and with the UAE’s growing digital infrastructure and strong government support, it could soon follow suit. This transition, while ambitious, is being driven by evolving consumer preferences, the rise of digital wallets, and regulatory innovations that are creating a favorable environment for cashless payments.
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