There are many benefits of digital payments, such as transparency, security, financial inclusion, and cost savings and this is through increased speed and efficiency.
Without further ado, let’s check the digital payment insights in the UAE.
The Value of Digital Payments in the UAE: What Is Driving Usage in the UAE?
- Since the acceptance of card payments, and according to the insights of digital payments in the UAE, there is 63% of retailers who say that footfall increased.
- Along with, 68% of retailers who witnessed growth in the revenue.
- On the other hand, there are 46% of cash-only retailers who admitted to losing a transaction due to customers not carrying any cash.
- In addition to 50% of the cash-only retailers who are open to new payment technologies.
- According to the digital payments research, it is reported that more than half of the retailers who accept card payments have a contactless POS machine.
The chart below shows the growing popularity of contactless
- As shown, there is 82% of UAE consumers who are aware of contactless cards.
- Along with 81% of UAE consumers who are aware of digital wallets.
- However, there is only 78% who have a contactless card use it at least once a week.
- Additionally, there is 80% have a digital wallet and use it at least once a week.
What Are the Challenges Which Face Card Users at UAE Stores?
- There are some challenges that face card users in UAE stories.
Based on the digital payments research, there is 37% of people who faced the following 3 situations in the past 1 year.
- There is 61% who are unable to make a purchase by card at a store and that’s because of the non-acceptance of payment cards.
- Additionally, there is 55% who are unable to make a purchase by card because of the purchased item being of low value.
- Finally, there is 55% had to cancel their purchase due to the non-acceptance of payment cards.
The UAE Consumer Preferences
Moreover, talking about the UAE consumer preferences, for them, they consider payments by cards are seamless, secure, and accepted at a wide range of small retailers.
Not only that but also, payment by cars is seen as a faster way compared to cash methods, as they reduce waiting time at the cashier.
The charts below show the UAE consumer preferences