Transition Of UAE Towards a Cashless Economy

The United Arab Emirates was already in the process of digital transformation when the pandemic struck. COVID has propelled the growth and aided the shift to online or digital payments. Consumer behaviour is forever changed, which is now unlikely to be reversed. As per a survey report, almost two-thirds of the UAE population expect to go completely cashless by 2030 and 7 out of 10 businesses in the UAE plan to go cashless by 2024 to meet their customers’ expectations. As is the trend worldwide, the transition seems inevitable, but the only question is how fast and big the adaptation will be.

Customer desire convenience and banks need efficient payment, reconciliations, hassle-free cross-border transactions and more, which has driven the global economy to innovate in payment systems. As per World Payment Report 2021 by Capgemini, the current payments are embedded and invisible. Apart from experiencing enhanced banks’ reconciliation and control processes, there is an immense need to enable function to provide an immersive, seamless, and frictionless customer experience.

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