UAE is moving ever closer to becoming a Cashless Economy!
Posted by Unity Infotech on September 3, 2020
UAE dreams big and bold! From the tallest building to the largest shopping mall, the next goal of the UAE is to be a prominent cashless economy of the world. Smaller and incremental changes to the policy has made this target achievable. UAE has built its reputation for being a leading country for business destination while naturally developing into an economy where cashless transactions became normal rather novelty.
When it comes to cashless transactions, Dubai has been ahead of the curve. 90% of the residents use digital banking and an astonishing 100% use ATMs. Cash on delivery for shopping online / e-commerce payments has decreased from 46% to 21%. Government is spearheading the movement aiming for a 100% cashless economy, by signing a deal with Visa; and thereby moving one-step closer of turning their dream into reality.
Businesses love it
Businesses and retailers love this shift to a cash free world as their revenues and the footfalls have increased. 66% of businesses said they saw an increase in their revenues and another 63% said they saw a 27% increase in their customer acquisition. Restaurants love it as their percentage of the cashless transaction has gone up in double digits for the last three consecutive years. 80% of merchants in the country already have some kind of cashless transaction option in their establishment.
We Too Are Ready
The stage is set for UAE to go cashless – and the financial and reputational reward is large. We at Unity Infotech have the indispensable expertise in financial and banking solutions, with clients and business partners across the Middle East. We are here to accelerate the dream of UAE to become cashless. As an automated payment solution provider for banks and financial companies, we have a vast array of solutions catering to financial institutions, banks of all sizes and applications related to banking and finance.