The UAE is moving ever closer to becoming a cashless economy
Written by: Admin
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 in the world. Smaller and incremental changes to the policy have made this target achievable. UAE has built its reputation as a leading country for business while naturally developing into an economy where cashless transactions have become normal rather than a 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%. The government is spearheading the movement aiming for a 100% cashless economy by signing a deal with Visa, thereby moving one step closer to turning their dream into reality.
Businesses love it
Businesses and retailers love this shift to a cash-free world as their revenues and footfalls have increased. 66% of businesses said they saw an increase in revenues, and another 63% said they saw a 27% increase in customer acquisition. Restaurants love it as their percentage of cashless transactions has doubled 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 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 becoming 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.