Statistics released by Euromonitor International revealed that the total payment transactions for consumers in the UAE reached about 60 percent in 2019, which were non-cash payments, thus placing the UAE in the 20th place globally in this field. According to statistics, non-cash payments in the UAE are expected to reach 73 percent by 2025.
Also, a study issued by Visa on cashless cities revealed that Dubai could benefit from the stimulating effects and economic growth from today until 2032, as well as the time saved by consumers and companies that use digital payments more. Visa expects that more than 8 billion dirhams ($2.2 billion) of direct annual net benefits to consumers, businesses and governments will come from cashless payments. The estimated gains for consumers will be 0.2 billion dollars, while companies will receive one and a half billion dollars, and governments will receive half a billion dollars.
The "Visa" study showed an improvement of 1.1 percent in current employment and a wage growth rate of 0.05 percent, along with a GDP growth of 10.8 points, as part of the long-term gains expected by 2032.
Source (Al Khaleej Newspaper-UAE, Edited)
