The workshop shed light on accelerating the growth of the cashless economy, and improving financial inclusion, to boost digital payments in the UAE. Participants in the workshop reviewed the challenge of ‘How can Dubai seize the opportunity to become among the top 10 cashless economies during the next three years?
Euromonitor International statistics indicate that 60% of total payment transactions to consumers in the UAE during 2019 were cashless payments, placing the UAE in the 20th place globally in this field, and it is expected that non-cash payments in the UAE will reach 73% by 2025, based on the current baseline scenario.
The ‘Visa on Cashless Cities’ study also revealed that Dubai can benefit from stimulating impacts and economic growth, from today until 2032, as well as the time saved by consumers and companies that use digital payments more.
The study predicts that more than 8 billion dirhams ($ 2.2 billion) of direct annual net benefits to consumers, companies and governments will be from cashless payments. The estimated gains for consumers will be 0.2 billion dollars, while companies will get one and a half billion dollars, while governments will get half a billion dollars, when a city enters ‘achievable horizons of cashless transactions, which is intended to direct all city residents to the use of digital payments.’ At a rate equal to the usage rate of 10% of the most users in that city, today. The study showed an improvement of 1.1% in current employment, a wage growth rate of 0.05%, as well as a GDP growth of 10.8 points, as part of the long-term gains expected by 2032.
Speakers at the workshop pointed out that the global acceleration in digital payments calls on the UAE to take advantage of its digital readiness to enhance the digital payments scene, and according to the Euromonitor International Digital Communication Index, the UAE ranks first in the world, which would put the country in a strong position , To become one of the world’s leading cashless societies, to join Denmark, Sweden and South Korea.
Mohammed Shael Al Saadi, CEO of the Corporate Strategic Affairs Sector at Dubai Economy, said: “Digital payments have gained more importance during this stage. The industries and societies that embrace cashless payment have rapidly renewed the urgent need for the government to work with all stakeholders, to implement a comprehensive and efficient digital payment system that will create new economic value. The aim of the workshop was, to participate in the creation of new initiatives, to meet the UAE vision, to be one of the top 10 economies for cashless payment.
For his part, Osama Al Rahma, CEO of Al Fardan Exchange, said: “Dubai’s economy plays a strategic role, as it is one of the main engines towards the cashless economy. As a member of the transfer companies community, I see goals and dreams come true, and this initiative is an integral part of adopting changing business models towards digital transformation in the payment sector, and this would address the new behavior of dealers and their changing requirements.
In this context, Dr. said. Tamer Al-Touni, Vice President of Digital Devices and Services at Etisalat Group, Chief Commercial Officer of Digital Financial Services Company: The country has the highest penetration rate of digital technologies in the region and the world, and has led Etisalat’s strategy and vision of ‘Leading the Digital Future to Empower Societies Compliant with the Digital Goals , To one of the most advanced infrastructures in the world. This was a great opportunity to participate in the ‘Cashless Economy Workshop’ organized by the Dubai Economic Department, which brought together sector leaders, to discuss how to make the UAE one of the best countries in the field of digital payment by 2023.
Vibor Mendhada, Senior Vice President / Business Director – Acquisition and Strategic Alliance at Mashreq Bank said: The (Covid-19) pandemic has accelerated the shift towards digital payments, and we at Mashreq Bank are fully committed to partnering with the Dubai economy, in shaping a cashless future for the country. generally. The initiatives discussed included establishing incubators for startups in the financial technology field, developing local payment gateways, providing financial education for those who do not deal with banks, and increasing confidence in cashless payments.
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