3 October, 2021
UAE Expects a Cashless Economy by 2030
The UAE consumers expect to see a completely cashless society as early as 2030, according to a report released by Standard Chartered.
Standard Chartered, as part of its annual survey on consumer behavior and online spending, conducted a research study among 12,000 respondents aged 18 and above. Almost half (47%) of UAE respondents said they also prefer making online payments now rather than using in-person cards or cash payments, according to the survey.
Although 46% of consumers in the UAE reported spending more in July, 89% of people in the Emirates say the pandemic has made them more careful with their expenditure against a global average of 75%.
The economic impact of Covid-19 has made UAE residents more careful about how they track their spending, with more than 80 per cent of those surveyed either using or expressing interest in budgeting tools or mechanisms that block card spend over specified limits.
The pandemic has also made UAE consumers, especially younger generations, keen to buy locally made and sustainably sourced products.
About 61% of UAE consumers said they are more likely to shop locally, 59% want to shop more sustainably and 55% prefer to shop with small businesses.
The survey report revealed interesting findings, one of which was an expectation for a cashless society by 2030.
This resonates with the findings of a Mastercard survey in April, which found that 82% of UAE consumers prefer to make contactless payments due to safety and hygiene concerns amid the coronavirus pandemic.
To understand how cashless transactions can be implemented, or to explore the technology behind it, do get in touch with our experts