Tuesday / December 11.
HomeNewsfeedGCC residents prefer alternatives to cash and cards to do payments

GCC residents prefer alternatives to cash and cards to do payments


The study found that 29 per cent of Emiratis are keen to use their Emirates ID cards to make payments, making them the highest demographic group in the GCC to want to do so.






Dubai: Seventy seven per cent of residents across the GCC would opt for alternatives to cash and card payments, should they be available in their country, according to a study commissioned by Cards & Payments Middle East, a conference and exhibition event for payment solutions.




Government identity cards (12 per cent) and banking apps (17 per cent) were among the top choices in alternative payment methods, along with mobile wallets (9 per cent), indicating an appetite in the region for technological advancements in the payments industry and a desire to be less reliant on traditional ways to make payments.




More than 16 per cent of all participants who highlighted cash as their current preferred payment method would adopt alternative options, should they be available in their respective countries.




The largest bank in the UAE, Emirates NBD, which has consistently introduced new-to-market digital banking solutions to the region, agreed with the survey findings.




“With banks strongly reinforcing the security aspects of alternative transactions through systems such as chip & pin cards and two factor, we find customers more willing to adopt digital payment methods. For the first time this year, we have seen our branch transactions show a declining trend, and a multi-fold increase in electronic and card transactions,” said Suvo Sarkar, Senior Executive Vice President & Group Head – Retail Banking and Wealth Management at Emirates NBD.



The study identified that 29 per cent of Emiratis are keen to use their Emirates ID cards to make payments, making them the highest demographic group in the GCC to want to do so, out of both nationals and expats. Omani nationals were the second most interested in embracing this method of payment should it be available, at 18 per cent, indicating substantial opportunities in both markets.




“The UAE has been at the vanguard of digital innovation in transactions, with almost all government services moving online, making our lives digitally easier. At Network International, we strongly believe alternate payment solutions with complex underlying technologies but simple user experiences will result in frictionless and more secure alternatives to cash transactions – and that is exactly what customers want and need,” said Bhairav Trivedi, Chief Executive Officer, Network International




Survey respondents from the GCC also expressed interest in the other latest forms of payment including Samsung Pay, with 5 per cent highlighting they would opt for to use this service should it be available in the region.




The survey conducted took place in April 2016, with 2,700 participants from across the GCC including the UAE, KSA, Qatar, Bahrain, Kuwait and Oman. This year the Cards & Payments Middle East will take place from May 31 to June 1, 2016 at the Dubai International Convention and Exhibition Centre.











Let’s block ads! (Why?)