Register now: GN webinar to debate the way forward for cash within the UAE

Prospects within the UAE and surrounding area have historically been proof against on-line fee methods. ‘Cash is king’ has been the mantra for merchants.

When on-line buying started rising in recognition, a big proportion of regional shoppers caught to extra conventional strategies quite than taking the leap, says Mosam Gadia, Senior Vice President Finance and Digital Funds, Midday.

Register now: https://www.nunify.com/occasions/acceleratingcashless/dwelling

“Using cash-on-delivery helped to accelerate wider adoption of e-commerce in the region, giving consumers a way to easily transition from brick and mortar to online,” says Gadia.

Driving in direction of a cashless society just isn’t solely useful for our bigger financial good, it additionally helps companies to be extra environment friendly.

– Mosam Gadia, Senior Vice President Finance and Digital Funds, Midday

However the pandemic has accelerated our transfer to a cashless lifestyle in surprising methods.

Visa’s ‘Covid-19 Impact Tracker’ analysis places this into stark aid. It discovered that 80 per cent of shoppers within the UAE modified their buying behaviours and near half mentioned they intend to proceed the brand new habits even after authorities restrictions had been totally relaxed.

Customers received’t overlook their new-found belief in digital funds, nor can they unlearn the realisation that as a result of cash and banknotes are handed via many palms, they pose specific challenges to defending towards a pathogen that may be transmitted via floor contact.

Mosam Gadia says transferring in direction of a cashless society is an thrilling step, not one to be daunted by.

Whereas the jury is out on which type issue will survive within the 10-year horizon, it’s clear that card contactless appears to be the clear choice of shoppers throughout markets.

– Kartik Taneja, Head of Funds at Mashreq Bank

“Driving towards a cashless society is not only beneficial for our larger economic good, it also helps businesses to be more efficient,” says Gadia.

Retailers may not have a alternative whether or not to adapt, or not, such is the tempo of client change.

Kartik Taneja, Head of Funds at Mashreq Bank, says COVID-19 may have instigated a giant societal shift from cash to digital.

“While the jury is out on which form factor will survive in the 10-year horizon, it’s clear that card contactless seems to be the clear preference of consumers across markets,” says Taneja.

Almost 41 per cent of companies within the UAE intend to spend money on new digital fee applied sciences within the close to future, which strongly signifies that digital transformation is already in progress and can proceed to construct momentum within the close to future.

– Shahebaz Khan, UAE Basic Supervisor of Visa

The Visa ‘Covid-19 Impact Study’ confirmed that cash-only retailers had been probably the most negatively impacted in the course of the disaster.

However many are pivoting and reacting decisively, in response to Shahebaz Khan, UAE Basic Supervisor of Visa.

“Nearly 41 per cent of businesses in the UAE intend to invest in new digital payment technologies in the near future, which strongly indicates that digital transformation is already in progress and will continue to build momentum in the near future,” says Khan.

Mashreq Bank sees a cashless future that doesn’t sacrifice client safety or peace-of-mind.

“I have no doubt that we may move to a non-card based biometric payment system in the future once we overcome the issues of privacy and acceptance,” says Taneja.

Mosam Gadia agrees that there are lots of advantages of a cashless society.

“As well as limiting crime, and theft in businesses, it helps to create a more seamless experience for consumers and a safer one for delivery associates,” says Gadia.

Shahebaz Khan highlights the position that cashless funds might play in aiding financial restoration via elevated effectivity.

“They enable the secure and fast movement of money, drive financial inclusion and empower businesses with access to data and insights on evolving consumer behaviour for better decision-making,” says Khan.

Be a part of panelists from Mashreq Bank, Visa and Midday as we talk about how the pandemic has propelled the shift in direction of digital transactions like no single occasion in historical past.

Register to be a part of this unique dialogue on Tuesday 28 July at 10:45am and put your questions to those trade leaders:

Reserve your house on this unique webinar now.