With card payments accounting for almost half of all transactions in the UAE, 2023 is seeing a significant shift in how we make online payments. The trend has paved the way for virtual cards, giving traditional cards a virtual facelift.
High-end digital solutions such as digital banks and mobile wallets have become more prevalent in the modern period, and more people are using them to send and receive money.
The digital payments market in the MENA region is expected to reach $9 billion by 2028 (124% up from 2021). Although the UAE population still relies on cash and credit cards for payments, the new generation and the millennials have already started exploring emerging digital payment methods.
As more than half of the UAE consumers are set to use cashless payments by 2024, virtual cards have become an emerging trend among the residents. Virtual cards have become one of the region’s most popular digital payment methods, as they offer flexibility, simplified payments, speed, and security.
As per the survey conducted by Visa, 82% of small and medium business owners responded to using more digital payment options, including mobile wallets, to offer their customers simple and secure payment methods.
In fact, nearly 60% of these small business owners replied they would only use digital wallets to accept payments. However, this shift in trends has primarily occurred among large businesses that have the means to provide customers with various payment options.
So, let’s dive deep into what mobile wallets are and how they help you grow your small business.
Whether you are a small business owner or a big giant in any industry, almost everyone requires payment processing services to run their businesses smoothly. Moreover, nearly 88% of the payment transactions were contactless in 2021, which justifies that customers are moving toward making payments digitally.
More than 50% of the UAE’s consumers use digital wallets to make payments as it allows convenient contactless payment solutions. Additionally, the United Arab Emirates (UAE) residents have been quite active in contributing to the move toward building the world’s most innovative digital economy in the country.
While more than 50% of UAE consumers want to go cashless by 2024, they have already started their march towards using digital wallets for various payments. Consumers demand faster, safer, and more convenient (simple-to-use) payment options and, most importantly, contactless payment methods.
Index Just as technology plays an essential role in the virtual world, payments are another crucial part. While it is paramount to offer a seamless user experience through the metaverse, virtual assets will have to be transferred using virtual currency. But are we future-ready to experience the metaverse with digital currency? Which digital payment methods
Index The United Arab Emirates (UAE) is the third largest crypto market in the world as per Chainalysis in October 2021. While the Middle East makes 7% of the global trading volume for cryptocurrency markets, UAE, among all, runs an extra mile toward becoming a global digital asset hub. But, what is so special about