UAE’S leaders share nation’s vision for welfare of citizens
Mohammed Bin Rashid and Mohamed Bin Zayed also discussed major projects that were launched to increase the UAE’S international competitiveness in all areas
His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, on Monday met His Highness Sheikh Mohamed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, at the Al Marmoom Rest House in Dubai.
During the meeting, His Highness Sheikh Mohammed Bin Rashid and His Highness Sheikh Mohamed Bin Zayed talked about several issues related to serving the nation and its citizens, as well as the country’s efforts to provide citizens and residents with decent lives, on the directives of President His Highness Sheikh Khalifa Bin Zayed Al Nahyan.
They also discussed major projects that were launched to increase the UAE’S international competitiveness in all areas, which will benefit the community, help achieve sustainable development goals, boost the country’s leadership and ensure progress and prosperity.
The meeting was atended by Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai; Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum, Deputy Ruler of Dubai; Sheikh Mansour Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs; Sheikh Ahmed Bin Saeed Al Maktoum, Chairman of the Dubai Civil Aviation Authority and Chairman of the Emirates Group; Sheikh Hamdan Bin Mohamed Bin Zayed Al Nahyan, and Sheikh Mohammed Bin Hamad Bin Tahnoon Al Nahyan, Chairman of Abu Dhabi Airports.
CONFIDENCE IN DIGITAL PAYMENTS BOOMS: While almost four in ten UAE consumers have experienced online fraud atempts in the past year, trust and usage of digital payments both in-store and online see no signs of ceasing as consumers still prefer them over cash, citing improved technology, and security measures as reasons why they still feel more secure with these methods of payment. These findings were revealed in the 2021 Stay Secure survey conducted by Visa, Dubai Police, and Dubai Economy (DED), according to a joint press release issued on Monday.
According to the study, the use of cash in the UAE continues to decline. While ecommerce and contactless payments have increased in popularity and use since the start of the pandemic, paying by Cash on Delivery (COD) has declined significantly (75 per cent), while the use of digital payments (contactless cards and mobile wallets) for payment online or on delivery has almost doubled (by an average of 98 per cent). Consumer feedback reinforces the belief that there is no reversal of this trend, with 40 per cent of consumers saying they are less likely to use COD and 45 per cent are more likely to use contactless payment methods in the future.
Nearly two-thirds of consumers (63 per cent) have high level of confidence in digital payments (contactless cards and mobile wallets) for shopping in-store and payment on delivery, an increase since the start of the pandemic. Top reasons consumers gave for their trust in contactless include convenience (60 per cent), speed (59 per cent), control (the card or mobile never leaves consumer’s hand during transaction) (46 per cent), avoiding human touch (56 per cent) and innovative way to pay (48 per cent).
Biometrically-verified payments — such as mobile wallets — also scored high with 67 per cent consumers saying it is secure, and 60 per cent saying it gives them complete control as it never leaves their hand in a transaction and eliminates the hassle of having to remember passwords.
Knowledge of the technology that protects digital payments is a driver of consumer trust. Among consumers who trust digital payments, a majority (52 per cent) said having knowledge of underlying security technologies that protect digital payments, such as tokenization, helps build their confidence in cashless options.
Those who do not have adequate levels of knowledge of the technology, still have lagging doubts about the safety of digital payments. For example, 47 per cent fear misuse of lost or stolen contactless cards mostly due to a lack of understanding of how the technology work (27 per cent). These findings reinforce the importance of continual education on safe digital payment practices among consumers to maintain their trust.