CEO Middle East

SORRY, I DON’T HAVE CASH

A MAJORITY OF UAE CONSUMERS EXPECT A CASHLESS SOCIETY BY 2030

-

Almost two-thirds of respondent­s around the world (73 percent in the UAE) agree that COVID-19 has made them more positive about online shopping, but they are also more careful with their spending and want new ways to track their money digitally.

The study of 12,000 adults across 12 markets – Hong Kong, India, Indonesia, Kenya, Mainland China, Malaysia, Pakistan, Singapore, Taiwan, UAE, the UK and the US – is the second in a threepart series, looking at how COVID-19 has transforme­d consumers’ way of life.

In the UAE, 72 percent said they preferred to shop in-person prior to the pandemic compared to less than a third online. But this has shifted significan­tly, with almost half (47 per cent) now preferring online payments to in-person card or cash payments.

The survey results are supported by Standard Chartered’s ATM withdrawal­s data. Meanwhile, as spending begins to creep up, 89 percent of people in the UAE say the pandemic has made them more careful with their expenditur­e.

Reflecting this increased caution, 77 percent of survey respondent­s in the

UAE said that the economic impact of COVID-19 has made them more likely to track their spending.

Commenting on the findings, Sonny Zulu, Head of Retail Banking, Standard Chartered UAE said:” The UAE is on a fast track in adopting digital banking and cashless payments and the pandemic has accelerate­d the digital drive.”

COVID-19 has seen consumers across the world ditch cash in favour of online spending, according to Standard Chartered’s latest global survey.

 ??  ??

Newspapers in English

Newspapers from United Arab Emirates