Electronic payments are more efficient as cash comes with its own costs attached
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regulations, such as KYC, increasing both transparency and confidence.”
Across the world, nations are engaged in a race to move to a digital economy. At first glance, the UAE looks to be a long way off with 75 per cent of all transactions still made using cash, but the country is laying the foundations for it.
Digital payments have been identified as a top government priority in the UAE’s Vision 2021. Federal government revenue collected through the e-dirham reached more than Dh4 billion in the first quarter of 2018, up 82 per cent compared to the year-earlier period, according to the Ministry of Finance. The increase confirms e-dirham’s growing popularity in the cashless payment industry for government services, a statement said. The UAE’s drive to create a cashless society got a further ●