More than half of the UAE consumers who responded to a survey plan to be cashless by 2024 compared to the global average of 41 per cent, according to a new report by Visa.
More than two-thirds (68 per cent) of the respondents in the UAE said they abandoned a purchase in the past few months because digital payments were not accepted by the merchant, the survey showed.
The coronavirus pandemic, which aided the shift to online payments and shopping in the UAE, led to permanent changes in habits, the FinTech company found.
More than 94 per cent of consumers in the UAE said they will continue to use digital payment channels as much as, or more than, in 2021.
“Payments are no longer about simply completing a sale ... it’s about creating a simple and secure experience that reflects one’s brand across channels and provides utility to both the business and its customer,” Visa’s general manager for the UAE, Bahrain and Oman Shahebaz Khan said.
Visa’s survey, which was conducted by Wakefield Research in December 2021, interviewed 1,000 people aged 18 years or more in the US, and 500 in the UAE, Brazil, Canada, Germany, Hong Kong, Ireland, Russia and Singapore.
It also surveyed 2,250 small business owners with 100 employees or fewer in the same countries to gauge their sentiments towards the digital economy.
The global payments industry was among the sectors where there were fast-paced changes during the pandemic, as consumers increasingly used digital platforms to shop, study and work online.
More than seven in 10 small businesses in the UAE, 59 per cent globally, already are, or plan to be, cashless by 2024 to meet their customers’ expectations.
Nearly 99 per cent of the businesses in the UAE attributed pandemic survival to selling online, with 58 per cent of their revenue now from e-commerce.
To fuel their growth in the coming months, small businesses are looking towards digital, including crypto-based payments and cross-border commerce, Visa said.
“The digital capabilities that small businesses built up during the pandemic – from contactless to e-commerce – helped them pivot and survive and by continuing to build on that foundation, they can now find new growth and thrive,” Mr Khan said.
More than 95 per cent of businesses surveyed in the UAE (74 per cent globally) said accepting new forms of payments is fundamental to their growth.
It suggests that digital payments are about finding growth in new digital realities, Visa said.
Nearly 93 per cent of small businesses in the UAE said they are optimistic about the future of their businesses.
All small business owners surveyed in the UAE (82 per cent globally) said they plan to accept some form of digital payments in 2022, including crypto, with 35 per cent (24 per cent globally) indicating a willingness to accept currencies such as Bitcoin, the biggest cryptocurrency.
The UAE Central Bank does not presently accept (or acknowledge) crypto-assets or virtual assets as a legal tender in the UAE. The only legal tender in the country is the dirham.
As a result of continued supply chain disruptions, consumers are also embracing the global marketplace, the survey said.
Almost 70 per cent of UAE consumers, compared to 59 per cent globally, are willing to buy internationally. The most persuasive factor cited for shopping on international e-commerce websites is positive customer reviews, Visa said.
Nearly 86 per cent of the businesses (50 per cent globally) also plan to increase cross-border sales in 2022.
However, a majority (96 per cent) of the UAE businesses find it challenging to accept and process cross-border payments, demonstrating demand for more faster and secure cross-border payment solutions, it said.
Two products to make at home
Toilet cleaner
1 cup baking soda
1 cup castile soap
10-20 drops of lemon essential oil (or another oil of your choice)
Method:
1. Mix the baking soda and castile soap until you get a nice consistency.
2. Add the essential oil to the mix.
Air Freshener
100ml water
5 drops of the essential oil of your choice (note: lavender is a nice one for this)
Method:
1. Add water and oil to spray bottle to store.
2. Shake well before use.
The specs
Engine: 2-litre 4-cylinder and 3.6-litre 6-cylinder
Power: 220 and 280 horsepower
Torque: 350 and 360Nm
Transmission: eight-speed automatic
Price: from Dh136,521 VAT and Dh166,464 VAT
On sale: now
Stuck in a job without a pay rise? Here's what to do
Chris Greaves, the managing director of Hays Gulf Region, says those without a pay rise for an extended period must start asking questions – both of themselves and their employer.
“First, are they happy with that or do they want more?” he says. “Job-seeking is a time-consuming, frustrating and long-winded affair so are they prepared to put themselves through that rigmarole? Before they consider that, they must ask their employer what is happening.”
Most employees bring up pay rise queries at their annual performance appraisal and find out what the company has in store for them from a career perspective.
Those with no formal appraisal system, Mr Greaves says, should ask HR or their line manager for an assessment.
“You want to find out how they value your contribution and where your job could go,” he says. “You’ve got to be brave enough to ask some questions and if you don’t like the answers then you have to develop a strategy or change jobs if you are prepared to go through the job-seeking process.”
For those that do reach the salary negotiation with their current employer, Mr Greaves says there is no point in asking for less than 5 per cent.
“However, this can only really have any chance of success if you can identify where you add value to the business (preferably you can put a monetary value on it), or you can point to a sustained contribution above the call of duty or to other achievements you think your employer will value.”
Yahya Al Ghassani's bio
Date of birth: April 18, 1998
Playing position: Winger
Clubs: 2015-2017 – Al Ahli Dubai; March-June 2018 – Paris FC; August – Al Wahda
Stage results
1. Julian Alaphilippe (FRA) Deceuninck-QuickStep 4:39:05
2. Michael Matthews (AUS) Team BikeExchange 0:00:08
3. Primoz Roglic (SLV) Jumbo-Visma same time
4. Jack Haig (AUS) Bahrain Victorious s.t
5. Wilco Kelderman (NED) Bora-Hansgrohe s.t
6. Tadej Pogacar (SLV) UAE Team Emirates s.t
7. David Gaudu (FRA) Groupama-FDJ s.t
8. Sergio Higuita Garcia (COL) EF Education-Nippo s.t
9. Bauke Mollema (NED) Trek-Segafredo s.t
10. Geraint Thomas (GBR) Ineos Grenadiers s.t
Washmen Profile
Date Started: May 2015
Founders: Rami Shaar and Jad Halaoui
Based: Dubai, UAE
Sector: Laundry
Employees: 170
Funding: about $8m
Funders: Addventure, B&Y Partners, Clara Ventures, Cedar Mundi Partners, Henkel Ventures
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COMPANY%20PROFILE
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Mobile phone packages comparison
Name: Peter Dicce
Title: Assistant dean of students and director of athletics
Favourite sport: soccer
Favourite team: Bayern Munich
Favourite player: Franz Beckenbauer
Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
'The worst thing you can eat'
Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.
Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines:
Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.
Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.
Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.
Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.
Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.
The specs: 2018 Chevrolet Trailblazer
Price, base / as tested Dh99,000 / Dh132,000
Engine 3.6L V6
Transmission: Six-speed automatic
Power 275hp @ 6,000rpm
Torque 350Nm @ 3,700rpm
Fuel economy combined 12.2L / 100km