Al Maryah Community Bank says it will focus on 'supporting individuals and small businesses within the UAE economy. Courtesy istockphoto.com
Al Maryah Community Bank says it will focus on 'supporting individuals and small businesses within the UAE economy. Courtesy istockphoto.com
Al Maryah Community Bank says it will focus on 'supporting individuals and small businesses within the UAE economy. Courtesy istockphoto.com
Al Maryah Community Bank says it will focus on 'supporting individuals and small businesses within the UAE economy. Courtesy istockphoto.com

Covid-19 has accelerated the adoption of digital payments, experts say


Alkesh Sharma
  • English
  • Arabic

The Covid-19 pandemic has accelerated the uptake of cross-border digital payments, making it convenient for small and medium enterprises to continue business and for consumers to purchase goods and services from around the world, but significant challenges persist, experts say.

To overcome future hurdles, the digital payment ecosystem should be made more interoperable so different systems can connect in a frictionless manner, industry executives said during an online panel at the World Economic Forum's Global Technology Governance Summit.

The ability to accept digital payments and connect to the digital financial ecosystem became much more critical as the pandemic developed, they added.

“The pandemic underscored the importance of being digital. Small businesses with digital connectivity recovered fast from the ravages of Covid-19 … others faced the most challenging time,” Demetrios Marantis, senior vice president for global government engagement at Visa, said.

“You cannot live in a world where there is one standard, one system, one payment scheme and one network … different stakeholders should be able to interoperate with one another. It will offer opportunities to small businesses who are relying on digital tools for an economic recovery,” he added.

Digital payments are thriving as users avoided using cash during the Covid-19 pandemic. Globally, digital payments are set to grow to $8.3 trillion in 2024, from $4.4tn last year, according to Statista.

Digital payments offer unprecedented opportunities globally, said Chen Long, director of Luohan Academy, the think tank set up by Hangzhou-based e-commerce company Alibaba.

“In a typical e-commerce environment in China, you have hundreds of millions of online consumers and so many SMEs to serve them … now a small store, which was earlier restricted by space and time, is serving customers thousands of kilometres away.”

“Opportunities that were earlier available to only big companies are now there for small businesses. In fact, digital payments are information of the real economic activity that could be observed and recorded,” added Mr Long.

In the UAE, digital payments have more than doubled over the last two years to $18.5 billion in 2020, according to FinTech company Stripe, which announced its entry into the Middle East market on Tuesday.

Two-thirds of UAE residents expect the country to become fully cashless by 2030, a poll by Standard Chartered showed in September.

There has also been an acceleration in digital payment take-up across Latin America and the Caribbean, Irene Arias Hofman, chief executive of IDB Lab, an innovation laboratory of the Inter-American Development Bank, said.

“From the beginning of the pandemic, nearly 14 countries were offering cash transfer to its citizens through digital payment models … so suddenly 5 million people in Colombia had a bank account for the first time ... and that, too, a digital account.

“We have to take advantage of this situation and become a more inclusive financial model. It should not be limited to only cash transfers,” she added.

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Sector: Entertainment
Size: 85 employees
Stage: Series C
Investors: MEVP, du, Mobily, MBC, Samena Capital

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How to join and use Abu Dhabi’s public libraries

• There are six libraries in Abu Dhabi emirate run by the Department of Culture and Tourism, including one in Al Ain and Al Dhafra.

• Libraries are free to visit and visitors can consult books, use online resources and study there. Most are open from 8am to 8pm on weekdays, closed on Fridays and have variable hours on Saturdays, except for Qasr Al Watan which is open from 10am to 8pm every day.

• In order to borrow books, visitors must join the service by providing a passport photograph, Emirates ID and a refundable deposit of Dh400. Members can borrow five books for three weeks, all of which are renewable up to two times online.

• If users do not wish to pay the fee, they can still use the library’s electronic resources for free by simply registering on the website. Once registered, a username and password is provided, allowing remote access.

• For more information visit the library network's website.

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Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

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Bantamweight

Victor Nunes (BRA) beat Siyovush Gulmamadov (TJK)

(Split decision)

Featherweight

Hussein Salim (IRQ) beat Shakhriyor Juraev (UZB)

(Round 1 submission, armbar)

Catchweight 80kg

Rashed Dawood (UAE) beat Otabek Kadirov (UZB)

(Round-1 submission, rear naked choke)

Lightweight

Ho Taek-oh (KOR) beat Ronald Girones (CUB)

(Round 3 submission, triangle choke)

Lightweight

Arthur Zaynukov (RUS) beat Damien Lapilus (FRA)

(Unanimous points)

Bantamweight

Vinicius de Oliveira (BRA) beat Furkatbek Yokubov (RUS)

(Round 1 TKO)

Featherweight

Movlid Khaybulaev (RUS) v Zaka Fatullazade (AZE)

(Round 1 rear naked choke)

Flyweight

Shannon Ross (TUR) beat Donovon Freelow (USA)

(Unanimous decision)

Lightweight

Dan Collins (GBR) beat Mohammad Yahya (UAE)

(Round 2 submission D’arce choke)

Catchweight 73kg

Martun Mezhulmyan (ARM) beat Islam Mamedov (RUS)

(Round 3 submission, kneebar)

Bantamweight world title

Xavier Alaoui (MAR) beat Jaures Dea (CAM)

(Unanimous points 48-46, 49-45, 49-45)

Flyweight world title

Manon Fiorot (FRA) v Gabriela Campo (ARG)

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  • Duration: Short-lived, typically localised
  • Travel distance: Limited 
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Dust storm

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  • Visibility: Hazy skies but less intense
  • Duration: Can linger for days
  • Travel distance: Long-range, up to thousands of kilometres
  • Source: Can be carried from distant regions
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Director: Christian Schwochow

Starring: George MacKay, Jannis Niewohner, Jeremy Irons

Rating: 3/5

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Directors: Carol Mansour and Muna Khalidi

Stars: Dr Ghassan Abu-Sittah

Rating: 4/5

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 

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