GCC citizens opt for digital payment solutions
YouGov study reveals citizens are open to varied payment options if available in their country
A recent YouGov study stated that 77% of UAE citizens would opt for alternative cash and card payments, should they be available in their country.
The survey, which was commissioned by Cards & Payments Middle East, revealed 16% of participants highlighted cash as their preferred payment method but would adopt alternative options. The survey revealed government identity cards, banking apps and mobile wallets were among the top choices participants would like to use.
Suvo Sarkar, senior executive vice president and group head of retail banking and wealth management at Emirates NBD agreed with the findings. "With banks strongly reinforcing the security aspects of alternative transactions through systems such as chip & pin cards and two factor, we find customers more willing to adopt digital payment methods. For the first time this year, we have seen our branch transactions show a declining trend, and a multi-fold increase in electronic and card transactions."
The survey identified that 29% of Emirati nationals are keen to use their Emirates ID cards to make payments, making them the highest demographic group in the GCC to use this method.
Joseph Ridley, general manager of Cards & Payments Middle East at Terrapinn commented: "These results highlight a market for alternative means of payment across the GCC, however there's a lack of education on what options are available. Cards & Payments Middle East provides a platform for international and regional players to explore the potential of the market, as well as showcase the latest international advancements in the payments industry to stakeholders within the region."
Participants also expressed interest in the latest forms of payment, such as Apple Pay and Samsung Pay.
The survey conducted took place in April 2016, with 2,700 participants from across the GCC including the UAE, KSA, Qatar, Bahrain, Kuwait and Oman.