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Sun 12 Jan 2020 11:11 AM

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Money Talks: Visa delves into the future of online payments

The UAE has set itself a big aim to become a completely cashless society within the next few years.

While cash still dominates, innovations like Apple Pay and Samsung Pay have helped to make digital payments a reality in the region.

Global digital payments provider Visa reported that two years ago contactless transactions in the UAE accounted for just two percent of face-to-face transactions. Today that number is around 30 percent, so progress is taking place.

A study commissioned by Visa also found that increased usage of digital payments, such as cards and mobile payments, could yield a net benefit of up to $2.2 billion annually for consumers, retailers and the government in Dubai alone over the next few years.

To find out more about the development of this fast-growing sector we went inside the Visa Dubai Innovation Center, a new 4,000 square-foot facility designed to serve the company’s Central and Eastern Europe, Middle East and Africa clients and partners in building cashless economies.

(Source: Arabianbusiness.com YouTube cahnnel)