Visa report: two thirds of UAE retailers see increase in revenue with digital payments
Visa reports that two thirds of UAE small retailers have seen an increase in revenue following acceptance of digital payments. The Visa survey, conducted by 4SiGHT research and analytics company, interviewed 208 small retailers in Abu Dhabi, Dubai and Sharjah. Only 50 retailers accepted cash payments, and the other 158 accepted digital payments.
"Among the merchants accepting credit card and mobile digital payments, 56 percent have a contactless point-of-sale machine and 77 percent said they plan to invest in new payment technologies in the near future," added the paper.
It was announced yesterday that according to a new report from Visa, almost two thirds of SME retailers have seen an increase to footfall and revenue, following the acceptance of digital payments.
"While 68 percent of those polled by Visa said their revenue rose after installing a contactless point-of-sale device or other payment technologies, 63 percent experienced an increase in footfall. In contrast, close to half of cash-only retailers said they lost a transaction because customers were not carrying cash at the time of purchase," added the article in today's edition of The National.
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"Acceptance of digital payments clearly benefits small retailers as evident by the survey findings," said Marcello Baricordi, Visa’s general manager for Mena, in a statement.
"Not only are they more secure, quicker and more convenient than cash, digital payments provide a data trail, something cash doesn’t do, that can help merchants better communicate and target offers to customers and offer loyalty programmes, and enhance overall customer experience, to name a few, which help improve profitability.
Part of this increase can also be attributed to the growing commonplace of contactless, and the introduction of eWallets from major companies such as Google Pay, Samsung Pay and Apple Pay, and local players like Etisalat Wallet and Beam Wallet. According to a report from US-based TechSci Research, the UAE mobile wallet market is expected to grow at a compound annual growth rate of 24 per cent and hit $2.3 billion (AED8.44bn) by 2022.
"In light of the UAE’s goal to become a cashless society by 2020, we want to encourage and support small retailers in every possible way in their migration from cash to digital payments," Baricordi concluded.
The Ultimate FinTech & InsurTech LIVE Event
From October 12th-14th, 2021, BizClik’s FinTech & InsurTech live event will bring together influential executives from around the world. Live from London, this three-day event will be an excellent way to finish the year strong, gaining the confidence your company needs to move forward into the future.
With keynote addresses from global leaders, dynamic roundtable discussions, and extensive networking opportunities, FinTech & InsurTech live will expand your network, deliver insight, and enhance your organisation’s reach. Events include a forum on financial services, discussions centred on racial equality and women in fintech, and APAC, EMEA, and US-focused sessions that capture insights from around the world.
The event will include:
- Keynote addresses from respected industry leaders
- Dynamic live roundtables (inc. Q&A)
- Fireside discussions
- Inspirational Speakers & Presentations
- Extensive networking opportunities
Scope Out the Agenda
This week, we’ll share our weekend schedule of events, filled with essential industry topics and keynotes replete with knowledge and insight. Here’s a rundown of the three-day schedule:
Kicking off at 10 AM with a welcome message from our CEO Glen White, the first day of FinTech and InsurTech Live won’t pull any punches. We discuss racial equality, inventive financial services, and cloud migration—and that’s just the morning lineup.
Later on, we’ll cover supplier diversity, AI digital transformation, and fintech sustainability, in addition to cloud and digital transformation in global insurance. Don’t worry—we have a networking lunch in-between events! Finally, we’ll close out the day with online banking, women in fintech, and a recap of Day 1.
First we’ll hear from Scott Birch, our expert BizClik Media Editorial Director and facilitator, live from the Fintech Leaders Stage. We then jump into the future of digital payments, unicorns, and digital insurance brokers. Interested in learning more about digital underwriting and digital payment solutions? You’ve come to the right place.
In the afternoon, we’ll touch on CX in insurance, host a forum on financial services, and discuss what the world might look like as a cashless society, plus the future of challenger and neo banks. Wrapping up, we’ll talk tech and AI in insurance, PayTech, and hear from a surprise inspirational speaker. But we’re not done yet.
As is only fitting, BizClik’s CEO, Glen White, will introduce our APAC sessions, highlighting the critical role that Asia will play in the future of fintech and insurance. Following his remarks, we’ll open up the floor for a chat about digital banking, discuss technology in APAC, and hear from Dipu KV in an iconic keynote address.
After a series of thought leaders and networking sessions, we’ll head into an EMEA-focused session, which includes an EMEA technology panel, a CDO keynote, and a Europe enterprise presentation. In fact, this day’s events span the globe. Next up is a USA regional keynote, followed by a US CIO presentation and talks about enterprise.
A final end-of-event farewell will close out the weekend, wrapping up a successful FinTech and InsurTech global event. Can’t miss it. We look forward to seeing you there!