The vast majority (88%) of SMBs in the UAE are optimistic about the future of their business and recognise the importance of contactless payments in meeting consumer expectations, said global payments leader Visa in a new report.
• SMBs are optimistic about the future includes 64% (compared to 50% globally) who are very optimistic, which is the highest proportion of all markets surveyed. Nearly half (49% vs. 40% globally) of SMBs in the UAE say accepting contactless payments is among their top investment areas to meet consumer expectations. The majority (84% vs. 74% globally) of SMBs in the UAE believe that customers will continue to prefer contactless payments as much or more than they do today.
• The shift to contactless payments is becoming more permanent: Nearly all (92%) consumers in the UAE say Covid-19 has permanently changed their payment habits (compared to 68% globally). Nearly three in four (73%) UAE consumers would not shop at a store that does not accept contactless payments (compared to 44% globally). One in three (33% vs. 21% globally) UAE consumers have not used cash in the last week, the second highest among all markets.
• Continued relevance of omnichannel commerce: More than half (56% vs. 33% globally) of UAE consumers say they are at least somewhat more likely to shop in person compared to last summer, the highest among all markets.
Unlocking access to the digital economy
Recognizing that greater digitization of commerce can bring enormous benefits to small businesses, Visa has continued to deepen and localize its commitment to SMBs in the UAE over the last 18 months to help them revitalize and reinvent their businesses. Visa has:
• been working with several UAE banks to pilot Tap to Phone solutions that make it easier for local merchants to accept payments using only an Android smartphone;
• launched ADCB Pace Pay - UAE’s first virtual point of sale (POS) payment terminal with ADCB on both android and iOS platforms;
• rolled out the “Rapid Seller Onboarding” to enable SMBs to accept digital payments from their customers in-store/at point-of-sale or online within just seven working days;
• and conducted targeted studies such as Small Business Recovery and launched the Stay Secure campaign - in collaboration with DED and Dubai Police - with the aim of understanding regional SME painpoints and providing actionable insights to small businesses.
This all builds on a $200 million, 5-year commitment from the Visa Foundation made in 2020 to support SMBs around the world, with a focus on fostering women’s economic advancement.
Visa also announced that it has helped to digitally-enable 16 million small and micro businesses (SMBs) worldwide, or just over 30% of the multi-year goal it set in 2020 to digitize 50 million SMBs. Through community-based programs set in motion from Dubai to DC, Visa has provided SMBs with the tools, services and education necessary to accept digital payments and gain greater access to the digital economy.
The new Visa Back to Business global study shows just how essential it is for SMBs to continue to digitally accelerate, with 92% of consumers saying Covid-19 has permanently changed how they will pay.
“With an 18-month view into the pandemic now, we have seen that small businesses that have embraced digital commerce and cross-border selling have generally weathered the pandemic and that seemingly small pivots toward digital commerce can continue to make the difference between a small business surviving and thriving,” said Shahebaz Khan, Visa’s General Manager for the UAE.
“We are proud of the work we have done to help small businesses here in the UAE access the digital economy, and we will continue to help many more, one digital payment at a time.” – TradeArabia News Service
Copyright 2021 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).