Digital payments to overtake cash in the next five years

NULL

By 2020 more transactions will be completed with digital payments than cash in the UAE. That’s according to the digital payments service company, Triple, which says that 75% of transactions in the UAE currently use cash, but that figure is set to plunge. It’s as demand is increasing for technology such as mobile wallets, electronic payments and global money transfers. Triple adds that consumers, including the ‘unbanked', are looking for more convenient ways to spend, send and receive money.

More from Local

Coming Up on Dubai Eye

BUSINESS BREAKFAST LATEST

On Dubai Eye

  • Flying Taxis

    It sounds like an episode of The Jetsons, but the sight of flying taxis whizzing around our cities could be much closer than you think.

  • Tough penalties for deliberate tax evasion

    The UAE has said that tougher penalties will come into force from 1st August for not keeping proper corporate tax records.