Digital payments experience soaring popularity in the banking industry: report

MONDAY JUNE 10, 2019

Dubai, United Arab Emirates: In becoming a smart city, UAE is also striving to become a cashless society. With the adoption of technological advancements, consumers and businesses alike are following a cashless payment approach that has witnessed a sporadic growth year on year.

It is a convenient, fast and cost-saving mode of transaction that is in use by most countries in the world. The changing times are speedily showing the prediction of a cashless world in the near future; there has been an increasing trend in the worldwide adoption of digital payments with reports suggesting by the year 2020, it is expected to reach USD 5 trillion worldwide.

Even a recent survey indicated there has been a significant increase in UAE consumers trusting digital payments over cash. Additionally, in a bid to promote a cashless economy and in supporting UAE’s smart government initiatives, 16 banks in the country along with the support of the UAE Central Bank came together in early 2017 to develop the Emirates Digital Wallet that will revolutionize the payments landscape drastically.

Furthermore, mobile payment and digital wallet services such as Apple Pay, Google Pay, Samsung Pay and Beam, to name a few, have gained consumer confidence making it the payment method of choice. Other industry reports indicate the mobile wallet market is projected to exceed US$2.3 billion by 2022 in the UAE.

The widespread adoption of digital payments has triggered an increase in data theft and fraud. Banks along with technology providers are investing heavily in cyber security and fraud prevention measures to protect consumers that are heavily relying on the different digital payment methods at their disposal.

The future of digital and mobile payments and building a secure payment ecosystem will be discussed by industry experts at the 9th Annual Middle East Banking Innovation Summit 2019, being held on 3rd and 4th September 2019 at Jumeirah Emirates Towers, Dubai. More information on the event is now available at https://www.bankinnovation-me.com/

 

Source: ZAWYA