Most UAE residents favour cashless economy: study


Men are more likely than women to hold this view (67% vs 55%)

A large majority of UAE residents (63%) consider it very or fairly positive if their country became cashless, according to a new survey held by international Internet-based market research and data analytics firm YouGov.

Men are more likely than women to hold this view (67% vs 55%). Preference for electronic payment is also higher among high-income households (earning AED25,000+ ($6,800+) monthly) than the rest at 76%.

In general, ever since the Coronavirus pandemic engulfed the country, people seem to prefer going cashless and slightly more than half (52%) claimed to have paid in cash less often since the outbreak. Respondents within the income group of AED10,001- 20,000 were more likely to say this than the rest of the income group members.

However, a small proportion (17%) have paid in cash more often since the outbreak with high-income individuals (AED25,000+) more likely than others to have done so.

Fintech continues to grow exponentially in Saudi Arabia, with the Kingdom's market expected to reach transaction values of over USD 33 billion by 2023! Access more trends and data in the recently launched Fintech Saudi Annual Report 2019 - 2020.