Fifty-one per cent of UAE residents who sent money to family and friends over the past 12 months believe they would have struggled financially without their support, a report by global payments company Mastercard has said.
About 89 per cent of consumers globally made cross-border payments in the past 12 months to support family, friends or children who live abroad, Mastercard’s annual Borderless Payments Report 2021/2022 found.
Despite a wider economic recovery and international travel reopening after the Covid-19 pandemic, 66 per cent of UAE residents sent more money in the past year to family abroad.
The global payments company surveyed 8,000 consumers across 15 markets.
“Concerns about these family members are one of the main reasons the number of cross-border payments continues to increase — especially in countries with large numbers of migrant workers, who traditionally send remittances to their families back home,” the Mastercard report said.
Cross-border payments are currency transactions between people or businesses in different countries, according to the consultancy EY.
The sender typically chooses a front-end provider, such as a bank or a money transfer operator, to initiate the payment and the recipient receives the money via the medium specified by the sender, EY said in a report last year.
Traditionally, cross-border payments flow via the correspondent banking network, which most front-end providers use to settle the payment.
However, in recent years, new back-end networks have emerged to optimise cross-border payments by enabling interoperability between payment methods and providing senders with more avenues to reach the receiver, EY said.
Global cross-border payment flows are expected to hit $156 trillion in 2022. The industry is being shaken up by a rush of new entrants that promise to solve long-standing problems, according to EY's research.
Global remittance flows to poor and middle-income countries grew by 7.3 per cent to $589 billion in 2021, according to a World Bank report.
The five most common destinations for those remittances were India, China, Mexico, the Philippines and Egypt.
About 54 per cent of UAE residents said families abroad were still struggling to recover from Covid-19 and required their financial support, according to Mastercard.
The pandemic hastened the switch from traditional channels to digital payments.
Fifty-seven per cent of those surveyed in the Emirates said they now rely more on online cross-border payments due to the lingering effects of Covid-19, the survey found.
The need to support family was the key driver for sending money abroad, Mastercard said, with about nine in 10 consumers in the UAE saying they sent money abroad to help family and friends.
In addition to general family support, other reasons included payments for child support, medical expenses, tuition and even wedding costs, the report said.
Speed was the top priority for UAE consumers who send money abroad, with 54 per cent of those polled ranking the delivery of funds within 24 hours as the top consideration.
Although 89 per cent of UAE respondents expressed confidence that their money would arrive in time, 87 per cent said they would use cross-border payments more often if they were faster, the survey found.
Payment security was another priority for consumers in the UAE. A majority, or 86 per cent, of people in the Emirates said they felt confident about the security of online cross-border payments, the research said.
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Watch: best apps for transferring money in the UAE
Read more from Mina Al-Oraibi
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What is a calorie?
A food calorie, or kilocalorie, is a measure of nutritional energy generated from what is consumed.
One calorie, is the amount of heat needed to raise the temperature of 1 kilogram of water by 1°C.
A kilocalorie represents a 1,000 true calories of energy.
Energy density figures are often quoted as calories per serving, with one gram of fat in food containing nine calories, and a gram of protein or carbohydrate providing about four.
Alcohol contains about seven calories a gram.
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
Six large-scale objects on show
- Concrete wall and windows from the now demolished Robin Hood Gardens housing estate in Poplar
- The 17th Century Agra Colonnade, from the bathhouse of the fort of Agra in India
- A stagecloth for The Ballet Russes that is 10m high – the largest Picasso in the world
- Frank Lloyd Wright’s 1930s Kaufmann Office
- A full-scale Frankfurt Kitchen designed by Margarete Schütte-Lihotzky, which transformed kitchen design in the 20th century
- Torrijos Palace dome
Killing of Qassem Suleimani
TECH%20SPECS%3A%20APPLE%20IPHONE%2014%20PLUS
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Ziina users can donate to relief efforts in Beirut
Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”
The specS: 2018 Toyota Camry
Price: base / as tested: Dh91,000 / Dh114,000
Engine: 3.5-litre V6
Gearbox: Eight-speed automatic
Power: 298hp @ 6,600rpm
Torque: 356Nm @ 4,700rpm
Fuel economy, combined: 7.0L / 100km
Dengue%20fever%20symptoms
%3Cp%3EHigh%20fever%20(40%C2%B0C%2F104%C2%B0F)%3Cbr%3ESevere%20headache%3Cbr%3EPain%20behind%20the%20eyes%3Cbr%3EMuscle%20and%20joint%20pains%3Cbr%3ENausea%3Cbr%3EVomiting%3Cbr%3ESwollen%20glands%3Cbr%3ERash%26nbsp%3B%3C%2Fp%3E%0A
How to increase your savings
- Have a plan for your savings.
- Decide on your emergency fund target and once that's achieved, assign your savings to another financial goal such as saving for a house or investing for retirement.
- Decide on a financial goal that is important to you and put your savings to work for you.
- It's important to have a purpose for your savings as it helps to keep you motivated to continue while also reducing the temptation to spend your savings.
- Carol Glynn, founder of Conscious Finance Coaching
MATCH INFO
Euro 2020 qualifier
Ukraine 2 (Yaremchuk 06', Yarmolenko 27')
Portugal 1 (Ronaldo 72' pen)
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
UAE v Zimbabwe A
Results
Match 1 – UAE won by 4 wickets
Match 2 – UAE won by 5 wickets
Match 3 – UAE won by 25 runs
Match 4 – UAE won by 77 runs
Fixture
Match 5, Saturday, 9.30am start, ICC Academy, Dubai
SPEC%20SHEET%3A%20NOTHING%20PHONE%20(2A)
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Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
Ain Issa camp:
- Established in 2016
- Houses 13,309 people, 2,092 families, 62 per cent children
- Of the adult population, 49 per cent men, 51 per cent women (not including foreigners annexe)
- Most from Deir Ezzor and Raqqa
- 950 foreigners linked to ISIS and their families
- NGO Blumont runs camp management for the UN
- One of the nine official (UN recognised) camps in the region
Company%20profile
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Killing of Qassem Suleimani
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
UAE currency: the story behind the money in your pockets
More from Rashmee Roshan Lall
WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
Fresh faces in UAE side
Khalifa Mubarak (24) An accomplished centre-back, the Al Nasr defender’s progress has been hampered in the past by injury. With not many options in central defence, he would bolster what can be a problem area.
Ali Salmeen (22) Has been superb at the heart of Al Wasl’s midfield these past two seasons, with the Dubai club flourishing under manager Rodolfo Arrubarrena. Would add workrate and composure to the centre of the park.
Mohammed Jamal (23) Enjoyed a stellar 2016/17 Arabian Gulf League campaign, proving integral to Al Jazira as the capital club sealed the championship for only a second time. A tenacious and disciplined central midfielder.
Khalfan Mubarak (22) One of the most exciting players in the UAE, the Al Jazira playmaker has been likened in style to Omar Abdulrahman. Has minimal international experience already, but there should be much more to come.
Jassim Yaqoub (20) Another incredibly exciting prospect, the Al Nasr winger is becoming a regular contributor at club level. Pacey, direct and with an eye for goal, he would provide the team’s attack an extra dimension.
South and West: From a Notebook
Joan Didion
Fourth Estate
