Cash is decreasing in use around the world, with digital wallets, credit and debit cards and buy-now-pay-later solutions substituting physical money, a new report has found.
The UAE is no exception to this trend, with credit cards the most popular way to pay for e-commerce transactions last year, according to the FIS Global Payments Report 2023.
Credit cards accounted for 41 per cent of e-commerce transaction values in the UAE and debit cards represented 11 per cent, it said.
Wallets were the UAE's second-leading payment method online, accounting for 24 per cent of transaction values, up from 23 per cent in 2021, the report revealed. Cash on delivery accounted for only 7 per cent of e-commerce transactions last year.
“A similar picture emerges at point of sale [POS], where credit cards were responsible for 40 per cent of transaction value, with debit cards earning 17 per cent share,” the report said.
“Cash accounted for 18 per cent share at POS. Wallets are growing even faster at POS, growing from 13 per cent share in 2021 to 16 per cent share in 2022.
“Consumers in the UAE can choose from among the world’s biggest wallet brands, such as Alipay, Apple Pay, Google Wallet, Samsung Wallet and WeChat Pay, as well as domestic wallets like Careem Pay, e& money [Etisalat Wallet] and Payit.”
Globally, the Covid-19 pandemic spurred the faster adoption of digital payments, particularly contactless payments, due to heightened awareness about the spread of the virus through banknotes and coins.
Almost two thirds of people in the UAE, or 64 per cent, expect the country to become fully cashless by 2030, according to a 2020 poll by Standard Chartered.
The Emirates also ranked as the eighth most cashless society in the world in 2021, according to a report by UK-based price comparison website Money.co.uk.
Although still in its early stages, the buy now, pay later model is growing fast in the UAE, the GPS 2023 report found.
In the UAE, BNPL doubled its share of transaction values to 2 per cent last year from 2021.
“The UAE is a centre of BNPL development, with domestic BNPL providers such as Cashew, PostPay, Spotii and Tabby competing with regional providers like Saudi Arabia’s Tamara,” according to the research.
The report projected that BNPL would continue to grow in the UAE's e-commerce sector at a compound annual rate of 37 per cent through to 2026.
BNPL is also the Middle East and Africa’s fastest-growing e-commerce payment method. It is estimated to grow at a compound annual rate of 43 per cent in MEA through 2026, the report said.
Meanwhile, the MEA also recorded a dramatic decline in the use of cash at POS transactions, falling to 43 per cent last year from 73 per cent in 2018, the report found. It projected that the share of cash transactions would fall to just 29 per cent by 2026.
“The shift from cash is mirrored by the rise of digital and mobile payments, which is driven by governments, banks and FinTechs,” the report said.
“Mobile money transaction values in 2021 grew fastest in the Middle East and North Africa [49 per cent], followed by Sub-Saharan Africa at 40 per cent, according to GSMA.”
Consumers across the MEA also prefer to use digital wallets to make payments.
Already the second-leading online payment method in MEA with a 20 per cent share of transactions, digital wallets are set to grow at a 25 per cent compound annual rate through to 2026, when they are expected to attain a 27 per cent share of e-commerce transaction values, according to the report.
A similar story is unfolding at POS transactions, with wallets projected to nearly double their share to 24 per cent by 2026, from 13 per cent last year.
Despite a lower penetration in MEA due to religious reasons, credit cards still command the highest share of regional e-commerce transaction values at 31 per cent and are projected to maintain this share through to 2026.
Account-to-account transfers are the third leading e-commerce payment method after credit cards and digital wallets, making up 18 per cent of regional e-commerce transaction values in 2022, the report said.
Napoleon
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Mohammed bin Zayed Majlis
Match info
Athletic Bilbao 0
Real Madrid 1 (Ramos 73' pen)
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Find the right policy for you
Don’t wait until the week you fly to sign up for insurance – get it when you book your trip. Insurance covers you for cancellation and anything else that can go wrong before you leave.
Some insurers, such as World Nomads, allow you to book once you are travelling – but, as Mr Mohammed found out, pre-existing medical conditions are not covered.
Check your credit card before booking insurance to see if you have any travel insurance as a benefit – most UAE banks, such as Emirates NBD, First Abu Dhabi Bank and Abu Dhabi Islamic Bank, have cards that throw in insurance as part of their package. But read the fine print – they may only cover emergencies while you’re travelling, not cancellation before a trip.
Pre-existing medical conditions such as a heart condition, diabetes, epilepsy and even asthma may not be included as standard. Again, check the terms, exclusions and limitations of any insurance carefully.
If you want trip cancellation or curtailment, baggage loss or delay covered, you may need a higher-grade plan, says Ambareen Musa of Souqalmal.com. Decide how much coverage you need for emergency medical expenses or personal liability. Premium insurance packages give up to $1 million (Dh3.7m) in each category, Ms Musa adds.
Don’t wait for days to call your insurer if you need to make a claim. You may be required to notify them within 72 hours. Gather together all receipts, emails and reports to prove that you paid for something, that you didn’t use it and that you did not get reimbursed.
Finally, consider optional extras you may need, says Sarah Pickford of Travel Counsellors, such as a winter sports holiday. Also ensure all individuals can travel independently on that cover, she adds. And remember: “Cheap isn’t necessarily best.”
Auron Mein Kahan Dum Tha
Starring: Ajay Devgn, Tabu, Shantanu Maheshwari, Jimmy Shergill, Saiee Manjrekar
Director: Neeraj Pandey
Rating: 2.5/5
US tops drug cost charts
The study of 13 essential drugs showed costs in the United States were about 300 per cent higher than the global average, followed by Germany at 126 per cent and 122 per cent in the UAE.
Thailand, Kenya and Malaysia were rated as nations with the lowest costs, about 90 per cent cheaper.
In the case of insulin, diabetic patients in the US paid five and a half times the global average, while in the UAE the costs are about 50 per cent higher than the median price of branded and generic drugs.
Some of the costliest drugs worldwide include Lipitor for high cholesterol.
The study’s price index placed the US at an exorbitant 2,170 per cent higher for Lipitor than the average global price and the UAE at the eighth spot globally with costs 252 per cent higher.
High blood pressure medication Zestril was also more than 2,680 per cent higher in the US and the UAE price was 187 per cent higher than the global price.
THREE
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Best Foreign Language Film nominees
Capernaum (Lebanon)
Cold War (Poland)
Never Look Away (Germany)
Roma (Mexico)
Shoplifters (Japan)
OPINIONS ON PALESTINE & ISRAEL
Women & Power: A Manifesto
Mary Beard
Profile Books and London Review of Books
The specs
Engine: 2.0-litre 4-cylinder turbo hybrid
Transmission: eight-speed automatic
Power: 390bhp
Torque: 400Nm
Price: Dh340,000 ($92,579
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Pakistan Super League
Previous winners
2016 Islamabad United
2017 Peshawar Zalmi
2018 Islamabad United
2019 Quetta Gladiators
Most runs Kamran Akmal – 1,286
Most wickets Wahab Riaz –65
RACE CARD
5pm: Handicap (PA) Dh70,000 1,400m
5.30pm: Handicap (TB) Dh70,000 1,000m
6pm: Maiden (PA) Dh70,000 2,000m
6.30pm: Handicap (PA) Dh70,000 2,000m
7pm: Maiden (PA) Dh70,000 1,600m
7.30pm: Al Ain Mile Group 3 (PA) Dh350,000 1,600m
8pm: Handicap (PA) Dh70,000 1,600m
Amith's selections:
5pm: AF Sail
5.30pm: Dahawi
6pm: Taajer
6.30pm: Pharitz Oubai
7pm: Winked
7.30pm: Shahm
8pm: Raniah
Why are asylum seekers being housed in hotels?
The number of asylum applications in the UK has reached a new record high, driven by those illegally entering the country in small boats crossing the English Channel.
A total of 111,084 people applied for asylum in the UK in the year to June 2025, the highest number for any 12-month period since current records began in 2001.
Asylum seekers and their families can be housed in temporary accommodation while their claim is assessed.
The Home Office provides the accommodation, meaning asylum seekers cannot choose where they live.
When there is not enough housing, the Home Office can move people to hotels or large sites like former military bases.
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
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Mercedes V250 Avantgarde specs
Engine: 2.0-litre in-line four-cylinder turbo
Gearbox: 7-speed automatic
Power: 211hp at 5,500rpm
Torque: 350Nm
Fuel economy, combined: 6.0 l/100 km
Price: Dh235,000
What are the influencer academy modules?
- Mastery of audio-visual content creation.
- Cinematography, shots and movement.
- All aspects of post-production.
- Emerging technologies and VFX with AI and CGI.
- Understanding of marketing objectives and audience engagement.
- Tourism industry knowledge.
- Professional ethics.
Company%C2%A0profile
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Squads
Sri Lanka Tharanga (c), Mathews, Dickwella (wk), Gunathilaka, Mendis, Kapugedera, Siriwardana, Pushpakumara, Dananjaya, Sandakan, Perera, Hasaranga, Malinga, Chameera, Fernando.
India Kohli (c), Dhawan, Rohit, Rahul, Pandey, Rahane, Jadhav, Dhoni (wk), Pandya, Axar, Kuldeep, Chahal, Bumrah, Bhuvneshwar, Thakur.
EPL's youngest
- Ethan Nwaneri (Arsenal)
15 years, 181 days old
- Max Dowman (Arsenal)
15 years, 235 days old
- Jeremy Monga (Leicester)
15 years, 271 days old
- Harvey Elliott (Fulham)
16 years, 30 days old
- Matthew Briggs (Fulham)
16 years, 68 days old
THE LOWDOWN
Romeo Akbar Walter
Rating: 2/5 stars
Produced by: Dharma Productions, Azure Entertainment
Directed by: Robby Grewal
Cast: John Abraham, Mouni Roy, Jackie Shroff and Sikandar Kher
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Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
More on Quran memorisation:
Terminator: Dark Fate
Director: Tim Miller
Starring: Arnold Schwarzenegger, Linda Hamilton, Mackenzie Davis
Rating: 3/5
Sri Lanka's T20I squad
Thisara Perera (captain), Dilshan Munaweera, Danushka Gunathilaka, Sadeera Samarawickrama, Ashan Priyanjan, Mahela Udawatte, Dasun Shanaka, Sachith Pathirana, Vikum Sanjaya, Lahiru Gamage, Seekkuge Prasanna, Vishwa Fernando, Isuru Udana, Jeffrey Vandersay and Chathuranga de Silva.
Destroyer
Director: Karyn Kusama
Cast: Nicole Kidman, Toby Kebbell, Sebastian Stan
Rating: 3/5
UAE release: January 31
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
