Cash is Still the Most Popular Payment Mode in UAE
Whether cash is still 'King' elsewhere or not, but it's still the king in UAE as most people prefer to use the paper currency rather than credit cards and other payment options.
A recent study conducted by YouGov which is a market research company, found that consumers in the emirates still consider physical cash to be a "quicker" and "safer" payment option. They say it helps them to spend within their budget and allows them to keep a control on their spending. The survey took the opinion of one thousand or more expatriates and UAE nationals across the UAE.
In another instance, Network International also polled the residents of UAE and asked them the usual method through which they paid for everyday essentials like groceries, luxury products, electronic goods, fast food, and payments to their home countries.
In the 'purchase categories' most of the people said they paid in paper money. The second most used method was credit cards followed by debit cards and other modes of payment such as cheques and online banking.
Bhairav Trivedi, the CEO of Network International said, "Cash is clearly still king for UAE residents which is certainly unique to the region and a contrast to other global trade centres where cashless transactions are more prevalent."
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