Arab Today, arab today cash is king in the uae
Last Updated : GMT 19:17:27
Arab Today, arab today
Arab Today, arab today

Cash is king in the UAE

Arab Today, arab today

Arab Today, arab today Cash is king in the UAE

Abu Dhabi - Arabstoday

There is strong potential for growth in electronic payment methods in the region as only 10 per cent of transactions in the UAE are paid for electronically compared to 15 per cent globally, senior MasterCard officials told Gulf News. There is a “huge growth curve for conversion” from cash to electronic payments, said Ann Cairns, president of international markets at MasterCard during the inauguration of the company’s Dubai office on Thursday. The cost of dealing with cash ranges from 0.5 to 1.5 per cent of a country’s GDP annually, varying from one country to another, which reveals that the government can save more by converting to electronic payments, she said. There is “rapid progress” in developing contactless payment methods in the GCC because of its concentrated cash spending and the company is planning to bring 1,000 additional contactless terminals to the UAE by next year, said Michael Miebach, pesident for Middle East and Africa at MasterCard. The UAE currently has 1,000 contactless terminals and Qatar has 500 terminals, compared to two years ago when there were none in the GCC, he said, adding that there are 400,000 contactless cards in the Middle East. MasterCard is now focusing on bringing electronic payment methods in to daily transactions, working with banks and acquirers to bring credit card and contactless terminals into small groceries by the end of the year, said Miebach. “When we build the infrastructure, we build habits.” Non-traditional categories “Everyday spend is the next focus,” he said, adding that MasterCard is already seeing spending on non-traditional categories such as private school fees and insurance payments. “Contactless payments are changing the way consumers make day-to-day transactions the world over. Globally, PayPass is present in 50 countries and accepted at nearly 700,000 merchant locations. As of the fourth quarter of 2012, MasterCard or Maestro PayPass cards or devices can be used at nearly 700,000 merchant locations, a 64 per cent growth from 2011,” said Cairns. “In the UAE, PayPass contactless payments are accepted at 950 terminals across 73 merchants as of March 2013. Contactless payments are still in its nascent phase in the UAE, and we expect a rise in these payments as more consumers become familiar with the technology. The expected expansion in merchant acceptance will further drive the move towards wider contactless payments usage.” Miebach noted. There is a total of 10 million credit cards in the Mena region, of which 52 per cent are MasterCard, Miebach said. The company’s international business saw just under 16 per cent growth last year, according to Cairns. Albawaba Business

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today cash is king in the uae Arab Today, arab today cash is king in the uae

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today cash is king in the uae Arab Today, arab today cash is king in the uae

 



Arab Today, arab today
Arab Today, arab today Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today What's the reason and what you can do

GMT 05:44 2017 Sunday ,22 October

What's the reason and what you can do
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today El-Sissi vows to quash terrorism

GMT 18:47 2017 Sunday ,22 October

El-Sissi vows to quash terrorism
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today EU raids automaker BMW

GMT 11:06 2017 Saturday ,21 October

EU raids automaker BMW
Arab Today, arab today Sweden to get biggest car factory

GMT 14:10 2017 Friday ,20 October

Sweden to get biggest car factory
Arab Today, arab today Actress Mona Zaki praises husband’s role

GMT 08:15 2017 Thursday ,19 October

Actress Mona Zaki praises husband’s role
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 08:57 2017 Wednesday ,18 October

Actress Shery Adel happy for Egypt’s qualification

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 10:18 2017 Saturday ,21 October

How to do open-heart surgery

GMT 13:44 2017 Friday ,20 October

Barcelona through George Orwell’s eyes

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday