Cash is no longer the major method of payments across UAE, as the rising of digital wallets, credit and debit cards and buy-now-pay-later solutions eclipsed physical money.
According to the latest FIS Global Payments Report 2023, credit cards are currently the most popular payment method, accounting for 41% of total e-commerce transaction values in the UAE during 2022 while debit cards represented 11%. Mastercard and Visa represent the biggest majority of card spending in the UAE.
Wallets were the UAE's second top payment method online, totalizing 24% of transaction values, against 23% in 2021, the report said. Cash on delivery showed a tiny 7% of e-commerce transactions last year.