Intelligent SME.tech Issue 04 | Page 18

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PAYBY RELEASES LANDMARK STUDY UNCOVERING

UAE consumer attitudes to spending in the pandemic

BU DHABI-BASED innovative

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FinTech enterprise PayBy has released its first study of the UAE consumer payments landscape , conducted in association with Kantar . The study included a diverse sampling of UAE consumers to evaluate their attitudes to spending , saving and modes of payment in light of the coronavirus pandemic . The PayBy study revealed that the numbers of the unbanked – those with no access to a bank account – have shrunk in the UAE . An overwhelming majority of the respondents ( 94 %) use banking products or services in some form . This is slightly reduced to 87 % among lower income groups and those earning below AED 5,000 per month .
According to the PayBy study , the majority of consumers have pivoted to cashless payments as a more hygienic , safe and secure option in the pandemic environment .
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