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The study shows more than 70 % of consumers prefer cashless payment options for a major part of their monthly spending , with PayBy highlighting that businesses of all sizes must digitalise in response to consumer demands .

Across cohorts , the major spends of monthly income were on groceries ( 20 %), house rent ( 15 %), utilities ( 11 %) and eating out ( 9 %). The PayBy study found that cashless methods were by far the preferred option to pay for these major expenses : 72 % of respondents used cashless methods to pay for groceries , 74 % for utilities and 72 % for eating out . Housing , however , was a notable exception , with more than half of respondents ( 55 %) paying their rent in cash .

Awareness and familiarity with mobile wallets was high across different groups of respondents . In fact , more than half ( 55 %) have used mobile wallets several times . Consumers cited the ease of access , convenience and quick transfer as key reasons for using mobile wallets .

The study also evaluated respondents ’ feedback on the PayBy app . The response was overwhelmingly positive ( 98 %). While nearly one third of the respondents ( 31 %) appreciated that it enabled contactless payments , another key reason for liking PayBy was the free peer to peer ( P2P ) transfer to anyone in UAE – with nearly half of Indian respondents ( 47 %) liking this aspect the most . Among higher income groups , P2P transfers were almost as appreciated as the microcredit facility ( from AED 500 to AED 5000 ) offered by PayBy . study said they always carry cash on them . Paying in cash also allowed respondents to negotiate better discounts .

The PayBy study also highlights how the COVID-19 pandemic has irreversibly altered the payment landscape in the Middle East . Cash payments have migrated to payments by cards and mobile wallets . To survive in the new normal , businesses of all scales will have no option but to swiftly digitalise , in response to consumer demands . �

THE MAJORITY OF CONSUMERS HAVE PIVOTED TO CASHLESS PAYMENTS AS A MORE HYGIENIC , SAFE AND SECURE OPTION IN THE PANDEMIC ENVIRONMENT .

While the UAE moves towards becoming a cashless society and increased financial inclusion , two key reasons are responsible for the stubborn pockets of cash usage that still remain . Half the respondents in the PayBy