Businesses say goodbye to physical cash- Digital payment conquers the Market
With the greater technological reformation happening across the globe, cash, the medium of business is acquiring digital avenues to be in pace with the growing requirements. The countable change in preferences of the customers paved a steady surge in the popularity among the traders. Today, physical cash payment is substituted by Digital payment mode, and from retailers to every sector, this trend brought noticeable changes that are advantageous to both the payee and receiver as well. DigiPay 2020- The Future of Digital Payments Summit, organized by a
leading Arab media, highlighted the acceptance and application of the modern mode of payments across various sectors of business.
Ali Allawala, head of Retail Islamic Banking at Standard Chartered Bank, commented that the need for consumers to carry physical cash has been steadily declining over the past few years. “The need to carry cash is going down because a lot of transactions in certain sectors don’t require physical cash anymore,”. Today, booking a hotel or buying an airline ticket, doesn’t require the physical presence or efforts as the opportunities to pay online with debit or credit card exist. With any types of payments and transactions, many banks are issuing multi-currency cards, provided that the customers need not carry or transfer the physical cash to the local currency of that particular country. Instead, the bank will serve them with the local currency of their demand and in parallel deducts the amount from the respective account.
Dr. Tamer Eltoni, the chief commercial officer of Digital Finance Services at Etisalat, added that “the world is changing, and customer behavior is changing.” With the growing preferences to use digital wallets over physical cash, customers also seek flexibility on different forms of digital payments. As UAE is blessed with an amazing infrastructure, opportunities for digital payments are growing here”.
Sanjay Malhotra, the chief digital officer at Dubai Islamic Bank, commented that the Covid-19 pandemic has accelerated the adoption of digital payments. With the pandemic era, a surge in consumers preferring digital payment have been observed, and later it has become the necessity of time. The incorporation of AI technology in digital payments made the concept a wise choice for every sector. As per the latest research done by the bank, 58 percent of consumers were preferring digital payments. Today many industries are adopting AI technology and this new trend or evolution had made many of the sector highly productive as well. evolution in the industry. Attaining efficiency overpayments, support, and serves everyone, not only the business or consumers. Digital services are transforming the banking sector from its traditional tedious transactions and deals with easy digital services. Even though people prefer digital banking services, the lack of technological knowledge makes them reluctant to adopt these advancements.
Mosam Gadia, senior vice president – Payments, at noon.com, added that today most of the customers seek businesses with digital payment options.” Even the cash won’t be eliminated, but it will see a massively decline. Compared to the expenses incurred for cash transactions, digital transactions are inexpensive. Today consumers prefer businesses providing choices overpayment mode. Still with the majority of customers who lack awareness or don’t get exposure to the benefit and security that digital payment platform offers, has to be worked out. Consumers
should learn what opportunities they have got in the trending market.