How Bahrain Has Become Most Advanced Crypto Nation in MENA
15 september, 2022
According to the digital commerce firm Network International, e-commerce spending in the UAE doubled the rate of point of sale (POS) transactions during January-March of 2022 compared to the first quarter last year. The rise in online spending was led by digital payments in the government sector, restaurants, supermarkets and stores. Expressed in figures digital payments are estimated to account for more than 45% of total spend volumes.
Demand for cashless payments in the UAE speeded up during the Covid-19 pandemic. In the first quarter of 2022 overall card spends saw a double-digit increase over the same quarter in 2021. The total number of cards transactions online increased by 32%, indicating a shift in consumers’ behaviour and habits as well as their higher dependence on digital commerce.
The number of debit cards transactions during the quarter grew by 1.5 times the number of credit cards. Online debit card spending at supermarkets also grew by 36%.
This growth was seen among segments previously primarily transacted in cash - restaurants, supermarkets and convenience stores. Continuing this trend from 2020, supermarkets witnessed a nearly double jump in average card spends for e-commerce while POS and physical supermarket outlets spending remained the same.
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