Globally, the COVID-19 Pandemic has been a key accelerator of digital connectivity and digital commerce, spurring faster adoption of cashless payments, and transforming digital payment channels and services, among other socio-economic and technological impacts. The opportunity to accelerate the digital cash economy is now. It is important that the ecosystem be developed to seize and accelerate this opportunity.

According to Euromonitor International, 60% of all consumer payment transactions in the UAE were noncash payments in 2019, ranking the country 20th globally in terms of cashless payments. Non-cash payments in the UAE is expected to reach 73% by 2025, as estimated by current baseline scenario.