UAE among top countries moving away from cash

The UAE is among those economies most rapidly moving away from being predominantly cash-based society, says a MasterCard report.

The study, entitled ?The Cashless Journey?, which identifies Belgium (where an estimated 93 per cent of the value of consumer spend was cashless), France (92 per cent), Canada (90 per cent) and the UK (89 per cent) as countries where cashless payments are nearly ubiquitous, said with a trajectory indicator of 65, the UAE is among the faster changing payments ecosystems of those countries studied.

?The main reason for reduced cash share appears to be a substantial share shift from cash to debit cards between 2006 and 2011. The UAE?s share indicator score is 26, which indicates that only 26 per cent of consumer payments by value were made by non-cash methods,? MasterCard said in a statement.

via Business – UAE among top countries moving away from cash.