Cashless transactions are on the rise.
The launch of Apple Pay last week in the UAE is just one of the few ways you can now pay for your purchases without the need to bring cash or a card. Digitization is one of the ways where it can fully embrace the future, and as UAE is positioning itself as one of the most forward-looking countries, cashless transactions are slowly being introduced and adopted by the country.
The aim is to make the UAE as cashless society by the year 2020. This may seem like a difficult task, but there’s a good chance that it will succeed. Certain cashless transactions have already been introduced by banks a few years ago and a just a couple of months before, Samsung Pay was also introduced that basically turns your smartphone into a mobile wallet.
The technology is there, considering that more than half of the UAE’s population already own a smartphone. This, along with technologies that already exist on your device means that it’s automatically compatible with upcoming cashless transactions.
NFC and other similar contactless technologies are the ones that make it possible and you don’t even need a new device since a majority of smartphones already have it. But for the UAE to completely become a cashless society, users must also embrace it.
I asked a couple of colleagues about contactless payments and while they are aware about the concept, not everyone is convinced about it. As someone who’s used to paying cash and cards, introducing a new concept might be too difficult to adjust to especially when you’ve been using it since forever.
Another is that some stores and merchants aren’t aware if their system is compatible with the technology. Most of the time it is, but the staff did not get any special training so there’s a good chance they don’t know how to use it as well.
Education is key to make cashless payments a success, once stores and users fully embrace it won’t take long before paper notes and even credit card will be completely eliminated.
What’s you take on cashless payments? Is it something you’ve wanted to try or you’re already using it? Share us your thoughts in the comments below!