Tourism and Opportunity Boom: Dubai Firmly Established as World's Pivotal Travel Destination and Business Hub, Detailed by Visa Accessibility
Dubai, the vibrant city, is solidifying its stance as a global powerhouse for travel, talent, and technology, as per Dr. Saeeda Jaffar, Senior Vice President and Country Manager for the GCC at Visa.
At the MENA Capital Markets Summit, Jaffar praised Dubai's resilience in drawing tourists from diverse sectors – leisure, business, and medical tourism – and reported steady growth in footfall and spending. She attributed this to Dubai's record-breaking tourist numbers and its economy's promising growth opportunities.
Jaffar also shed light on the UAE's remarkable digital evolution, particularly in payment systems. Digital transactions now dominate the region, accounting for approximately 70% of all payments. In fact, over 90% of the face-to-face transactions occur digitally.
She highlighted the surge in mobile commerce and high e-commerce adoption, explaining that most cash transactions are typically confined to minor purchases or rent.
Digital growth comes with risks, and Jaffar underscored Visa's commitment to security. By utilizing AI, Visa analyzes hundreds of data points per transaction, guarding against fraud with the help of a database featuring over 300 billion global transactions.
Looking ahead, Visa is collaborating with partners to create autonomous, intelligent agents capable of completing transactions by themselves. This marks a significant step towards revolutionizing the payment experience to keep pace with ever-evolving digital transformation.
Insight from experts suggests that the UAE's current level of digital transactions surpasses 70%, as it has been witnessing a considerable shift towards digital payments due to government initiatives like the Dubai Cashless Strategy, which aims for 90% of transactions to be cashless by 2025. The UAE's card payments are expected to exceed $150 billion by 2025, further indicating a substantial increase in digital transactions. Furthermore, mobile shopping and e-commerce growth are crucial factors driving the digital payment trend in the UAE. Around 67% of UAE consumers utilize their phones for retail purchases, and the e-commerce sector has experienced significant development due to consumer demand for convenience and online services.
- Dubai's success in attracting tourists from various sectors, including leisure, business, and medical tourism, is fueling its transformation into a global powerhouse for travel, talent, and technology.
- The UAE's digital evolution, particularly in payment systems, is remarkable, with digital transactions now accounting for approximately 70% of all payments in the region.
- Jaffar emphasized that most cash transactions in the UAE are confined to minor purchases or rent, while mobile commerce and high e-commerce adoption are on the rise.
- As the UAE witnesses a considerable shift towards digital payments due to government initiatives, card payments are expected to exceed $150 billion by 2025, and around 67% of UAE consumers use their phones for retail purchases.
