According to the results of a new study by "Visa"
75% of small businesses in the UAE are optimistic about a business recovery in 2021
60% of merchants say contactless payments have become the preferred payment option during the pandemic.
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Three out of four small companies in the UAE, or 75% of companies, expressed optimism about business recovery this year, according to the results of a new study conducted by Visa, the global leader in digital payment technology.
According to the study, the results of which were published yesterday, most of the merchants in the UAE (82%) said that their investments in digital payments have achieved the desired results, and will play a very important role in the recovery of their business.
The study of "Small Businesses Recovery from Visa for the Year 2021" included a number of small and medium companies in the UAE, Saudi Arabia, Egypt and Pakistan, with the aim of identifying the mechanisms that these companies have followed to perform their work and limit the repercussions of the "Covid-19" pandemic on their budgets.
The study revealed the most prominent spending trends that merchants believe are important in shaping the business environment during the pandemic, which include the increasing use of contactless payments (93% of merchants), order receipt service (87%) and home delivery service (78%).
Payment habits
When asked about payment habits during the pandemic, more than half of the merchants surveyed in the UAE (60%) said that contactless payments were the preferred option among their customers, compared to 18% of merchants at the start of the pandemic.
Almost a third of respondents (31%) stated that they were quick to introduce contactless payment options in response to the increased demand for them during the pandemic.
Internet
More than a third of the merchants participating in the survey in the UAE (38%) said that they had launched their online activity in response to the repercussions of "Covid-19", while about 86% expressed their confidence that online shopping would remain as a preferred option among customers for a long time after the crisis.
A pivotal role
“We are pleased to witness this level of optimism about business recovery during 2021 among merchants, and the speed of their adaptation and awareness of their customers’ aspirations, whether by launching their online activity and providing a variety of digital payment options, ”said Shahbaz Khan, General Manager of Visa in the UAE. Home delivery services or the launch of promotional campaigns, all of which contributed to a pivotal role in their transition from a mode of maintaining continuity to a mode of rapid recovery. ”
Survey methodology
The company "Visa" commissioned the "4Site" research and analysis company to conduct a survey for small companies in the UAE, Saudi Arabia, Egypt and Pakistan.
The survey methodology, which was conducted between 8 and 20 December 2020, included 15-minute interviews with more than 150 merchants in each market, and within key sectors including food and beverage, fashion and travel.
82%
Of merchants considered that their investments in digital payments achieved the desired results
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