According to the results of a study by "Visa" entitled "Back to Business"

93% of companies in the UAE are optimistic about the future of their business in 2022

A new research study conducted by Visa International, entitled: “Back to Business – Outlook for SMEs for 2022”, revealed that 94% of consumers in the UAE intend to continue using digital payments to the same amount or more, compared to 2021, in At a time when 93% of small and medium-sized companies in the UAE expressed optimism about the future of their business in 2022.

According to the study, 96% of SMEs surveyed in the UAE (compared to 74% globally) stated that accepting new forms of payments embodies a vital step for their growth, indicating that the adoption of digital payments has gone beyond maintaining business flexibility and continuity. To become a major pillar of growth in light of the new digital reality.

According to the results of this year’s study, which included small business owners and consumers in nine markets: the UAE, Brazil, Canada, Germany, Hong Kong, Ireland, Russia, Singapore, and the United States, everyone is looking forward to 2022 with an optimistic view, accompanied by a determination to boost rates. Digitization.

Companies in the UAE

93% of small and medium-sized companies in the UAE expressed optimism about the future of their business in 2022, an increase of 5% compared to the results of the "Visa" study: "Back to Business 2021".

The majority of small businesses in the UAE (71% compared to 59% globally) stated that they do not rely on cash transactions already, or intend to switch to the non-cash model within the next two years.

More than half of consumers in the UAE (52% compared to 41% globally) plan to stop using cash transactions by 2024, at a time when almost all consumers (99%) are aware of the benefits of cashless societies.

All small business owners surveyed in the UAE (100% vs. 82% globally) said they intend to accept some form of digital payments in 2022, including cryptocurrencies, with 35% (versus 24% globally) indicating their willingness to accept currencies. Encrypted like "Bitcoin".

The vast majority of small businesses that have an online presence in the UAE (99%) confirmed that the credit for their continuity during the pandemic is due to e-commerce, which represents about 58% of their revenues.

Consumers in the UAE

According to the Visa study, more than two-thirds of consumers in the UAE (68% compared to 41% globally) said that they have given up a purchase, due to the lack of digital payment options in stores.

Also, 69% of consumers in the UAE (compared to 59% globally), said they are willing to shop from online stores outside the country.

The respondents believe that the most important factor in this trend is the positive evaluations of customers (55%).

This is in line with the planning of 86% of small and medium-sized companies in the UAE (compared to 50% globally) to increase sales by heading to global markets in 2022.

Transactions and support

The Visa study showed that only 1% of small businesses in the UAE expect to continue accepting cash transactions, compared to 39% in Canada and 31% in the United States.

60% of consumers in the UAE, 52% in Brazil, and 39% in the United States plan to support small businesses more during 2022.

Safe Payment Mechanism

Shahbaz Khan, General Manager of Visa in the UAE, Bahrain and Oman, said that payments have turned from a means of completing purchases and sales, to an experience centered around providing a simple and secure payment mechanism that reflects the brand through various channels and provides benefits to customers and companies alike.

He added, "The digital capabilities that small businesses acquired during the (Covid 19) pandemic, ranging from contactless payments to digital commerce, helped them overcome challenges and maintain their continuity, and today they can build on these foundations to achieve more growth and prosperity."

Study Methodology

It is noteworthy that “Wakefield Research” carried out a “return to business” study during December 2021, and the survey included the owners of 2,250 small companies with no more than 100 employees in the UAE, Brazil, Canada, Germany, Hong Kong, Ireland, Russia, Singapore and the United States .

The consumer survey included 1,000 adults aged 18 and over in the United States, and 500 adults aged 18 and over in the UAE, Brazil, Canada, Germany, Hong Kong, Ireland, Russia, and Singapore.

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