Digital payments have become ubiquitous as consumers use credit, debit, and mobile payments. For merchants, beyond the benefits of security, speed, and convenience, digital payments provide invaluable data insights that assist them in targeting offers more effectively, implementing loyalty programs, and enhancing the overall customer experience. 

These aspects boost business profitability and efficiency.

Visa’s recent study, Value of Acceptance, found that more than 70% of UAE merchants surveyed shared that accepting digital payments has increased revenue and higher customer footfall. 

The findings from the study show digital payment acceptance is an important driver in the growth of small businesses, with 68% of surveyed merchants accepting digital payments, claiming acceptance of payment through card and mobile wallets is an essential investment that significantly contributes to their business growth. About 67% of these merchants also claimed that most customers prefer paying by card or mobile phone.

While digital payment-accepting merchants surveyed know the associated costs with acceptance, 95% believe that the value and benefits derived from digital payment acceptance are at par with or exceed associated costs. 

In fact, 68% of retailers that accept digital payments are convinced of the overall value of digital payment acceptance, with 63% indicating a strong intention to invest in new payment technologies. 

According to the report, while cash is associated with convenience and easy refunds, more than 25% of cash-only merchants have lost transactions because customers were not carrying cash. As a result, almost 40% of cash-only merchants surveyed plan on investing soon in digital payment technology so they can begin to offer consumers a better payment experience.

Around half expect digital payment acceptance to increase both footfall and revenue. Other digital payment benefits merchants cite include payment processing and checkout speed, which makes businesses look more innovative.

 “Embracing digital transactions not only aligns with the UAE’s cashless society ambitions but also unlocks significant growth potential for small businesses and the wider economy,” said Salima Gutieva, Visa’s VP and Country Manager for UAE. 

The Innovation By Design Summit is in Doha on April 24. Attendance at the summit is by invitation only. Delegates can register here to receive their exclusive invite.