Nine in 10 UAE residents trust digital payments, while younger consumers are increasingly choosing to carry little or no cash, according to a new survey.
The research highlights changing spending habits in the UAE, with 73% of people aged 18 to 24 saying their cash usage has remained low or decreased over the past year.
Younger UAE residents carry less cash
The YouGov study, commissioned by Revolut and involving more than 1,000 UAE residents, found that most respondents aged 18 to 24 typically carry Dhs 50 or less, including those who do not carry cash at all.
The findings point to a shift towards digital payments among younger consumers, who are becoming more comfortable managing everyday purchases without physical money.
Overall, 92% of respondents said they trust digital payments, suggesting strong consumer confidence in electronic payment methods.
ATM queues and locations remain a challenge
Despite the growing preference for digital payments, accessing physical cash remains inconvenient for some UAE residents.
The survey found that:
35% identified inconvenient ATM locations as a problem when withdrawing cash.
33% cited waiting times and queues at ATMs.
73% had been unable to complete a purchase at least once because they were not carrying cash.
The findings highlight the importance of ensuring digital payment options are available across more everyday transactions.
Why some UAE residents still use cash
Despite high confidence in digital payments, cash continues to play a role in certain transactions.
Around 40% of respondents said they withdraw cash to send money locally or internationally because they want to avoid higher remittance fees.
Meanwhile, nearly a third (32%) of respondents who use cash said they continue to do so because some merchants or individuals accept only cash payments.
This suggests that wider acceptance of digital payments and more accessible money transfer services could help reduce reliance on physical cash.
Revolut highlights UAE’s cashless ambitions
Ambareen Musa, CEO of GCC at Revolut, said: “The UAE has established itself as a global leader in digital innovation, and we’re seeing that reflected in how people manage and spend their money. Younger consumers in particular are increasingly comfortable carrying little or no cash, while trust in digital payments is already high.
“As the UAE advances its cashless ambitions, there is a clear opportunity to make digital payments even more seamless across everyday life. At Revolut, we share that ambition to make managing and moving money simpler, faster and more convenient.”
The findings suggest that expanding digital payment acceptance across shops, services and money transfers could play an important role in supporting the UAE’s transition towards a cashless economy.
tanvir@dubainewsweek.com
