Do Cash Payments Have a Bright Future After COVID-19 in Emerging Markets?
Concerns over the spread of the coronavirus along with the implementation of lockdown measures have significantly increased cashless payments during the first few months of this year.
The pandemic appears to be accelerating the transition towards cashless transactions in emerging markets and it is evident in surging online payments and e-commerce around the world.
In the UAE, figures from Ken Research found that online grocery orders had increased by 80-100% in the first few months of the year, owing to the virus, while in Saudi Arabia some online retailers had experienced a 200% increase in average sales in the early stages of the pandemic.
The shift in payment methods has also driven retailers and malls to improve their online offerings.