I had great pleasure presenting the launch of Mobile Payments Service – Samsung Pay in the UAE.
In addition to moderating a panel discussion amongst industry luminaries, bringing light to the UAE’s agenda for a cashless society, the bright future in this society, and the way that industries will benefit from Samsung Pay.
Some of the key highlights were evident that the retail landscape will begin to change with the introduction of Samsung Pay, and that a cashless society is really on the horizon.
UAE consumers, businesses, merchants, banks, forex exchanges, and even government service providers will be handling far less cash by 2020, according to digital payments service company Triple.
Annually, the UAE counts $230 billion in consumer payments to 170 government entities and more than 350,000 merchants, with cash accounting for more than 75 percent of all transactions.
But that number is set to plunge as demand increases for a wide range of payment services, from mobile wallets and mobile point-of-sale to electronic payments and global money transfers.
Samsung Pay will definitely help drive this adoption.