UAE - Mubasher: The UAE was placed in the eighth position globally among the most cashless countries, as the coronavirus (COVID-19) pandemic has promoted the country's fast-growing digital payments sector.
The UAE has outperformed Switzerland, Finland, the UK, China, Sweden, Denmark, and the Netherlands in the rating, achieving 72.1 points, as shown by a recent report by the UK-based price comparison website money.co.uk.
The "Cashless Countries" report has used data from the World Bank and the largest debit and credit card providers to reveal the most cashless economies in the world.
The world's most cashless countries were topped by Canada, with 83% of its population owning credit cards, followed by Hong Kong, Singapore, and New Zealand.
The UAE is likely to become the first cashless country in the Middle East, as 83% of its population owns a debit card and four major e-wallet providers are in operation.
It is noteworthy to mention that in May, Moody's Investors Service (Moody's) affirmed the Aa2 long-term issuer rating of the UAE government, with a stable outlook.
