DUBAI, United Arab Emirates, July 2, 2018 (Newswire.com) – eFatoora, a paperless solution using unique technology and smart contracts , has partnered with PayTabs, a Bahrain-based company that processes payments securely and efficiently, to deliver end-to-end payments in the UAE, collaborating to build a secure, seamless payment platform to enhance the user experience in the UAE.
As part of eFatoora’s business expansion, eFatoora today announced that they had strategically aligned with PayTabs, MENA’s trusted payment solutions firm, to enrich the user experience by developing an agile payments platform. This hallmark agreement will see eFatoora not only leading the way in the government and retail sectors but venturing into the fintech platform which connects diverse economic segments.
The move comes at the opportune time as a significant segment of the UAE population is seen to be relying less on cash payments. UAE consumers are increasingly living in a cashless world and abandoning paper bills and coins in favour of secured electronic transactions. This trend has caught on not only in essential everyday transactions but in utility bill payments and premium purchases too. The UAE consumer behaviour is focused on convenience of transactions, and an added layer of security no doubt creates an enhanced end user experience. The latest figures released last year by Euromonitor shows that UAE consumers spent AED 216 billion (AED 40 billion worth of cash transactions) on goods and services using credit/debit and prepaid cards. These figures account for 45 percent of all sales around retail and other business outlets locally. It is estimated that by 2020, e-transactions will take over a little more than 50 percent of the remaining market. By 2020, it is estimated that paper money will represent only 27.8 percent of all purchases, down from 31.7 percent in 2017 (Euromonitor).
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