Dubai: Although mobile phones, laptop or other electronic devices are increasingly being used to make payments, cash remains king in the UAE and in most markets around the world.
According to Francesco Burelli of Value Partners, cash still accounts for approximately 85 per cent of total consumer or retail payments globally.
“It is still the vastly predominant payment instrument in use. There are a number of reasons for this, ranging from familiarity and habit, to the fact that often cash is preferred because it enables tax evasion due to its anonymous and not directly-auditable nature,” he said. “This is the case in every geography, including low-tax environments like the UAE, for example in the case of small enterprises,” he added.
