Page 39 - AAE PR REPORT - November 2023

11/21/23, 9:49 AM Al Ansari subsidiary to roll out digital wallet in 2024
Customers can use the Al Ansari digital wallet to receive their
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salaries, remit money domestically and abroad, settle bills, and
How digital currency adoption in
the GCC can drive financial access digitally enabled services by using a personal QR code, a
inclusion dedicated app or their phone number, according to the statement.
More than half of UAE residents “With a consumer base exceeding 4 million customers, we are
use digital wallets for payments, confident that this initiative will significantly benefit a large
survey finds segment of consumers across the UAE,” Rashed Al Ansari, group

Cash no longer king as UAE chief executive of Al Ansari Financial Services, said.
consumers switch to digital
payments “Our aim is to simplify the financial experiences of our users,
providing them with the freedom to manage and access their
funds while prioritising responsible financial practices.”

Globally, the Covid-19 pandemic spurred the faster adoption of digital payments, particularly
contactless payments, due to heightened awareness about the spread of the virus through
banknotes and coins.

Almost two thirds of people in the UAE, or 64 per cent, expect the country to become fully
cashless by 2030, a 2020 poll by Standard Chartered revealed.

The Emirates also ranked as the eighth-most cashless society in the world in 2021, a report by
UK-based price comparison website Money.co.uk said.

The global digital revolution transformed the financial services sector, spurring fiscal inclusion
and leading to more people than ever before having access to a bank account for the first time,
the World Bank’s Global Findex 2021 report said.

About 22 per cent of the GCC’s population is unbanked, compared with 60 per cent in North
Africa, according to a report by consultancy Strategy&.

In the Middle East and North Africa region, 79 per cent of young adults are unbanked and 72 per
cent of the poorest citizens can benefit from financial inclusion, the Arab Monetary Fund said.

Pocketful of Dirhams
Are you ready for a cashless life?

Al Ansari Digital Pay’s platform is designed to provide a “seamless” peer-to-peer transfer solution
and a “comprehensive payment experience” for all UAE-based customers, the company said.

The digital wallet will empower users with the tools required to make prudent financial decisions,
giving them purchasing power and access to funds and transaction history for both personal and
business needs, the company added.

It will also offer micro-financing options through strategic partnerships with licensed financial
institutions, “contributing to financial empowerment and inclusion”, Al Ansari said.

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