The estimates are released by `We Are Social’s 2016 Digital Yearbook`, cpifinancial.net reports. The UAE, in particular, witnesses mobile broadband connection rates of 130%, three times the global average. Moreover, mobile payments are set to account for 60% of that market. Currently, 80% of online transactions in the Middle East are fulfilled by cash on delivery.
The UAE government recently instituted duty-free ecommerce hub mahajircom, a purpose-built free zone to facilitate online commerce. In addition, the government has announced plans to become the financial technology capital of the region.
As a result, e-payments and cashless transactions have received a strong push from the government, with the Dubai Smart Government (DSG) obtaining the Payment Card Industry Data Security Standard (PCI DSS) Certificate.
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