Cash use to go below 5% of total spending in Middle East
Banks in the Middle East are the most ardent proponents of a cashless society, with the use of cash is expected to reduce dramatically over the next few years. Lockdowns across the world, in reaction to the COVID-19 pandemic, are expected to reinforce this trend. According to a study carried out in 2019 by the Economist Intelligence Unit (EIU), 60% of banks in the region expect cash to account for less than 5% of total spending within five years. This compares to 48% of banks globally expecting this to be the case.
A total of 43% of Middle East banking executives said new technologies such artificial intelligence (AI) will have the biggest impact on the region’s banking sector by 2025.