Thursday, 22 February 2018

UAE Residents Shedding Cash Payments

The UAE is growing slowly and create cashlessly society with our residents.UAE provide the facility with no cash carrying and using the plastic money for an order to pay their regular basic like bills, airfares, hotel and flight booking or any restaurant.
The government of UAE has more preference cards rather than the cash because the uses of the card are increased by 14.8 percent in 2017 as against 7.1 percent in the previous year on the growth. The UAE banks have the increment on spending witnessed on the card issued rather than another service.
The data compiled by the network international, UAE bank increase spending on 15.9 percent by the issued cards year-on-year and accounted for 79.3 percent of total point of sale (POS) transactions.
This time The growth in residents spending money, depletes has more than doubled in 2017 although some of this increase region could be the VAT. Now the UAE banker service is improved and its regularly work on the provided card issued service.
The Non-UAE banks by Foreign spending- issued cards also increased 10.5 percent compared with the 10.1 percent decline in 2016, suggesting that the feebler US dollar is having a positive impact on visitors' spending,"Thanos Tsetsonis, sector economist at Emirates NBD, said in a report quoting Network International and Emirates NBD Research data.
"After launching the VAT in UAE it could be possible that results are higher than the nominal value of card spending.while we know the household consumption don't expect to be a key driver of growth this year. Thanos said that Travel and tourism spending is likely to remain robust given the importance of the UAE as a global air-hub, and the expansion of domestic airlines".
Where do UAE people spend?

Launching the VAT in UAE know the impact on depleting by different sector, The Network International Emirates NBD Research's report we know that restaurants enjoyed twofold-pay spending growth for a third consecutive year in 2017 while accounting for 15.9 percent of total card spending.
After the launching the VAT the UAE Residents increased spending on restaurants nearly 20 percent year-on-year after the launching the VAT while foreign spending on restaurants was also up 19.4 percent annually for the same period.

No comments:

Post a Comment

VAT Apply on Pre-Owned Items in UAE

The UAE introduce the  New VAT Rules . The rule will apply to any used Pre-Owned Items such as household items, furniture, automobiles...