According to the study, by the end of 2020, nearly all (97%, compared to the global average of 83%) of SMBs surveyed in UAE had embraced new forms of digital technology to meet changing consumer behaviors.

Looking ahead to 2021, SMBs are assessing what other payment technologies are critical to meeting today’s consumer expectations, with results led by security and fraud protection (54%) and allowing instalments for online payments (49%, compared to 35% globally, the most of all markets surveyed).

The Visa Back to Business Study was conducted by Wakefield Research between November 13 and November 25, 2020, among 250 small business owners at companies with 100 employees or fewer in Brazil, Canada, Germany, Hong Kong, Ireland, Russia, Singapore, UAE and the U.S. Separately, the consumer portion of the survey was conducted by Wakefield Research between November 13 and November 25, 2020, among 1,000 adults in the US, and 500 Adults in Brazil, Canada, Germany, Hong Kong, Ireland, Russia, Singapore and UAE. The data was weighted to ensure an accurate representation of adults ages 18+ in each market.

Shahebaz Khan, General Manager for the UAE, Visa, said “While there had been a sudden surge in eCommerce and digital payments in 2020 due to the impact of COVID-19, our report suggests that these trends will continue to prevail in 2021, even as the vaccines become more widely available in the country and the wider region. In addition, we believe 2021 will place greater attention on security and fraud, and trial of more emerging digital commerce tools that can help SMBs in the UAE thrive.”