Small businesses in the UAE are more confident about future trading than those in the US, Hong Kong, and Germany, according to a survey by Visa.
The financial services company’s 'Back to Business Study' states 64 percent of small and medium firms in the country are very optimistic about their long-term success — the highest proportion of all markets surveyed.
This figure rises to 88 percent when it includes firms who are generally optimistic about trading.
The survey also claimed that in the UAE the shift to contactless payments is becoming more permanent.
Nearly all consumers in the UAE — 92 percent — say COVID-19 has permanently changed their payment habits, compared to 68 percent globally.
About 73 percent of UAE consumers would not shop at a store that does not accept contactless payments, compared to 44 percent across the globe.
A third of UAE consumers have not used cash in the past week, the second highest among all markets.
Digital commerce has also particularly supported small business amid the pandemic, Shahebaz Khan, Visa’s general manager for the UAE, said.
He added: “Seemingly small pivots toward digital commerce can continue to make the difference between a small business surviving and thriving."