DUBAI —  A report by one of the world’s top accounting firms appears to debunk the belief that ‘cash is king’ for UAE residents – showing it’s cards not cash that reign when it comes to payment.



An in-depth worldwide survey of payment methods by moneymen at Ernst & Young has revealed 65 percent of UAE residents prefer paying with plastic - or other electronic means - rather than laying down the dirhams.

The news very much goes against the grain when it comes to the perceived payment preferences of shoppers in the UAE.



Three quarters of those over 50 said they prefer cards or transfers to cash.

Logistics firm Aramex revealed last month that 80 percent of its clients insist on paying ‘Cash on Delivery’ rather than by credit or debit card online.



However, Ross Maclean, MENA Customer Advisory Leader for ‘Big Four’ accounting firm Ernst & Young, said that the results of its survey “blow apart a lot of myths - people don’t necessarily prefer to use cash in the UAE.”



Some 74 percent of respondents aged 50 and over in the UAE said they choose cards or direct electronic transfers rather than the old-fashioned favorite cash to pay for their goodies.



Maclean put that down to the “number of older generation expats who have a high-level of affluence in the country.”



Maclean added: “They import their habits of paying by cards or electronically from their home countries.” — Agencies