Reliance on checks continues to decline in the interest of electronic payment

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Emirates News, Emirates News Today: «Central»: Reliance on checks continues to decline in the interest of electronic payment Source of news – Emirates News Today with the details of the news «Central»: The continued decline in reliance on checks for the benefit of electronic payment:

Emirates News Today The number of checks submitted to the clearing system of the Central Bank for settlement continued to decline significantly in favor of electronic payment, during the first two months (January and February) of 2021, to record a decrease of 18% in the number and 20.7% in value , Compared to the first two months of 2021.

The latest figures issued by the Central Bank indicated that the number of checks handled during January and February of this year amounted to 3.4 million checks worth 162 billion dirhams, compared to 4.2 million checks worth 204.9 billion dirhams during the same period last year.

The data also showed that the number of checks, at the end of December 2020, amounted to 21.2 million checks, compared to 25.8 million checks at the end of 2019, about 26.9 million checks at the end of 2018, and 28.8 million checks at the end of 2017, and were registered at the end of 2016. About 29.9 million checks.

The UAE is regionally at the forefront in the volume of digital payments, due to the high rates of automation of financial and banking operations, and financial transfers in the country, as well as the widespread use of platforms and payment cards in the government sector, and in commercial and consumer operations by citizens, residents and visitors to the state.

The banking expert, Mustafa Al-Rikabi, said that banks are moving very quickly towards digital payments, whether through applications or transfer via the website.

He added that, over the past years, banks have spent millions of dirhams to develop a global technical infrastructure that provides ease of services and is characterized by safety, pointing out that “we rarely hear about problems in online banking transactions, as banks support them with customer service centers teams that include employees. Qualified and trained around the clock », Al-Rikabi stressed that the circumstances of the spread of the Corona virus accelerated the shift towards online payment services, and forced many dealers, whether individuals or companies, to learn to use banks’ smart applications and deal with digital payments.

He said that the Central Bank of the UAE has also provided legislation that protects the rights of dealers through “online” payment with banks, in addition to technical support for banks to facilitate the transfer and electronic payment operations.

21.2 million checks at the end of December 2020, compared to 25.8 million checks at the end of 2019.

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