UAE Residents Find Online Banking “Safe”

Nearly half of UAE residents, 44 per cent, prefer carrying out their banking transactions over the internet, according to a new survey conducted by Western Union.

The consumer survey found that 35 per cent of the respondents use internet banking to pay utility bills, 32 per cent use it for transferring funds, 31 per cent use it for paying their credit card bills and 14 per cent of the respondents manage their investment portfolios via online banking.

The majority, 76 per cent, said that they feel safe undertaking their banking over the internet.

Sobia Rahman, Western Union’s regional vice president for Pakistan, Afghanistan and the Gulf said: “There appears to be an extremely positive wave of feeling towards internet banking and the security associated with it. And this research clearly shows that our customers want the convenience of sending money via electronic channels.”

However, the survey also found that only nine per cent use the internet to pay their mortgage.

“This suggests that consumers prefer more traditional methods of payment for settling their larger bills,” said Western Union.

Internet penetration in the UAE reached more than 75 per cent in 2011, according to industry figures, and is estimated to grow faster in the future.