Published on : Dec 08, 2016
Albany, New York, December 8, 2016: Due to increasing trend in the use of technology, contactless payment rollout and adoption have yet to reach full potential in the Emirati market. A new report by Verdict financial, focusing on the UAE consumer payment market has been added to the vast database of Market Research Hub (MRH), titled as “Consumer Payments Country Snapshot: UAE”. Study also discovers the online payment market in the UAE by merchant type & payment tool, as well as provides a five-year forecast for the development of the market.
The UAE market is defined by limited diffusion of payment cards and a high dependence on cash among consumers. First of all, the report considers the consumers attitude towards payment cards, online payments, P2P payments and some newer payment technologies like mobile wallets & contactless transactions. By this adoption, now companies in the UAE market are installing these tools to meet customer requirements. According to the study, in 2016, there has been a major shift towards online retailing in the United Arab Emirates, but still involves most payments through cash on delivery. However, online platforms reported impressive growth for payments through card and consumer self-assurance regarding the use of financial cards continued to improve the financial services.
Some of the key companies are also mentioned in the report including:
- Emirates NBD
- Abu Dhabi Islamic Bank
- National Bank of Abu Dhabi
- Axis Bank
- Mashreq Bank
- Western Union.
Many retailers in the country are developing e-commerce platforms, whereas banks launched mobile banking apps that received a positive response from consumers. Due to this, e-commerce accounts for the majority of online purchases by value in the UAE and is set to achieve a CAGR of 33% from 2015 to 2020. On the other hand, m-commerce is expected to record a significant CAGR of 29% during the same period. Overall, the payment industry in the United Arab Emirates is expected to see faster digitization of payments and improvement towards a cashless culture.
The government of the United Arab Emirates led various initiatives to move towards more cashless economy, such as development of various e-wallets and pre-paid cards. In spite of a relatively developed contactless payment infrastructure and merchant acceptance, Emirati consumers has made significant progress in adopting and using the technology.
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Through this report, the buyer will be able to identify the major competitors in card issuing and how their position in the market has changed over the five years.
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