1. Market Research
  2. > Financial Services
  3. > Banking
  4. > Payments Market Trends
The Cards and Payments Industry in the UAE: Emerging trends and opportunities to 2020

The Cards and Payments Industry in the UAE: Emerging trends and opportunities to 2020

  • July 2017
  • 56 pages
  • ID: 4198115
  • Format: PDF
  • GlobalData

Summary

Table of Contents

Search Inside

The Cards and Payments Industry in the UAE: Emerging trends and opportunities to 2020

Summary
Cash remained the predominant payment instrument during the review-period (2012-16e), accounting for 87.3% of the country’s payment transaction volume in 2016. This was primarily because consumers in the UAE see cash as a quicker and safer payment option, over which they have more control. However, card payments are gradually increasing, supported by government financial inclusion programs, promotional campaigns by financial institutions, and the adoption of EMV and contactless technology.

Improving financial inclusion has driven the adoption of debit cards in the UAE. The government introduced the Wage Protection System (WPS) in January 2009, requiring all wage payments to be made through a bank, bureau de change, or other authorized financial institution. All institutions registered with the Ministry of Labor come under the purview of the WPS. As of October 2015 there were 4.6 million foreign workers registered with the Ministry of Labor, of which 3.5 million were enrolled in the WPS. In a similar initiative, the Emirates Identity Authority collaborated with Al Hilal Bank in September 2014 to allow Emirati residents to use national ID cards to withdraw cash from ATMs.

UAE’s immigrant population accounted for 88.4% of the resident population in 2015 according to the International Organization for Migration (IOM). Many expatriate workers use prepaid cards to remit funds to their home countries. The government’s WPS has resulted in a number of companies in the UAE using prepaid cards for payroll purposes. In May 2013, Emirates NBD subsidiary Network International launched prepaid cards to enable companies to pay wages to blue-collar workers. Similarly, in February 2016 UnionPay International collaborated with banks in the UAE to issue a prepaid salary card. These cards are compliant with the WPS, and enable banks in the UAE to offer wage payments to workers.

E-commerce registered significant growth, rising from US$2.6bn (AED9.7bn) in 2012 to US$6.3bn (AED23.1bn) in 2016, at a review-period compound annual growth rate (CAGR) of 24.2%. This growth was mainly supported by the use of smartphones and tablets, improving internet connectivity, and government initiatives aimed at encouraging a digital lifestyle in the UAE. The variety of products and services and the convenience of online shopping have driven Emirati consumers to adopt e-commerce, while the development of technology has enabled merchants to sell products online.

The report "The Cards and Payments Industry in the UAE: Emerging trends and opportunities to 2020" provides top-level market analysis, information and insights into the UAE cards and payments industry, including -
- Current and forecast values for each market in the UAE cards and payments industry, including debit, credit, and charge cards.
- Detailed insights into payment instruments including cheques, cash, and payment cards. It also, includes an overview of the country’s key alternative payment instruments.
- E-commerce market analysis and payment methods.
- Analysis of various market drivers and regulations governing the UAE cards and payments industry.
- Detailed analysis of strategies adopted by banks and other institutions to market debit, credit, and charge cards.

Companies mentioned in this report: Emirates NBD, Dubai Islamic Bank, Abu Dhabi Islamic Bank, Emirates Islamic Bank, National Bank of Abu Dhabi, Commercial Bank of Dubai, National Bank of Fujairah, National Bank of Umm Al Quwain, Sharjah Islamic Bank, United Arab Bank, United National Bank, Abu Dhabi Commercial Bank, Mashreq Bank, RAKBANK, Visa, Mastercard, American Express, and Diners Club.

Scope
- To capitalize on the rising adoption of alternative payment solutions among UAE residents, Samsung collaborated with a number of banks and payment networks to launch its Samsung Pay m-payment service in April 2017. It allows users to conduct payments across all form of terminals, including magnetic stripe, EMV, and NFC. In January 2017, UnionPay collaborated with Mashreq Bank to introduce its host card emulation- and tokenization-based m-payment service QuickPass. Users can pay using their UnionPay QuickPass chip card or mobile QuickPass-enabled smartphones and wearable devices at contactless POS terminals. In August 2016, telecommunications company Etisalat launched Etisalat Wallet, a mobile wallet that allows consumers to pay for utility bills, parking tickets, and the purchase of goods and services from participating domestic and international retailers, as well as topping up Etisalat mobile phone credit.
- To promote card-based payments in the UAE, Mashreq Bank and security solutions provider Oberthur Technologies (OT) introduced an instant card issuance service in April 2017. Using OT’s solution, Mashreq Bank can promptly issue personalized payment cards to its consumers at the time of opening an account. The service is currently installed at 35 Mashreq Bank branches in both the UAE and Qatar, helping drive the issuance of more than 40 debit and credit card products. Reducing the amount of time it takes to issue payment cards has resulted in increased cards in circulation in the country.
- To transform the UAE into a digitized society, 16 equity partner banks - National Bank of Abu Dhabi (NBAD), Abu Dhabi Commercial Bank (ADCB), Abu Dhabi Islamic Bank (ADIB), Mashreq Bank, Dubai Islamic Bank (DIB), Commercial Bank of Dubai (CBD), RAKBANK, United National Bank (UNB), Al Hilal Bank, Sharjah Islamic Bank (SIB), Al Masraf, Bank of Sharjah, Invest Bank, United Arab Bank (UAB), National Bank of Fujairah (NBF), and National Bank of Umm Al Quwain (NBQ) - officially launched the Emirates Digital Wallet platform in May 2017. The app is designed to provide a convenient and efficient payment system to UAE residents. It is regulated by the central bank and developed under the supervision of the UAE Banks Federation - a body that aims to promote and improve the UAE’s banking sector. The move is anticipated to reduce dependency on cash and provide the population with access to financial services including payments and fund transfers using mobile phones.

Reasons to buy
- Make strategic business decisions, using top-level historic and forecast market data, related to the UAE cards and payments industry and each market within it.
- Understand the key market trends and growth opportunities in the UAE cards and payments industry.
- Assess the competitive dynamics in the UAE cards and payments industry.
- Gain insights into marketing strategies used for various card types in the UAE.
- Gain insights into key regulations governing the UAE cards and payments industry.

Get Industry Insights. Simply.

  • Latest reports & slideshows with insights from top research analysts
  • 150+ Million searchable statistics with tables, figures & datasets
  • More than 25,000 trusted sources
  • Single User License — provides access to the report by one individual.
  • Department License — allows you to share the report with up to 5 users
  • Site License — allows the report to be shared amongst all employees in a defined country
  • Corporate License — allows for complete access, globally.

ReportLinker may already be registered as a supplier with your company. If you want to Order by PO, check with us first and we'll let you know if we are a registered supplier and what the vendor number is. Otherwise, we'll provide you with the necessary information to register ReportLinker as a vendor.

Ahmad helps you find the right report:
Testimonials

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

We were impressed with the support that ReportLinker’s research specialists’ team provided. The report we purchased was useful and provided exactly what we want.

Category Manager at
Ikea

ReportLinker gave access to reliable and useful data while avoiding dispersing resources and spending too much time on unnecessary research.

Executive Director at
PwC Advisory

The customer service was fast, responsive, and 100% professional in all my dealings (...) If we have more research needs, I'll certainly prioritize working with ReportLinker!

Scott Griffith

Vice President Marketing at
Maurice Sporting Goods

The research specialist provided prompt, helpful instructions for accessing ReportLinker's product. He also followed up to make sure everything went smoothly and to ensure an easy transition to the next stage of my research

Jessica P Huffman

Research Associate at
American Transportation Research Institute

Excellent customer service. Very responsive and fast.

Director, Corporate Strategy at
Ingredion

I reached out to ReportLinker for a detailed market study on the Air Treatment industry. The quality of the report, the research specialist’s willingness to solve my queries exceeded my expectations. I would definitely recommend ReportLinker for in-depth industry information.

Mariana Mendoza

Global Platform Senior Manager at
Whirlpool Corporation

Thanks! I like what you've provided and will certainly come back if I need to do further research works.

Bee Hin Png

CEO at
LDR Pte Ltd

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

FAQ
  • How we can help
    • I am not sure if the report I am interested in will fulfill my needs. Can you help me?
    • Yes, of course. You can call us at +33(0) 4 37 65 17 03 or drop us an email at [email protected] to let us know more about your requirements.
    • We buy reports often - can ReportLinker get me any benefits?
    • Yes. Set up a call with a Senior Research Advisor to learn more - [email protected] or +33(0) 4 37 65 17 03.
    • I have had negative experiences with market research reports before. How can you avoid this from happening again?
    • We advise all clients to read the TOC and Summary and list your questions so that we can get more insight for you before you make any purchase decision. A research advisor will accompany you so that you can compare samples and reports from different sources, and choose the study that is right for you.

  • Report Delivery
    • How and when I will receive my Report?
    • Most reports are delivered right away in a pdf format, while others are accessed via a secure link and access codes. Do note that sometimes reports are sent within a 12 hour period, depending on the time zones. However, you can contact us to escalate this. Should you need a hard copy, you can check if this option is offered for the particular report, and pay the related fees.
  • Payment conditions
    • What payment methods do you accept?
      1. Credit card : VISA, American Express, Mastercard, or
      2. You can download an invoice to pay by wire transfer, check, or via a Purchase Order from your company, or
      3. You can pay via a Check made out in US Dollars, Euros, or British Pounds for the full amount made payable to ReportLinker
    • What are ReportLinker’s Payment Terms?
    • All payments must normally be submitted within 30 days. However, you can let us know if you need extended time.
    • Are Taxes and duties included?
    • All companies based in France must pay a 20% tax per report. The same applies to all individuals based in the EU. All EU companies must supply their VAT number when purchasing to avoid this charge.
    • I’m not satisfied. Can I be refunded?
    • No. Once your order has been processed and the publisher has received a notification to send you the report, we cannot issue any refund or cancel any order. As these are not ‘traditional’ products that can be returned, reports that are dispatched are considered to be ‘consumed’.
  • User license
    • The license that you should acquire depends on the number of persons that need to access the report. This can range from Single User (only one person will have the right to read or access the report), or Department License (up to 5 persons), to Site License (a group of persons based in the same company location), or Corporate License (the entire company personnel based worldwide). However, as publishers have different terms and conditions, we can look into this for you.
Purchase Reports From Reputable Market Research Publishers

Hungary Cards and Payments - Opportunities and Risks to 2024

  • $ 2750
  • June 2021
  • 59 pages

Hungary Cards and Payments - Opportunities and Risks to 2024 Summary ’Hungary Cards and Payments - Opportunities and Risks to 2024’ report provides detailed analysis of market trends in the Hungarian ...

  • Hungary
  • Payments
  • Debit Card
  • Industry analysis
  • Card Transaction
  • Debit Card Transaction

ref:plp2017

Reportlinker.com © Copyright 2021. All rights reserved.

ReportLinker simplifies how Analysts and Decision Makers get industry data for their business.

Make sure you don’t miss any news and follow us on