UAE Cards and Payments: Opportunities and Risks to 2028

UAE Cards and Payments: Opportunities and Risks to 2028

Summary

GlobalData’s ‘Saudi Arabia Cards and Payments: Opportunities and Risks to 2028' report 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 cash, cards, credit transfers, cheques and direct debits. It also, includes an overview of the country's key alternative payment instruments.
• Ecommerce market analysis.
• 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.
• Comprehensive analysis of consumer attitudes and buying preferences for cards.
• The competitive landscape of the UAE cards and payments industry.

GlobalData’s ‘UAE Cards and Payments: Opportunities and Risks to 2028' report provides detailed analysis of market trends in the UAE cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cash, cards, credit transfers, cheques and direct debits during the review-period (2020-24e).

The report also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2024e-28f). It also offers information on the country's competitive landscape, including market shares of issuers and schemes.

The report brings together GlobalData’s research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers detailed regulatory policies and recent changes in regulatory structure.

Key Highlights

• To promote the use of electronic payments, and improve financial inclusion and a cashless payment infrastructure, the central bank launched the Financial Infrastructure Transformation (FIT) Program in February 2023. The program consists of nine key initiatives that are set to be fully implemented by 2026. These initiatives include, the launch of instant payments, a domestic card scheme and the issuance of Central Bank Digital Currency for domestic and international use, which are part of the first stage. The second stage of the program involves the establishment of the Financial Cloud, eKYC, and Open Finance Platforms.
• Aligned with the FTI program, one of the key initiatives is the launch of instant payments in the country. In October 2023, the central bank's subsidiary, Al Etihad Payments (AEP), introduced the national instant payment platform (IPP) dubbed as “Aani”. This platform enables consumers, businesses, corporate entities, and governments to process transactions instantly and securely, 24/7. Customers can make payments using the recipient's mobile number, email, or a QR code, with a maximum transaction limit of AED50,000 ($13,614.71). As of June 2024, this system is supported by ten banking and financial institutions in the UAE.
• The FIT program is also undertaking a significant endeavor by introducing a domestic card scheme. In October 2023, AI Etihad Payments (AEP), a subsidiary of the Central Bank of the UAE (CBUAE), partnered with NPCI International Payments Ltd, the organization responsible for developing India's domestic payment card scheme, RuPay. This collaboration aims to launch the Jaywan card, a domestic card scheme, in the UAE. Over the next two and a half years, the rollout of this debit card will take place, with the goal of eventually replacing 10 million existing debit cards. The initial phase of the card was launched in June 2024, with Ajman Bank becoming the first bank in the UAE to integrate domestic card acceptance across its ATM network. Initially, the card will facilitate local transactions for residents, and subsequent phases will include plans for expansion into the Gulf Cooperation Council (GCC) and international markets.

Scope

• Card market size in terms of number of cards, value and volume of transactions in UAE along with detailed card segmentation of debit, credit and charge cards available in the country.
• Market sizing and analysis of major payment instruments including cash, cards, credit transfers, cheques and direct debits.
• Payment market trends and growth for both historical and forecast period
• Competitor analysis with detailed insights into leading card issuers and schemes.
• Comprehensive analysis of consumer attitudes and buying preferences for cards.
• A detailed snapshot of country's key alternative payment brands.

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 UAE.
• Gain insights into key regulations governing the UAE cards and payments industry.