NEW YORK, Nov. 30, 2017 /PRNewswire/ —
Payments in the UAE 2017: What Consumers Want
UAE payments market is defined by a high reliance on cash among consumers, with cash accounting for 84.6% of the total payment transaction volume in 2017. 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 newer payment technologies.
Read the full report: https://www.reportlinker.com/p05206786
Improving financial inclusion has driven the adoption of electronic payments 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.
UAE’s immigrant population accounted for 88.4% of the resident population in 2015, according to the International Organization for Migration. 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.
E-commerce registered significant growth, at a review-period CAGR of 26% between 2013 and 2017. Debit and credit cards remain the preferred mode of e-commerce transactions, accounting for one third of the total e-commerce transaction value in 2017. However, alternative payments such as PayPal, CashU, and Masterpass are all gaining prominence for the purposes of online shopping.
The report “Payments in the UAE 2017: What Consumers Want”, examines the consumer payments market in the UAE, considering payment cards, online payments, P2P payments, and newer payment technologies such as mobile wallets and contactless.
In depth, this report provides the following –
– Analyzes consumer attitudes to financial services by lifestage.
– Analyzes the major payment card types in terms of both card holding and usage.
– Identifies the major competitors in card issuing and how their position in the market has changed over the last five years.
– Considers consumer attitudes towards P2P tools, mobile payment tools, and contactless cards, and how companies in India are deploying these tools to meet customer needs.
– Explores the online payment market in India by merchant type and payment tool, as well as providing a five-year forecast for the development of the market.
Companies mentioned in this report: Emirates NBD, Dubai Islamic