United Arab Emirates (UAE) Cards and Payments Market Opportunities and Risks Report 2021-2024 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Apr 12, 2021--
The “United Arab Emirates (UAE) Cards and Payments - Opportunities and Risks to 2024” report has been added to ResearchAndMarkets.com’s offering.
‘United Arab Emirates (UAE) Cards and Payments - Opportunities and Risks to 2024’ report provides detailed analysis of market trends in the Emirati cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cash, cards, credit transfers, direct debits, and cheques during the review-period (2016-20e).
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 (2020e-24f). It also offers information on the country’s competitive landscape, including the market shares of issuers and schemes.
The report brings together the publisher’s research, modelling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers details of regulatory policy and recent changes in the regulatory structure.
- To promote the use of electronic payments and eliminate the circulation of cash, in November 2020 the government of Dubai, including Smart Dubai and the Dubai Department of Finance, developed the Dubai Cashless Framework Report, with an objective to enable all transactions in Dubai to be made through cashless platforms across all sectors. As part of this initiative, a ‘Cashless Dubai Working Group’ - comprising departments such as Smart Dubai, Dubai Department of Finance, the Supreme Legislation Committee, Dubai Economy, Dubai Police, Dubai Economic Security Centre, Dubai Chamber and Dubai Tourism and Commerce Marketing - has been set up and assigned the responsibility of launching initiatives across sectors to create the infrastructure for eliminating the use of cash.
- Immediate Payment Instructions (IPI) is an instant payment system launched by the Central Bank of the UAE that enables instant payments between bank accounts. The system was built on the existing UAE Funds Transfer System (UAEFTS) platform and was launched in June 2019. The service only supports transfers between United Arab Emirates dirham-denominated accounts held in the UAE. IPI settles funds in near-real time, with recipient banks required to credit amounts to their customers no more than 60 seconds after a payment is received. It operates 24/7, 365 days a year.
- Payment companies and merchants are increasingly focusing on innovation. In November 2020, the French supermarket chain Carrefour launched a self-checkout service called ‘Scan & Go” in the UAE. It enables customers to use their smartphones to shop for their products, thereby avoiding long queues at the store checkout counter. To use this service, customers need to download the MAF Carrefour app and select the ‘Scan & Go’ option in it. While shopping, customers need to scan the product barcode using the app’s codescanner, review their shopping list and select ‘Pay & Go’ option. Consumers can pay through two ways - either directly from the app using a debit/credit card or Apple Pay or paying in cash to the cashier in the store.
Key Topics Covered:
- Growth Prospects
- Macroeconomic Insights
- Survey Insights
- Competitor Update
- Emirates NBD
- Dubai Islamic Bank
- First Abu Dabhi Bank
- Emirates Islamic
- American Express
- Diners Club
- Noon Pay
- Samsung Pay
- Google Pay
- Apple Pay
- Emirates NBD Pay
- Beam Wallet
For more information about this report visit https://www.researchandmarkets.com/r/qn1ipi
View source version on businesswire.com:https://www.businesswire.com/news/home/20210412005433/en/
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KEYWORD: MIDDLE EAST UNITED ARAB EMIRATES
INDUSTRY KEYWORD: BANKING PROFESSIONAL SERVICES FINANCE
SOURCE: Research and Markets
Copyright Business Wire 2021.
PUB: 04/12/2021 05:28 AM/DISC: 04/12/2021 05:28 AM