UAE - Mubasher: The card payments market in the UAE is expected to grow at a compound annual growth rate (CAGR) of 10.60% between 2024 and 2028, according to a report by GlobalData.
The report forecast the market to reach a value of AED 764.10 billion ($208.20 billion) in 2028.
The Emirati card payments market grew 14.60% year-on-year (YoY) to AED 451.40 billion ($123 billion) in 2023, after a 17.70% YoY leap in 2022, GlobalData’s Payment Cards Analytics showed.
Ravi Sharma, Lead Banking and Payments Analyst at GlobalData, said: “While cash remains the most preferred mode of payment, the dynamic is gradually changing with the rise in card payments. The UAE payment card market can be characterised as rapidly growing and innovative.”
“Persistent efforts from the government as well as financial institutions to promote electronic payments via financial inclusion initiatives as well as developing and expanding payment acceptance infrastructure have encouraged consumers to use electronic payments for day-to-day transactions,” Sharma added.
“The card payments value is expected to register a [YoY] growth of 13.3% to reach AED 511.40 billion ($139.40 billion) in 2024,” Sharma revealed.
In 2023, a GlobalData survey concluded that Card payments accounted for 40.80% of online purchases across the UAE last year.
