Press release
UAE Govt. Initiatives for Easy Consumer Payments methods is set to record a high CAGR by 2020
Consumer Payments Market
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The UAE market is defined by limited diffusion of payment cards and a high dependence on cash among consumers. First of all, the report considers the consumers attitude towards payments cards, online payments, P2P payments and some newer payment technologies like mobile wallets & contactless transactions. By this adoption, now companies in the UAE market are installing these tools to meet customer requirements. According to the study, in 2016, there was a major shift towards online retailing in the United Arab Emirates have been observed, which still involves most payments through cash on delivery. However, online platforms reported impressive growth for payments through card and consumer self-assurance regarding the use of financial cards continued to improve the financial services.
Some of the key companies are also mentioned in the report, including:
• Citi
• Visa
• Mastercard
• Emirates NBD
• Abu Dhabi Islamic Bank
• National Bank of Abu Dhabi
• Axis Bank
• Mashreq Bank
• Western Union.
Many retailers in the country are developing e-commerce platforms whereas banks launched mobile banking apps that received a positive response from consumers. Due to this, e-commerce accounts for the majority of online purchases by value in the UAE and is set to achieve a CAGR of 33% from 2015 to 2020, on the other hand m-commerce is expected to record a significant CAGR of 29% during the same period. Overall, the payment industry in the United Arab Emirates is expected to see faster digitization of payments and improvement towards a cashless culture.
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The government of the United Arab Emirates led various initiatives to move towards more cashless economy, such as development of various e-wallets and pre-paid cards. In spite of a relatively developed contactless payment infrastructure and merchant acceptance, Emirati consumers has made significant progress in adopting and using the technology.
Through this report, the buyer will able to identify the major competitors in card issuing and how their position in the market has changed over the five years.
Read Full Report with TOC: http://www.marketresearchhub.com/report/consumer-payments-country-snapshot-uae-report.html
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