Press release
The Cards and Payments Industry in the UAE: check payments, cash transactions and payment cards
Timetrics 'The Cards and Payments Industry in the UAE: Emerging Trends and Opportunities to 2020' 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 check payments, cash transactions and payment cards during the review period (20112015).
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The report also analyzes various payment card markets operating in the industry, and provides detailed information on the number of cards in circulation, and transaction values and volumes during the review period and over the forecast period (20162020). It also offers information on the country's competitive landscape, including the market shares of issuers and schemes.
The report brings together Timetrics research, modeling, 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.
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Summary
Timetrics 'The Cards and Payments Industry in the UAE: Emerging Trends and Opportunities to 2020' 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 card, credit and charge cards.
Detailed insights into payment instruments including check payments, cash transactions and payment cards. It also, includes an overview of the country's key alternative payment instruments.
E-commerce market analysis and payment methods.
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 in the UAE cards and payments industry.
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Scope
This report provides a comprehensive analysis of the UAE cards and payments industry.
It provides current values for the UAE cards and payments industry for 2015, and forecast figures to 2020.
It details the different demographic, economic, infrastructural and business drivers affecting the USE cards and payments industry.
It outlines the current regulatory framework in the industry.
It details marketing strategies used by various banks and other institutions.
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 the UAE.
Gain insights into key regulations governing the UAE cards and payments industry.
Key Highlights
As part of a financial inclusion initiative, the government introduced the Wages Protection System (WPS) in January 2009. It requires all wage payments to be made through a bank, bureau de change or other authorized financial institution. In a similar initiative, the Emirates Identity Authority collaborated with Al Hilal Bank in September 2014, to allow Emirati residents to use national ID cards to withdraw cash from ATMs.
There is rising demand for payroll cards in the UAE, supported by the governments WPS policy and a high expatriate population. To cater this demand, in February 2016, UnionPay International collaborated with banks in the UAE to issue a prepaid salary card. In May 2013, Network International, a subsidiary of Emirates NBD launched prepaid cards to enable companies to pay wages to blue-collar workers.
Banks and payment companies in the UAE are increasingly using contactless technology. In January 2016, Rakbank launched the RED MasterCard, a credit card with contactless functionality. In November 2015, Citibank partnered with MasterCard to introduce contactless payment technology for Citi MasterCard credit cardholders. Banks are also offering mobile contactless payments to Emirati consumers. Emirates NBD launched a mobile contactless payment solution, Emirates NBD Pay, in the UAE in August 2016. The mobile app enables bank Visa cardholders to instantly pay for in-store purchases using an Android handset.
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