Emerging Opportunities in the UAEs Cards and Payments Industry
(I-BusinessNews.Com, September 07, 2015 ) The report provides market analysis, information and insights into the UAEs cards and payments industry, including: • Current and forecast values for each segment of the UAEs cards and payments industry including debit cards, credit cards, prepaid cards and charge cards • Comprehensive analysis of the industrys market attractiveness and future growth areas • Detailed analysis of the marketing strategies adopted for selling prepaid cards used by various bankers and other institutions in the market • Comprehensive analysis of consumer attitudes and their buying preferences for cards • Competitive landscape of the UAEs cards and payments industry
Scope The UAE is an open economy with a high per capita income and annual trade surplus. It is a federation of seven emirates: Abu Dhabi, Ajman, Dubai, Fujairah, Ras al- Khaimah, Sharjah and Umm al-Quwain, formed on December 2, 1971. The government transformed the economy by forming a business environment which directly benefits the economic growth of the country. Such efforts have seen the UAE rapidly emerge as an important hub for international trade, finance and tourism which has attracted large inflows of foreign direct investment (FDI) and expatriate workers. Moreover, successful efforts at economic diversification have reduced the portion of GDP as a proportion of oil and gas output to 25%. The cards and payments industry grew at a CAGR of 7.18% during the review period and was primarily driven by the prepaid card category. It is expected to grow at a CAGR of 5.55% over the forecast period. During the review period, prepaid cards occupied the largest share in the overall cards and payments industry, and recorded a CAGR of 13.33%. Debit cards grew at a CAGR of 8.19% followed by charge cards which grew at a CAGR of 5.62% during the same period. Credit cards grew marginally, at a CAGR of 0.92%.
Summary • This report provides a comprehensive analysis of the UAEs cards and payments industry • It provides current values for the UAEs cards and payments industry for 2012 and forecast figures for 2017 • It details the different macroeconomic, infrastructural, consumer and business drivers affecting the UAEs cards and payments industry • It outlines the current regulatory framework in the industry • It details the marketing strategies used by various bankers and other institutions • It profiles the major banks in the UAEs cards and payments industry
Key highlights • The UAEs card industry as a whole grew significantly at a CAGR of 7.18% during the review period, primarily driven by the debit and prepaid card categories. • The overall card industry is expected to grow at a CAGR of 5.56% over the forecast period, driven primarily by the prepaid cards category, which is expected to grow at a CAGR of 9.45%. • As banking customers become more sophisticated, banks are looking to differentiate their product offerings, and card customization is gaining attention. • Contactless and NFC payments are also being rolled out extensively across the UAE. • The growing market for online trade in the UAE is one of the primary factors responsible for the expansion of the countrys cards and payments industry.
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