UAE card payments market to surpass $200bn in 2028, forecasts GlobalData [Yahoo! Finance]
Mastercard Incorporated (MA)
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Source: Yahoo! Finance
GlobalData Payment Cards Analytics GlobalData's Payment Cards Analytics reveals that card payments value in the UAE registered a growth of 17.7% in 2022, followed by 14.6% in 2023 to reach AED451.4bn ($123.0bn), supported by a constant consumer shift towards electronic payments and a rise in consumer spending. 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.” The UAE is robustly moving towards the digitalisation of payments. Various financial inclusion measures by the
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