Payments Landscape in the UAE: Opportunities and Risks to 2022”, report provides detailed analysis of market trends in the Emirati cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cash, cards, credit transfers, direct debits, and cheques during the review-period (2014-18e).
The report also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2018e-22f). It also offers information on the country’s competitive landscape, including market shares of issuers and schemes.
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The report brings together GlobalData’s research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers detailed regulatory policies and recent changes in regulatory structure.
Key Leading Companies Mentioned:
Emirates NBD
Dubai Islamic Bank
First Abu Dhabi Bank
ADIB
Emirates Islamic
Abu Dhabi Commercial Bank
RAKBANK
Mashreq Bank
HSBC
Commercial Bank of Dubai
Standard Chartered
Citibank
National Bank of Abu Dhabi
First Gulf Bank
Mastercard
Visa
American Express
Diners Club
This report provides top-level market analysis, information and
insights into the Emirati cards and payments industry, including –
– Current and forecast values for each market in the Emirati cards and
payments industry, including debit, credit, and charge cards.
– Detailed insights into payment instruments including cash, cards,
credit transfers, direct debits, and cheques. It also, includes an
overview of the country’s key alternative payment instruments.
– E-commerce market analysis.
– Analysis of various market drivers and regulations governing the Emirati cards and payments industry.
– Detailed analysis of strategies adopted by banks and other institutions to market debit, credit, and charge cards.
Scope
– To strengthen consumer confidence in card-based payments, the
Central Bank of the UAE issued a notice prohibiting the double-swiping
of payment cards at point of sale (POS) terminals. The move is intended
to prevent unauthorized storage of card holders’ information. Once the
card is swiped for the first time at the POS its details are briefly
stored within the POS terminal’s memory before being transmitted to the
payment processor. The second swipe might provide the opportunity for
malware installed on the terminal to copy the card data. According to
the central bank, almost all merchants in the country have complied with
the new regulation.
– To boost the e-commerce market, in October 2017 the Dubai Airport Free
Zone Authority and wasl Asset Management Group announced the launch of
e-commerce free zone Dubai CommerCity, the first free zone dedicated to
e-commerce in the Middle East and North Africa. The free zone is
designed to provide government, administrative, customs, and logistics
services to e-commerce companies. It allows local and international
manufacturers to store their goods in warehouses to be shipped to the
local market. Free zones offer various incentives to e-commerce traders,
such as no taxes on personal income or capital gains, no corporate
taxes, no duties on the import or export of goods, provision of 100%
foreign ownership, and 100% repatriation of capital and profits. The
rise in e-commerce activities will drive electronic payments in the
country.
– In April 2018 the government introduced Emirates Blockchain Strategy
2021. The strategy aims to use blockchain technology for 50% of
government transactions in order to reduce costs and free up resources
over the next three years. The adoption of blockchain technology is
expected to generate AED11bn ($3bn) in savings associated with
transaction and document processing.
Reasons to buy
– Make strategic business decisions, using top-level historic and forecast market data, related to the Emirati cards and payments industry and each market within it.
– Understand the key market trends and growth opportunities in the Emirati cards and payments industry.
– Assess the competitive dynamics in the Emirati cards and payments industry.
– Gain insights into marketing strategies used for various card types in the UAE.
– Gain insights into key regulations governing the Emirati cards and payments industry.