The Rise of Paytech in the UAE
- Date: 08-Sep-2021
- Source: Fintech News Middle East
- Sector:Financial Services
- Country:UAE
The Rise of Paytech in the UAE
Demand for finance apps in the country was already on the uptake. In Q1 this year, demand for these apps climbed 60% in the UAE, in line with a surge of over 200% since Q1 2019. And along with banking and investment apps, paytech is at the forefront of this growth.
According to the Fintech News UAE Fintech Report 2021, US$18.5 billion was processed in digital payment transactions in 2020. Meanwhile, 88% of in-person transactions were contactless.
The report notes that there are a total of 36 payments apps in the UAE right now, including international payments upstart Stripe, which opened its first regional office in the UAE earlier this year. To add to this, this early but growing industry also has 10 players in the space of digital wallets, for which demand has been on the rise across the region.
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