Card payments market in UAE to be worth $139bn in 2024

Card payments market in UAE to be worth $139bn in 2024

Card payment transactions in the UAE are expected to grow 13 percent to AED511 billion ($139 billion) this year, thanks to a constant consumer shift towards e-payments and an increase in consumer spending. The London-based analytics company GlobalData has forecast that the UAE card payments market will increase at a compound annual growth rate of […]

Rise of 13% expected on 2023

CAGR of 11% predicted to 2028

Mobile POS terminals help drive increase

Card payment transactions in the UAE are expected to grow 13 percent to AED511 billion ($139 billion) this year, thanks to a constant consumer shift towards e-payments and an increase in consumer spending.

The London-based analytics company GlobalData has forecast that the UAE card payments market will increase at a compound annual growth rate of 10.6 percent between 2024 and 2028, reaching AED764 billion in 2028.

The value of card payments grew nearly 18 percent in 2022, followed by a 15 percent rise in 2023 to AED451 billion. 

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Although cash remains the preferred mode of payment, the rise in card payments is being driven by constant efforts from the government and financial institutions to drive e-payments through so-called “financial inclusion initiatives”, said