UAE payments revenue expected to reach $18.7bn by 2031 – report

UAE payments revenue expected to reach $18.7bn by 2031 – report

Payment revenues in the UAE are expected to reach $18.7bn by 2031 according to the new report by Boston Consulting Group (BCG), titled BCG’s 20th annual analysis of the payments industry in the UAE shows an expected compound annual growth rate (CAGR) of 7.7 per cent between 2021 to 2031 on payment revenues. Among the areas of particular strength will be revenues from credit cards, debit cards, and current accounts. Mohammad Khan, managing director and partner, BCG, said: “The UAE continues to see robust growth in payments and fintech activity in general. This year alone we have seen the launch of multiple digital banks as well as specialised payments players. A combination of drivers—such as the country’s young, tech-savvy, and fast-growing population, the nation’s bid to become a crypto and fintech hub, and the planned launch of a domestic payments scheme are resulting in greater competition and paving the way for future growth. Cross-industry participation in digital payments will provide an added impetus to the region’s already burgeoning sector.” The report outlines four trends that will shape the outlook for the global payments industry, which has some impact on the UAE, over the next five years: •The era of non-profitable