Mobile payment expected to post strong growth in UAE

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Since the evolution of cashless-payment platform, the industry has undergone a series of revolutions from contactless and mobile payments to biometrics and Bitcoins. Numerous start-ups are jumping into the market with their creative ideas. The cashless payment industry continues to attract investment globally.

However, the intensity of transition from cash to cashless payment has not been even in all geographies. MENA countries, China and other Asia Pacific nations serve as growth market for worldwide ATM manufacturers. These regions are known for high use of bank notes in everyday life expense.

Countries in MENA region for instance have lagged behind in terms of adopting mobile payment. However, a series of reforms are driving growth of mobile payment industry in the UAE. As per a report by the UAE Banks Federation, all the banks in the region are required to offer mobile wallet services, setting back cash payments by 35% of its market share over the coming five years. UAE is clearly targeting to convert the major portion of transaction in cashless by 2020.

PayNXT360 expects mobile payment industry in the region to post strong growth over the next five years. This growth is expected to be driven across retail and corporate segments. Remittance and mobile commerce are expected to be the two key drivers of growth.

To know more and gain deeper understanding of mobile payment industry in the UAE, click here.