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Country Report

Financial Cards and Payments in

Financial Cards and Payments in the United Arab Emirates

Nov 2020

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Executive Summary

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COVID-19 impact on consumer payments

Banks and other financial institutions in the United Arab Emirates have been impacted by the strict measures in place to limit the spread of COVID-19 in 2020. The Central Bank of the UAE directed banks to replenish ATMs with new banknotes and to ensure sufficient cash availability during the salary payment cycle.

COVID-19 country impact

From 23 March, the government urged people to only leave their homes to go to work or in an emergency. On 31 March, Al Ras, one of Dubai's most densely populated areas, was placed under lockdown for two weeks, preventing all residents from leaving or entering the area.

Contrasting forces at work on financial cards in 2020

The unbanked segments of the population and lower income groups with limited banking services have been severely impacted by the COVID-19 pandemic, having limited access to financial relief and little capacity to use card payments. Enduring challenges in the macroeconomic environment will further impact these segments, with a number of expats being forced to return home due to job losses and ongoing economic uncertainty.

Significant developments in digital arena

A number of digital payment apps have been launched in the United Arab Emirates in 2020. The fintech company, PayBy, launched its mobile payment services in the market in partnership with First Abu Dhabi Bank.

Leaders continue to develop digital offer

First Abu Dhabi Bank remains the largest player in financial cards and payments in terms of the number of cards in circulation, while Emirates NBD leads in terms of the value of card payment transactions. The market is undergoing consolidation, which is likely to be strengthened by the economic impact of measures to limit the spread of COVID-19.

What next for consumer payments?

Total card transactions value is expected to return to growth in 2021 following the easing of restrictions on the operations of the important travel, store-based retail, and foodservice sectors. Financial cards will be further positively impacted by increased usage amongst unbanked and under-banked consumer segments, including blue-collar workers and housewives, thanks to the development of pre-paid cards and the issuance of supplementary cards.

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Overview

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Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.

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Overview

Discover the latest market trends and uncover sources of future market growth for the Financial Cards and Payments industry in United Arab Emirates with research from Euromonitor's team of in-country analysts.

Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.

If you're in the Financial Cards and Payments industry in United Arab Emirates, our research will save you time and money while empowering you to make informed, profitable decisions.

The Financial Cards and Payments in United Arab Emirates market research report includes:

Analysis of key supply-side and demand trends
Historic volumes and values, company and brand market shares
Five year forecasts of market trends and market growth
Robust and transparent market research methodology, conducted in-country

Our market research reports answer questions such as:

What is the market size of Financial Cards and Payments in United Arab Emirates?
What are the major operators and issuers in United Arab Emirates?
How will regulation impact the market?
What is the current state of emerging payment technologies such as mobile commerce?

Why buy this report?

Gain competitive intelligence about market leaders
Track key industry trends, opportunities and threats
Inform your marketing, brand, strategy and market development, sales and supply functions

Euromonitor’s industry reports, including Financial Cards and Payments in United Arab Emirates, originate from our database within our Consumer Finance market share and market size database, Passport, a platform which analyses Consumer Finance in 46 countries and globally.

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Financial Cards and Payments in the United Arab Emirates - Industry Overview

EXECUTIVE SUMMARY

COVID-19 impact on consumer payments

COVID-19 country impact

Contrasting forces at work on financial cards in 2020

Significant developments in digital arena

Leaders continue to develop digital offer

What next for consumer payments?

MARKET INDICATORS

Table 1 Number of POS Terminals: Units 2015-2020
Table 2 Number of ATMs: Units 2015-2020
Table 3 Value Lost to Fraud 2015-2020
Table 4 Card Expenditure by Location 2020
Table 5 Financial Cards in Circulation by Type: % Number of Cards 2015-2020
Table 6 Domestic versus Foreign Spend 2020

MARKET DATA

Table 7 Financial Cards by Category: Number of Cards in Circulation 2015-2020
Table 8 Financial Cards by Category: Number of Accounts 2015-2020
Table 9 Financial Cards Transactions by Category: Value 2015-2020
Table 10 Financial Cards by Category: Number of Transactions 2015-2020
Table 11 Consumer Payments by Category: Value 2015-2020
Table 12 Consumer Payments by Category: Number of Transactions 2015-2020
Table 13 M-Commerce by Category: Value 2015-2020
Table 14 M-Commerce by Category: % Value Growth 2015-2020
Table 15 Financial Cards: Number of Cards by Issuer 2015-2019
Table 16 Financial Cards: Number of Cards by Operator 2015-2019
Table 17 Financial Cards: Card Payment Transactions Value by Operator 2015-2019
Table 18 Financial Cards: Card Payment Transactions Value by Issuer 2015-2019
Table 19 Forecast Financial Cards by Category: Number of Cards in Circulation 2020-2025
Table 20 Forecast Financial Cards by Category: Number of Accounts 2020-2025
Table 21 Forecast Financial Cards Transactions by Category: Value 2020-2025
Table 22 Forecast Financial Cards by Category: Number of Transactions 2020-2025
Table 23 Forecast Consumer Payments by Category: Value 2020-2025
Table 24 Forecast Consumer Payments by Category: Number of Transactions 2020-2025
Table 25 Forecast M-Commerce by Category: Value 2020-2025
Table 26 Forecast M-Commerce by Category: % Value Growth 2020-2025

DISCLAIMER

GLOBAL MACROECONOMIC ENVIRONMENT

GLOBAL INDUSTRY ENVIRONMENT

SOURCES

Summary 1 Research Sources

Charge Cards in the United Arab Emirates - Category analysis

KEY DATA FINDINGS

2020 IMPACT

COVID-19 exacerbates challenges facing charge cards

Commercial charge cards hit hard

American Express faces major challenges in charge cards

RECOVERY AND OPPORTUNITIES

Short-lived revival

Challenging environment for commercial charge cards

Sharia-compliant interest-free transactions provide distinctive positioning

CATEGORY DATA

Table 27 Charge Cards: Number of Cards in Circulation 2015-2020
Table 28 Charge Cards Transactions 2015-2020
Table 29 Charge Cards in Circulation: % Growth 2015-2020
Table 30 Charge Cards Transactions: % Growth 2015-2020
Table 31 Commercial Charge Cards: Number of Cards in Circulation 2015-2020
Table 32 Commercial Charge Cards Transactions 2015-2020
Table 33 Commercial Charge Cards in Circulation: % Growth 2015-2020
Table 34 Commercial Charge Cards Transactions: % Growth 2015-2020
Table 35 Personal Charge Cards: Number of Cards in Circulation 2015-2020
Table 36 Personal Charge Cards Transactions 2015-2020
Table 37 Personal Charge Cards in Circulation: % Growth 2015-2020
Table 38 Personal Charge Cards Transactions: % Growth 2015-2020
Table 39 Charge Cards: Number of Cards by Issuer 2015-2019
Table 40 Charge Cards: Number of Cards by Operator 2015-2019
Table 41 Charge Cards Payment Transaction Value by Issuer 2015-2019
Table 42 Charge Cards Payment Transaction Value by Operator 2015-2019
Table 43 Commercial Charge Cards: Number of Cards by Issuer 2015-2019
Table 44 Commercial Charge Cards: Number of Cards by Operator 2015-2019
Table 45 Commercial Charge Cards Payment Transaction Value by Issuer 2015-2019
Table 46 Commercial Charge Cards Payment Transaction Value by Operator 2015-2019
Table 47 Personal Charge Cards: Number of Cards by Issuer 2015-2019
Table 48 Personal Charge Cards: Number of Cards by Operator 2015-2019
Table 49 Personal Charge Cards Transaction Value by Issuer 2015-2019
Table 50 Personal Charge Cards Transaction Value by Operator 2015-2019
Table 51 Forecast Charge Cards: Number of Cards in Circulation 2020-2025
Table 52 Forecast Charge Cards Transactions 2020-2025
Table 53 Forecast Charge Cards in Circulation: % Growth 2020-2025
Table 54 Forecast Charge Cards Transactions: % Growth 2020-2025
Table 55 Forecast Commercial Charge Cards: Number of Cards in Circulation 2020-2025
Table 56 Forecast Commercial Charge Cards Transactions 2020-2025
Table 57 Forecast Commercial Charge Cards in Circulation: % Growth 2020-2025
Table 58 Forecast Commercial Charge Cards Transactions: % Growth 2020-2025
Table 59 Forecast Personal Charge Cards: Number of Cards in Circulation 2020-2025
Table 60 Forecast Personal Charge Cards Transactions 2020-2025
Table 61 Forecast Personal Charge Cards in Circulation: % Growth 2020-2025
Table 62 Forecast Personal Charge Cards Transactions: % Growth 2020-2025

Credit Cards in the United Arab Emirates - Category analysis

KEY DATA FINDINGS

2020 IMPACT

Restrictions on retail and travel hit credit card transactions

Merchants continue to explore loyalty potential of co-branded credit cards

Mastercard raises the limit on contactless payments

RECOVERY AND OPPORTUNITIES

Ongoing development of e-commerce to support growth

Credit cards have potential for significant role in merchants’ recovery strategies

Consumer budget-consciousness generating demand for additional features on basic credit cards

CATEGORY DATA

Table 63 Credit Cards: Number of Cards in Circulation 2015-2020
Table 64 Credit Cards Transactions 2015-2020
Table 65 Credit Cards in Circulation: % Growth 2015-2020
Table 66 Credit Cards Transactions: % Growth 2015-2020
Table 67 Commercial Credit Cards: Number of Cards in Circulation 2015-2020
Table 68 Commercial Credit Cards Transactions 2015-2020
Table 69 Commercial Credit Cards in Circulation: % Growth 2015-2020
Table 70 Commercial Credit Cards Transactions: % Growth 2015-2020
Table 71 Personal Credit Cards: Number of Cards in Circulation 2015-2020
Table 72 Personal Credit Cards Transactions 2015-2020
Table 73 Personal Credit Cards in Circulation: % Growth 2015-2020
Table 74 Personal Credit Cards Transactions: % Growth 2015-2020
Table 75 Credit Cards: Number of Cards by Issuer 2015-2019
Table 76 Credit Cards: Number of Cards by Operator 2015-2019
Table 77 Credit Cards Payment Transaction Value by Issuer 2015-2019
Table 78 Credit Cards Payment Transaction Value by Operator 2015-2019
Table 79 Commercial Credit Cards: Number of Cards by Issuer 2015-2019
Table 80 Commercial Credit Cards: Number of Cards by Operator 2015-2019
Table 81 Commercial Credit Cards Payment Transaction Value by Issuer 2015-2019
Table 82 Commercial Credit Cards Payment Transaction Value by Operator 2015-2019
Table 83 Personal Credit Cards: Number of Cards by Issuer 2015-2019
Table 84 Personal Credit Cards: Number of Cards by Operator 2015-2019
Table 85 Personal Credit Cards Payment Transaction Value by Issuer 2015-2019
Table 86 Personal Credit Cards Payment Transaction Value by Operator 2015-2019
Table 87 Forecast Credit Cards: Number of Cards in Circulation 2020-2025
Table 88 Forecast Credit Cards Transactions 2020-2025
Table 89 Forecast Credit Cards in Circulation: % Growth 2020-2025
Table 90 Forecast Credit Cards Transactions: % Growth 2020-2025
Table 91 Forecast Commercial Credit Cards: Number of Cards in Circulation 2020-2025
Table 92 Forecast Commercial Credit Cards Transactions 2020-2025
Table 93 Forecast Commercial Credit Cards in Circulation: % Growth 2020-2025
Table 94 Forecast Commercial Credit Cards Transactions: % Growth 2020-2025
Table 95 Forecast Personal Credit Cards: Number of Cards in Circulation 2020-2025
Table 96 Forecast Personal Credit Cards Transactions 2020-2025
Table 97 Forecast Personal Credit Cards in Circulation: % Growth 2020-2025
Table 98 Forecast Personal Credit Cards Transactions: % Growth 2020-2025

Debit Cards in the United Arab Emirates - Category analysis

KEY DATA FINDINGS

2020 IMPACT

Increase in number of debit cards

Digital banking products prove increasingly popular

Visa playing important role in driving digitalisation

RECOVERY AND OPPORTUNITIES

Expat exodus could have a negative impact on debit cards

Continued shift to contactless debit cards

Supplementary cards making debit cards important to the unbanked population

CATEGORY DATA

Table 99 Debit Cards: Number of Cards in Circulation 2015-2020
Table 100 Debit Cards Transactions 2015-2020
Table 101 Debit Cards in Circulation: % Growth 2015-2020
Table 102 Debit Cards Transactions: % Growth 2015-2020
Table 103 Debit Cards: Number of Cards by Issuer 2015-2019
Table 104 Debit Cards: Number of Cards by Operator 2015-2019
Table 105 Debit Cards Payment Transaction Value by Issuer 2015-2019
Table 106 Debit Cards Payment Transaction Value by Operator 2015-2019
Table 107 Forecast Debit Cards: Number of Cards in Circulation 2020-2025
Table 108 Forecast Debit Cards Transactions 2020-2025
Table 109 Forecast Debit Cards in Circulation: % Growth 2020-2025
Table 110 Forecast Debit Cards Transactions: % Growth 2020-2025

Pre-Paid Cards in the United Arab Emirates - Category analysis

KEY DATA FINDINGS

2020 IMPACT

COVID-19 has marked impact on both open loop and closed loop pre-paid cards

Pre-paid cards affected by COVID-19’s impact on key consumer group

Demand for contactless pre-paid cards

RECOVERY AND OPPORTUNITIES

Job losses and increase in remittances set to constrain development of pre-paid cards

COVID-19’s impact on business set to undermine development of cards designed for international travel

Opportunities for innovation

CATEGORY DATA

Table 111 Pre-paid Cards: Number of Cards in Circulation 2015-2020
Table 112 Pre-paid Cards Transactions 2015-2020
Table 113 Pre-paid Cards in Circulation: % Growth 2015-2020
Table 114 Pre-paid Cards Transactions: % Growth 2015-2020
Table 115 Closed Loop Pre-paid Cards Transactions 2015-2020
Table 116 Closed Loop Pre-paid Cards Transactions: % Growth 2015-2020
Table 117 Open Loop Pre-paid Cards Transactions 2015-2020
Table 118 Open Loop Pre-paid Cards Transactions: % Growth 2015-2020
Table 119 Pre-paid Cards: Number of Cards by Issuer 2015-2019
Table 120 Pre-paid Cards: Number of Cards by Operator 2015-2019
Table 121 Pre-paid Cards Transaction Value by Issuer 2015-2019
Table 122 Pre-paid Cards Transaction Value by Operator 2015-2019
Table 123 Closed Loop Pre-paid Cards: Number of Cards by Issuer 2015-2019
Table 124 Closed Loop Pre-paid Cards: Number of Cards by Operator 2015-2019
Table 125 Closed Loop Pre-paid Cards Transaction Value by Issuer 2015-2019
Table 126 Closed Loop Pre-paid Cards Transaction Value by Operator 2015-2019
Table 127 Open Loop Pre-paid Cards: Number of Cards by Issuer 2015-2019
Table 128 Open Loop Pre-paid Cards: Number of Cards by Operator 2015-2019
Table 129 Open Loop Pre-paid Cards Transaction Value by Issuer 2015-2019
Table 130 Open Loop Pre-paid Cards Transaction Value by Operator 2015-2019
Table 131 Forecast Pre-paid Cards: Number of Cards in Circulation 2020-2025
Table 132 Forecast Pre-paid Cards Transactions 2020-2025
Table 133 Forecast Pre-paid Cards in Circulation: % Growth 2020-2025
Table 134 Forecast Pre-paid Cards Transactions: % Growth 2020-2025
Table 135 Forecast Closed Loop Pre-paid Cards Transactions 2020-2025
Table 136 Forecast Closed Loop Pre-paid Cards Transactions: % Growth 2020-2025
Table 137 Forecast Open Loop Pre-paid Cards Transactions 2020-2025
Table 138 Forecast Open Loop Pre-paid Cards Transactions: % Growth 2020-2025

Megatrends

Country Report

Financial Cards and Payments in the United Arab Emirates

New Report Guarantee

Executive Summary

New Report Guarantee

COVID-19 impact on consumer payments

COVID-19 country impact

Contrasting forces at work on financial cards in 2020

Significant developments in digital arena

Leaders continue to develop digital offer

What next for consumer payments?

Overview

Why buy this report?

Samples (FAQs about samples):

Want to find out more about this report?

Table of Contents

Financial Cards and Payments in the United Arab Emirates - Industry Overview

EXECUTIVE SUMMARY

COVID-19 impact on consumer payments

COVID-19 country impact

Contrasting forces at work on financial cards in 2020

Significant developments in digital arena

Leaders continue to develop digital offer

What next for consumer payments?

MARKET INDICATORS

MARKET DATA

DISCLAIMER

GLOBAL MACROECONOMIC ENVIRONMENT

GLOBAL INDUSTRY ENVIRONMENT

SOURCES

Charge Cards in the United Arab Emirates - Category analysis

KEY DATA FINDINGS

2020 IMPACT

COVID-19 exacerbates challenges facing charge cards

Commercial charge cards hit hard

American Express faces major challenges in charge cards

RECOVERY AND OPPORTUNITIES

Short-lived revival

Challenging environment for commercial charge cards

Sharia-compliant interest-free transactions provide distinctive positioning

CATEGORY DATA

Credit Cards in the United Arab Emirates - Category analysis

KEY DATA FINDINGS

2020 IMPACT

Restrictions on retail and travel hit credit card transactions

Merchants continue to explore loyalty potential of co-branded credit cards

Mastercard raises the limit on contactless payments

RECOVERY AND OPPORTUNITIES

Ongoing development of e-commerce to support growth

Credit cards have potential for significant role in merchants’ recovery strategies

Consumer budget-consciousness generating demand for additional features on basic credit cards

CATEGORY DATA

Debit Cards in the United Arab Emirates - Category analysis

KEY DATA FINDINGS

2020 IMPACT

Increase in number of debit cards

Digital banking products prove increasingly popular

Visa playing important role in driving digitalisation

RECOVERY AND OPPORTUNITIES

Expat exodus could have a negative impact on debit cards

Continued shift to contactless debit cards

Supplementary cards making debit cards important to the unbanked population

CATEGORY DATA

Pre-Paid Cards in the United Arab Emirates - Category analysis

KEY DATA FINDINGS

2020 IMPACT

COVID-19 has marked impact on both open loop and closed loop pre-paid cards

Pre-paid cards affected by COVID-19’s impact on key consumer group

Demand for contactless pre-paid cards

RECOVERY AND OPPORTUNITIES

Job losses and increase in remittances set to constrain development of pre-paid cards

COVID-19’s impact on business set to undermine development of cards designed for international travel

Opportunities for innovation

CATEGORY DATA

Store Cards in the United Arab Emirates - Category analysis

NO PRESENCE IN THE UNITED ARAB EMIRATES

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