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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.
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.
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.
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.
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.
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
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.
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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.
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.