The report ‘Playing cards and Funds in United Arab Emirates (UAE) – Alternatives and Dangers to 2024’ offers an in depth evaluation of market tendencies within the UAE playing cards and funds trade. It offers values and volumes for a variety of trade key efficiency indicators together with money, playing cards, wire transfers, direct debits and checks through the assessment interval (2016-Twentieth ).
The report additionally analyzes numerous cost card markets working within the trade and offers detailed data on the variety of playing cards in circulation, transaction values and volumes through the assessment interval and through the interval of assessment. forecast (2020e-24f). It additionally presents data on the nation’s aggressive panorama, together with the market shares of transmitters and methods.
The report brings collectively the writer’s experience in analysis, modeling and evaluation to allow banks and card issuers to establish section dynamics and aggressive benefits. The report additionally covers regulatory coverage particulars and up to date modifications within the regulatory construction.
To advertise the usage of digital funds and remove the circulation of money, in November 2020, the Authorities of Dubai, together with Sensible Dubai and the Dubai Ministry of Finance, developed the Dubai Cashless Framework Report, with the intention of enabling all transactions in Dubai to be made via cashless platforms throughout all industries. As a part of this initiative, a ‘Cashless Dubai Working Group’ – comprising departments akin to Sensible Dubai, Dubai Finance Division, Supreme Laws Committee, Dubai Economic system, Dubai Police, Central of Dubai Financial Safety, Dubai Chamber and Dubai Tourism and Commerce Advertising – has been established and tasked with launching cross-sector initiatives to create the infrastructure to remove the usage of money .
Speedy Cost Directions (IPI) is an immediate cost system launched by the UAE Central Financial institution that permits immediate funds between financial institution accounts. The system was constructed on high of the present United Arab Emirates Cash Switch System (UAEFTS) platform and launched in June 2019. The service solely helps transfers between UAE dirham denominated accounts held. within the United Arab Emirates. IPI settles funds in close to actual time, with recipient banks required to credit score quantities to their clients no later than 60 seconds after receipt of cost. It operates 24 hours a day, 7 days every week, 12 months a 12 months.
Cost corporations and retailers are more and more specializing in innovation. In November 2020, the French grocery store chain Carrefour launched a self-service cost service known as “Scan & Go” within the UAE. It permits clients to make use of their smartphones to buy their merchandise, avoiding lengthy queues on the retailer checkout. this service, clients should obtain the MAF Carrefour utility and choose the “Scan & Go” possibility. When buying, clients should scan the product barcode utilizing the appliance’s code scanner, view their buying listing and choose the “Pay & Go” possibility. Customers pays in two methods: both straight from the app utilizing a debit / bank card or Apple Pay, or by paying money on the retailer checkout.