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Mobile payment market in the UAE is expected to register strong growth. As a result, competitive landscape in the segment is changing rapidly with entry of new players. According to PayNXT360, mobile payment transaction value in the UAE is expected to reach US$ 19.7 billion by 2021, recording a CAGR of 85.9% during the forecast period.
International payment solution provider Cardtek has launched a mobile payment platform in UAE in partnership with Dubai Economic Department subsidiary, Emcredit. Mobile wallet solution emPay is a single platform that will facilitate payments for a variety of services including commercial banks, retailers, educational institutes and transportation to name a few. emPay supports in-store as well as remote payments in case of retail purchases, fund transfers, utility bill payments and such like. As part of the agreement, Cardtek will provide payment infrastructure, mobile industry knowledge, operational services and product enhancement solutions to Emcredit. emPay is capable of working on smartphones and wearables as well and works on NFC technology.
In the UAE cash transaction are predominant. Government of UAE has shown interest in promoting cashless economy last year by singing a memorandum of understanding (MoU) with 16 popular banks of the country to develop mWallet solution. UAE Banks Federation (UBF) announced this agreement during 3rd quarter of 2016. It is a progressive step towards promotion of Smart Government initiative which aims at development and innovation of electronic infrastructures and technologies. The mobile wallet initiative is predicted to see cash transactions converted to mobile payments resulting in significant shift over the next five years.
To know more and gain deeper understanding of mobile payment industry in the United Arab Emirates, click here.
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