UAE’s cashless economy drive attracting prepaid payment solution providers

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UAE is attracting various global prepaid payment solution providers like PrePay Solutions (PPS) owing to the growing market for digital payments. The country has huge potential for growth in the digital payments market and foreign companies increasingly looking for entering the UAE prepaid market to cash upon the digitalization trend. PrePay Solutions opened its new office in Dubai’s International Financial Centre, which is a similar attempt to reap profits from the huge potential for the payroll related prepaid payment solutions.

UAE is rapidly moving towards transforming the country into cashless society by promoting digitalization of payment systems. The UAE government’s thrust to develop smart knowledge economy under the UAE Vision 2021 is not only creating demand for digital payments for services but also driving innovations in the digital payment ecosystem. Another factor that is of great significance for the growth of cashless transactions in the country is the fact that UAE is amongst the countries with highest mobile and internet penetration. With 74% of the total mobile subscribers being smartphone users and the channel platform for the digital payments is massive in the country catalyzing the growth of the cashless payments. Moreover, the smartphone brands like Samsung and Apple are also driving cashless NFC (Near Field Communication) technologies by enabling Samsung Pay and Apple Pay.

The banking sector of UAE has extended its support towards the cashless spending through its app, Emirates Digital Wallet, enabling even the unbanked population to store, spend and transfer money digitally. Moreover, new structure relating to digital payments has also been introduced by the UAE Central Bank, which clearly defines the roles of various parties involved in the digital payment ecosystem and their licensing regimes. The demography of UAE with majority of young tech-savvy population and the country being the home for 8 million migrant workers mostly involved in blue-collar jobs, also increases the demand for digital payment platforms.

PrePay Solutions already existing in UAE through collaboration with banks including RAKBANK and CBI Bank. The company also services to the country’s leading payroll program managers, C3, through its prepaid card solutions in partnership with Edenred. The company, in partnership with RAKBANK and C3, steered the biggest-ever digital migration of the country on the prepaid payroll card by C3. The card facilitated instant transfer of salary from the local companies to the lower salaried class, and access to digital remittance of loans and payments. The new office in Dubai is part of the PrePay’s expansion strategy globally and reinforcing its presence in the UAE.

To know more and get deeper understanding of digital paymnets industry in UAE, click here.