UAE Payment Revenues Will Increase Through Digitalization To $18.7 Billion
With each day passing, UAE has been looking out for ways to make sure they always remain on top of the world with respect to the financial sector.
And now again they have found a new domain to set themselves for further higher revenue as now UAE is looking to expand the digital payments market and hence are expected to go to $18.7 billion in 2031. Currently, the country is getting a revenue of $3.0 billion which was recorded in 2021.
Digitalization Is Expected To Increase UAE Payment Revenues To $18.7 Billion
Digital payments are expected to be the future of the world and hence UAE is focusing well on it. Moreover, they are looking forward to seeing how the citizens will respond if Digital Payments are introduced in the nation.
Currently, the records and surveys state that 50% of the citizens in the nation are going to perform digital payments by 2024 and hence the nation is also taking a great initiative to make people understand the profits and easiness of digital payments.
Furthermore, as a nation, UAE is looking to set up campaigns for the citizens to be aware of the digital payments that will be soon starting in the Central Bank and the Emirates.
Other Studies Related To Digital Payments
UAE has always been looking to introduce new methods to increase their revenue and hence in the recent reports that have been published by the Boston Consulting Group, it has been stated that UAE is going to experience a growth of almost 8 percent in the payments market in the upcoming 10 years and the payments will be mostly made through the credit cards, debit cards or other available payment options.
Apart from it, in a statement released by the BCG managing director, it has been stated that UAE is growing exceptionally well in the terms of the fintech industry and is expected to see even more growth if they continue to introduce new payment methods. Furthermore, the introduction of new digital banks has paved the way for other banks to upgrade their payment models.
Currently, UAE has been growing at a fast pace and hence the nation will be expecting its youth to actively participate in the campaigns to educate people about the importance of digital payments.
Furthermore, the nation will be expecting much more from the youth to introduce other digital payment models by learning the latest technologies available in the market.
Moreover, UAE has been a resourceful country and hence the youth will be having a major role to play if they are looking to upgrade themselves in the fintech domain.
In all the previous reports published by the nation, they have seen that CBUAE has been a major contributor to the digital payment system, and in the last one year, a total of Dh11 billion have been transferred with its help of it.
Apart from them, Instant Payment Instruction System has also contributed well to digital payments and has been working well for the citizens of the UAE.
Currently, UAE is at a stage where the citizens are using the digital payments mode for any transaction. In the last few months, the nation has seen a rapid rise in the digital payments system and hence the country is expecting an even higher rate once all the citizens are aware of the benefits of digital payments.
Apart from it, the pandemic has also helped the nation to achieve success in digital payments and thus the country will be now carrying out further surveys and polls to find out what else they need to improve in the system to get further success.
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