In a recent analysis titled “Global Payments 2022: The New Trends of Growth,” Boston Consulting Group (BCG) predicted that the UAE’s total payments will reach $ 18.7 billion by 2031, with an annual complicated growth rate of 7.7% between 2021 and 2031.
The twenty-first edition of the analytical study of the payment sector in the UAE focuses on the payments of payments and the total expectations related to current transactions, with a focus on the fundamental role of specific payment tools, such as credit cards, current accounts, and discount cards, in revenue enhancement.
“The UAE continues to achieve high rates of growth at the level of payments and financial technology in general,” said Mohamed Khan, a partner in Boston Conselting Group.
He emphasised that the state had seen the opening of numerous digital banks this year, in addition to the expansion of payment service providers.
He outlined a number of current factors, such as the high proportion of young people, the rise in technological sophistication, the population growth, the state’s direction to strengthen its leadership as a global hub of financial technology and encrypted currencies, and the anticipated launch of a local payment plan, all of which contribute to raising competition levels and foresight in a more positive and ambitious manner.
The report identifies four trends that would re-foreshadow the future of the global payments industry. These trends include the end of the period of unbelievable growth, a significant increase in the adoption of electronic payments, the prosperity of digital currencies for central banks, as well as an expansion of regulatory oversight of payment operations.
According to Khan, “It is anticipated that the payment infrastructure in the Gulf Cooperation Council countries will experience an accelerated growth against the backdrop of the development witnessed by the payment infrastructure in the actual time, as well as the growing and effective bodies in the field of payment and the growing role of launching new solutions in the market consistently and ensuring that Implementation of pertinent government policies.”
UAE payment revenue of 18.7 billion dollars by 2031
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