The Cards and Payments Industry in the UAE: Emerging trends and opportunities to 2020
Region: United Arab Emirates Sku Number: VR1123MR
The Cards and Payments Industry in the UAE: Emerging trends and opportunities to 2020 Summary GlobalData’s "The Cards and Payments Industry in the UAE: Emerging trends and opportunities to 2020" report provides detailed analysis of market trends in the UAE cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cash, payment cards, and cheques during the review-period (2012-16e). The report also analyzes various payment card markets operating in the industry, and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2016-20f). It also offers information on the country's competitive landscape, including the market shares of issuers and schemes. The report brings together GlobalData’s research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers details of regulatory policy and recent changes in the regulatory structure. The report provides top-level market analysis, information and insights into the UAE cards and payments industry, including - - Current and forecast values for each market in the UAE cards and payments industry, including debit, credit, and charge cards. - Detailed insights into payment instruments including cheques, cash, and payment cards. It also, includes an overview of the country's key alternative payment instruments. - E-commerce market analysis and payment methods. - Analysis of various market drivers and regulations governing the UAE cards and payments industry. - Detailed analysis of strategies adopted by banks and other institutions to market debit, credit, and charge cards. Scope - To capitalize on the rising adoption of alternative payment solutions among UAE residents, Samsung collaborated with a number of banks and payment networks to launch its Samsung Pay m-payment service in April 2017. It allows users to conduct payments across all form of terminals, including magnetic stripe, EMV, and NFC. In January 2017, UnionPay collaborated with Mashreq Bank to introduce its host card emulation- and tokenization-based m-payment service QuickPass. Users can pay using their UnionPay QuickPass chip card or mobile QuickPass-enabled smartphones and wearable devices at contactless POS terminals. In August 2016, telecommunications company Etisalat launched Etisalat Wallet, a mobile wallet that allows consumers to pay for utility bills, parking tickets, and the purchase of goods and services from participating domestic and international retailers, as well as topping up Etisalat mobile phone credit. - To promote card-based payments in the UAE, Mashreq Bank and security solutions provider Oberthur Technologies (OT) introduced an instant card issuance service in April 2017. Using OT’s solution, Mashreq Bank can promptly issue personalized payment cards to its consumers at the time of opening an account. The service is currently installed at 35 Mashreq Bank branches in both the UAE and Qatar, helping drive the issuance of more than 40 debit and credit card products. Reducing the amount of time it takes to issue payment cards has resulted in increased cards in circulation in the country. - To transform the UAE into a digitized society, 16 equity partner banks - National Bank of Abu Dhabi (NBAD), Abu Dhabi Commercial Bank (ADCB), Abu Dhabi Islamic Bank (ADIB), Mashreq Bank, Dubai Islamic Bank (DIB), Commercial Bank of Dubai (CBD), RAKBANK, United National Bank (UNB), Al Hilal Bank, Sharjah Islamic Bank (SIB), Al Masraf, Bank of Sharjah, Invest Bank, United Arab Bank (UAB), National Bank of Fujairah (NBF), and National Bank of Umm Al Quwain (NBQ) - officially launched the Emirates Digital Wallet platform in May 2017. The app is designed to provide a convenient and efficient payment system to UAE residents. It is regulated by the central bank and developed under the supervision of the UAE Banks Federation - a body that aims to promote and improve the UAE’s banking sector. The move is anticipated to reduce dependency on cash and provide the population with access to financial services including payments and fund transfers using mobile phones. Reasons to buy - Make strategic business decisions, using top-level historic and forecast market data, related to the UAE cards and payments industry and each market within it. - Understand the key market trends and growth opportunities in the UAE cards and payments industry. - Assess the competitive dynamics in the UAE cards and payments industry. - Gain insights into marketing strategies used for various card types in the UAE. - Gain insights into key regulations governing the UAE cards and payments industry.
Table of Contents 1. EXECUTIVE SUMMARY 2 1.1. Market overview 2 1.2. Key facts 4 1.3. Top five industry events 5 2. PAYMENT INSTRUMENTS 11 2.1. Current payment environment 11 3. E-COMMERCE AND ALTERNATIVE PAYMENTS 13 3.1. E-commerce market analysis 13 3.2. Alternative payment solutions 15 3.2.1. PayPal 15 3.2.2. Masterpass 15 3.2.3. Samsung Pay 15 3.2.4. Visa Checkout 15 3.2.5. QuickPass 16 3.2.6. Emirates NBD Pay 16 3.2.7. CashU 16 3.2.8. Payfort 16 3.2.9. Etisalat Wallet 17 3.2.10. NeO 17 3.2.11. PayTabs 17 4. REGULATIONS IN THE CARDS AND PAYMENTS INDUSTRY 18 4.1. Regulatory framework 18 4.1.1. The UAE mandates migration to EMV 18 4.2. Anti-money laundering 18 4.3. Foreign direct investment regulations 19 5. ANALYSIS OF CARDS AND PAYMENTS INDUSTRY DRIVERS 20 6. PAYMENT CARDS 23 7. DEBIT CARDS 25 7.1. Debit card market analysis 25 7.2. Competition in the debit card market 27 7.3. Debit card comparison 29 8. PAY-LATER CARDS 30 8.1. Pay-later card market analysis 30 8.2. Competition in
List of Tables Table 1: UAE: key facts, 2016 4 Table 2: UAE: regional benchmarking of payment cards, 2016 4 Table 3: UAE: mode of entry of foreign banks 19 Table 4: UAE: debit card comparison and key features, 2017 29 Table 5: UAE: gold credit card compar