The cards and payments industry in the UAE grew at a CAGR of 7.18% between 2008 and 2012.
|The UAE’s card industry enjoyed healthy growth between 2008 and 2012, with a CAGR of 7.18%. According to recently released research by Timetric, this growth is set to continue, at a CAGR of 5.55% between now and 2013.
The most significant single factor in the expansion of the UAE’s cards and payments sector is the growing market for online trade. Additionally, as banking customers become increasingly sophisticated, banks have sought to differentiate their product offerings, with card customisation options gaining increasing prevalence, and driving growth in the sector. Furthermore, contactless and NFC payments are gaining more traction in the UAE, with extensive support for these forward thinking payment solutions across the country.
More generally, the UAE’s economy benefits from the government’s conscious efforts to promulgate an environment conducive to business growth; these efforts have seen the UAE rapidly emerge as an important hub for international trade, finance and tourism. This has subsequently attracted large inflows of foreign direct investment and expatriate workers, and this has all contributed to the expansion of the UAE’s cards and payments sector.