UAE Mobile Wallet Market to Grow at a CAGR of 12.12% during the Forecasted Period
High adoption of technological innovations by financial
institutes and increasing internet penetration and smartphones are driving the UAE Mobile Wallet Market.
According to TechSci Research report, “UAE Mobile Wallet Market
- By Region, Competition, Forecast & Opportunities, 2028F”, UAE mobile wallet market is predicted
to grow at CAGR of 12.12% to reach USD 7183.93 million by 2028. The changing customer
preferences toward digital payment methods and the rise of various e-commerce platforms
are expected to drive the market growth of mobile wallet in the approaching
years, leading to an expected healthy expansion of the mobile wallet market in
the UAE region.
Over
the past 10 years, there has been a dramatic shift in the UAE's digital
ecosystem due to the expansion of supportive infrastructure and pro-business
government policies. UAE has become the Middle East's most digitally friendly
country, with a staggering 99% of the population routinely accessing the
internet, according to the UAE Internet and Mobile Statistics. Over the past
several years, there has been an increased focus on digital services and
smartphone usage in the UAE. The availability of cutting-edge features at
reasonable pricing has been credited for the dramatic rise in the use of mobile
internet. In UAE, where there are 18.38 million mobile connections, smartphones
are the most popular and convenient way to access the internet (53%).
Browse over 22 market data Figures spread through 92 Pages and an in-depth TOC
on the "UAE Mobile Wallet Market"
Based on Technology, the Quick Response
(QR) code is the leading segment in the UAE Mobile Wallet with a market share
of 52.78% in 2022 & and is expected to grow at a CAGR of 11.62% between
2023-2028.and followed by Near field communication (NFC) with a market share of
35.33% in 2022. The appropriate setting for the QR Code has been established by
the expansion of mobile network coverage and the increasing accessibility of
smartphone’s online content over time. By eliminating multiple tedious
procedures and giving instant access to helpful information that enhances
transparency, virtually all smartphones now come with a Code reader, which has
considerably increased accessibility. In addition, the QR Code's arrival
implies that consumers may now connect more deeply with companies and products
through design. In the years to come, it is anticipated that businesses and investments
would grow more dependent on innovative technology as a result of Covid-19. In
the near future, it is expected that these investments and growth will continue
to rise and spread throughout the UAE mobile wallet market. ICA QR Code
clearance is a new requirement for tourists visiting UAE. The federal authority
for identification and citizenship of the United Arab Emirates has modified its
official website and included a new page where users may request ICA QR code
approval.
In terms of regional analysis, the UAE Mobile Wallet Market
is segmented into Dubai, Abu Dhabi, Sharjah and the Rest of the UAE. The UAE's
Dubai area held the greatest market share for mobile wallets in 2022 with a 56.79%
share. Due to the importance of e-commerce, the high level of industrialization
and the region's high internet penetration, there are a lot of transactions
taking place in the emirate, which may be linked to the region's leadership in
the field. Dubai is the second-richest emirate after Abu Dhabi, which serves as
the financial centre of the United Arab Emirates. Jebel Ali, the primary port
in the Middle East, is located in Dubai, which is a bustling commercial and
tourism hub. Since the establishment of the Dubai International Financial
Centre (DIFC) in 2004, Dubai has expanded to become a significant worldwide hub
for service industries such as banking. The UAE provides low-tax environments
and fresh investment possibilities in both free-zone and mainland countries, After
the Foreign Direct Investment (FDI) Law was passed in 2018, the UAE started providing
a wide range of investment options in both mainland and free zone
jurisdictions. The UAE hopes to rank among the top 10 global investment
destinations by 2030 and is working to draw in USD 150 billion of inward
foreign investment. The region has a higher concentration of businesses and
industries, which makes it the main recipient of FDI from the nation and fuels
the region's expansion. Dubai has been ranked as the nation's leader in terms
of industrialization and modernization, making a considerable contribution to
the GDP.
Key market players in the
UAE Mobile Wallet Market include:
- Emirates
Telecommunications Corporation (Etisalat Wallet)
- Emirates
Digital Wallet LLC (Klip)
- First Abu
Dhabi Bank (Pay it)
- Emirates
Integrated Telecommunications Company (Du)
- Alphabet
Inc. (Google Pay)
- Samsung
Electronics Co. Ltd. (Samsung Pay)
- Apple Inc.
(Apple Pay)
- Careem
Networks FZ LLC
- Ant Group
(Alipay)
- WePay Inc.
Download Free Sample Report
Customers can also request for 10% free customization on this report.
“The industry is expanding due to several factors, including the
increasing use of mobile devices, open banking, contactless payments, and
digital currency. By the end of 2022, more than 90% of the population will have
access to mobile wallet services, with 100% penetration, anticipated by 2023.
The emergence of Bring Your Own Device (BYOD), a rise in smartphone usage, and
the high number of people without bank accounts are among few of the major
factors that are anticipated to offer lucrative growth opportunities to mobile
wallet providers in the United Arab Emirates, during the forecast period. The
government's efforts to make the nation cashless and digital are only a few
more useful ones. The massive increase in digital payment transactions and card
payments in UAE may be attributed to the outbreak of the disease. ”Therefore,
these factors are fuelling the market growth of the “UAE Mobile Wallet Market in the
upcoming years, Mr. Karan Chechi, Research Director with TechSci Research, a
research-based global management consulting organization.
“UAE Mobile Wallet Market By Type (Semi-Closed,
Open, Closed), By Technology (Quick Response (QR) Codes, Near Field
Communication (NFC), Magnetic Secure Transmission (MST), Others), By Ownership
(Telecom Operators, Device Manufacturers, Tech Companies, Banks), By
Application (Entertainment & Travel, Bill Payments, Food & Drinks,
Groceries, Peer-to-Peer Transfer, Others), By
Region, Competition, Forecast & Opportunities, 2028F”, has
evaluated the future growth potential of UAE Mobile Wallet Market and provides
statistics and information on market structure, size, share, and future growth.
The report is intended to provide cutting-edge market intelligence and help decision-makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities present in the UAE Mobile Wallet Market.
Contact
Mr. Ken Mathews
708 Third Avenue,
Manhattan, NY,
New York – 10017
Tel: +1-646-360-1656
Email: [email protected]
Website: https://www.techsciresearch.com