There are several reasons why the UAE leads the high-potential Middle East and Africa region in payments growth. Not only is the country ahead in promoting card use through government initiatives but innovation is also high across the payments value chain, ensuring that the benefits of payments growth reach all segments of the population.
From grassroots programmes such as the Wage Protection System to initiatives such as the World Expo, the UAE is ensuring that it remains one of the leaders in the region and the world in the consumer space. At the same time, localised innovation ensures that unbanked demographic segments are brought into the fold through mobile and electronic payment systems. This is one of the key reasons Network International acquired Emerging Markets Payments in March 2016.
Take a look at the comparative data: non-cash transactions across the world are growing at the rate of 8.9 per cent, according to Capgemini data, with the developing world growing at 16.4 per cent and the mature markets, where the growth is from a stronger base, increasing at 6.1 per cent in 2014.
The MEA region is blazing one of the fastest expansion rates in card transactions in the world at 24 per cent growth, double the 12 per cent being recorded in the second-fastest growing region. And within the MEA, the UAE is one of the standout performers. – Khaleej Times
