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United Arab Emirates Real Time Payments Market Size (2024 - 2029)

The United Arab Emirates real-time payments market is experiencing significant growth, driven by a shift from cash-based transactions to digital payments and increased internet penetration. This market expansion is supported by the government's initiatives to promote real-time payment systems, such as the National Payment Systems Strategy aimed at creating a cashless society. The decline in reliance on traditional banking methods and the emergence of new instant payment providers further contribute to the market's development.

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Market Size of United Arab Emirates Real Time Payments Industry

United Arab Emirates Real Time Payments Market Growth
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 14.56 %
Market Concentration Medium

Major Players

United Arab Emirates Real Time Payments Market Top Playeres

*Disclaimer: Major Players sorted in no particular order

UAE Real Time Payments Market Analysis

The United Arab Emirates Real-Time Payments Market is expected to grow at a CAGR of 14.56% over the forecast period (2022 - 2027). The majority of the United Arab Emirates (UAE) market depends on cash-based payments. With the shift of consumers towards digital payments and increased internet penetration, the real-time payments market is growing rapidly.

  • Real-Time payments are instant payment systems that are initiated and settled at the same time of payment. The real-time payment is available throughout the weekdays, including weekends and holidays. These payments provide end-to-end communication and solve the issues of transparency and delay in the payments market.
  • The reliance on traditional banking has fallen dramatically in the past, with customers demanding more convenience and flexibility. There has been an emergence of new instant payment providers. These factors are driving the demand for the real-time payments market in the United Arab Emirates.
  • The government is taking initiatives in the country to promote the usage of real-time payment. For instance, In 2021, the Central Bank of the UAE (CB UAE) introduced NPSS (National Payment Systems Strategy) implemented NPSS (National Payment Systems Strategy) which is designed to make payment systems universally interoperable and foster the transition to a cashless society built around real-time - also known as instant - payments.
  • In February 2022, the Central Bank of the UAE (CBUAE) selected Accenture to lead a consortium of companies to help execute its National Payment Systems Strategy. In collaboration with SIA, now part of Nexi Group, and G42, Accenture will build and operate the National Instant Payment Platform (IPP) over the next five years.
  • Similarly, in November 2021, the National Payments Corporation of India (NPCI) arm NPCI International Payments Ltd (NIPL) signed a memorandum of understanding for a mobile-based real-time payment system in the UAE. It will also be facilitating UPI payments in sectors such as jewellery, supermarkets, and duty-free retailers.

UAE Real Time Payments Industry Segmentation

A real-time payments system comprises technology that allows the transfer of money instantaneously between banks and banking systems.

The study tracks the current market scenario and the key developments in the Real-Time Payment market in the United Arab Emirates. Given the evolving nature of the market landscape, the major real-time payment providers operating in the country are analyzed in detail, based on their current business model. The United Arab Emirates Real-Time Payments Market is Segmented by Type of Payment ( peer-to-peer (P2P), peer-to-business (P2B)).

By Type (Market share in percentage based on relative adoption)
P2P
P2B
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United Arab Emirates Real Time Payments Market Size Summary

The United Arab Emirates real-time payments market is experiencing rapid growth, driven by a shift from cash-based transactions to digital payment solutions. This transition is facilitated by increased internet penetration and the demand for more convenient and flexible payment options. Real-time payments, which are processed instantly and available throughout the week, address issues of transparency and delay, making them an attractive choice for consumers. The UAE government is actively promoting this shift through initiatives like the National Payment Systems Strategy, which aims to create a cashless society by enhancing the interoperability of payment systems. Collaborations with international entities, such as the partnership with Accenture and the involvement of the National Payments Corporation of India, further bolster the development of real-time payment infrastructure in the country.

Digital transformation, accelerated by the Covid-19 pandemic, has led to a surge in online business activities and the adoption of instant payment solutions. The UAE's commitment to digital government transformation, as evidenced by its high ranking in the World Bank's GovTech Maturity Index, supports the growing adoption of real-time payments. Government strategies, such as the Digital Economy Strategy and Abu Dhabi Economic Vision 2030, aim to enhance digital infrastructure and increase internet penetration, further driving market growth. The competitive landscape is marked by the introduction of innovative payment services and strategic partnerships among key players like Mastercard, ACI Worldwide, and Nium, which are expanding the reach and capabilities of real-time payment systems across the UAE.

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United Arab Emirates Real Time Payments Market Size - Table of Contents

  1. 1. MARKET INSIGHTS

    1. 1.1 Market Overview

    2. 1.2 Industry Attractiveness-Porter's Five Force Analysis

      1. 1.2.1 Bargaining Power of Suppliers

      2. 1.2.2 Bargaining Power of Buyers/Consumers

      3. 1.2.3 Threat of New Entrants

      4. 1.2.4 Threat of Substitute Products

      5. 1.2.5 Intensity of Competitive Rivalry

    3. 1.3 Evolution of the payments landscape in United Arab Emirates

    4. 1.4 Key market trends pertaining to the growth of cashless transaction in United Arab Emirates

    5. 1.5 Impact of COVID-19 on the payments market in United Arab Emirates

  2. 2. Market Segmentation

    1. 2.1 By Type (Market share in percentage based on relative adoption)

      1. 2.1.1 P2P

      2. 2.1.2 P2B

United Arab Emirates Real Time Payments Market Size FAQs

The United Arab Emirates Real Time Payments Market is projected to register a CAGR of 14.56% during the forecast period (2024-2029)

ACI Worldwide Inc.​ , Volante Technologies Inc, Fiserv, Inc., Mastercard Inc.​ and Stripe, Inc. are the major companies operating in the United Arab Emirates Real Time Payments Market.

UAE Real Time Payments Market Report Snapshots

UAE Real Time Payments Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)