Press Release

UAE Mobile Wallet Market is Expected to grow at a robust CAGR of 12.12% through 2030F

The increasing UAE Mobile wallet market is driven by rise of super apps integrating wallets with multi-service platforms, increasing adoption of biometric and contactless payment technologies during the forecast period 2026-2030F.


According to TechSci Research report, “UAE Mobile Wallet Market – By Region, Forecast & Opportunities, 2030F”, The UAE Mobile Wallet Market was valued at USD 4.18 Billion in 2024 and is expected to reach USD 8.28 Billion by 2030 with a CAGR of 12.12% during the forecast period. The UAE is witnessing a shift from standalone mobile wallets to integrated super apps that combine payments, transportation, e-commerce, bill payments, and financial services into a single interface. Platforms like Careem Pay, e& money, and Noon Pay have emerged as key examples of this transformation. Careem Pay now enables peer-to-peer transfers, ride payments, and utility bill settlements, creating a seamless daily transaction ecosystem. Over 60% of users in the UAE prefer using multi-functional apps over single-service platforms. The convenience of accessing ride-hailing, food delivery, and payment functions within one app has increased engagement rates and user retention.

These super apps are also embedded with AI to personalize offers, create loyalty programs, and enhance the user experience. Telecom operators like Etisalat (e&) are bundling mobile wallets with data packages, digital insurance, and microfinance options, driving broader digital adoption. As these apps become one-stop shops for lifestyle and financial management, users are increasingly making them a part of their daily routines. This convergence model not only boosts transaction volume but also strengthens user stickiness, positioning these platforms as long-term leaders in the mobile wallet market.

 

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Based on type, Open is the fastest growing segment in the UAE Mobile Wallet market during the forecast period primarily due to its unparalleled flexibility, comprehensive functionality, and growing demand for cross-platform financial services. Open wallets, unlike closed or semi-closed wallets, enable users to make payments, withdraw cash, transfer funds across banks, and conduct international transactions—offering users a near-complete banking experience through a mobile interface. A key factor driving this growth is the rising preference among consumers and businesses for interoperable digital payment solutions. Open wallets can be linked directly to bank accounts, credit/debit cards, and other financial instruments, making them ideal for high-frequency users and SMEs that demand financial fluidity. With more than 98% of UAE residents owning smartphones and mobile banking adoption exceeding 85%, open wallets align well with the country's advanced digital ecosystem.

The UAE government’s push for a cashless economy under its Vision 2031 strategy and the development of platforms like Aani (the instant payment system launched by Al Etihad Payments) are accelerating the infrastructure required for real-time, open wallet transactions. Additionally, open wallets cater to the growing expatriate population in the UAE by offering seamless international remittances and access to multi-currency capabilities—an essential feature for more than 80% of the country's foreign-born residents. Major fintech players and banks are leveraging open wallet models to expand their digital offerings. Partnerships such as those between Emirates NBD and Visa, or Payit and e& enterprise, are integrating open wallet functionalities with commercial services, enabling greater utility for consumers and corporate clients alike. As the market evolves toward a unified and seamless digital payment landscape, open wallets are well-positioned to become the preferred choice for consumers demanding convenience, control, and comprehensive financial services through a single platform.

 

Based on region, Dubai is the fastest growing region in the UAE Mobile Wallet Market during the forecast period driven by its strong digital infrastructure, tech-savvy population, and innovation-friendly business environment. As the commercial and financial hub of the UAE, Dubai has consistently led the way in digital transformation, smart governance, and cashless economy initiatives. Programs such as Smart Dubai and Dubai Paperless Strategy have significantly accelerated the city’s adoption of mobile payments across public and private sectors. Dubai boasts one of the highest smartphone and internet penetration rates in the region, with over 99% of the population having internet access and mobile penetration exceeding 200%. This creates a highly conducive environment for mobile wallet usage. Additionally, over 90% of Dubai’s retail outlets, including malls, restaurants, transport services, and healthcare providers, now accept mobile wallet payments through QR codes or NFC technology.

The city’s large population of expatriates, tourists, and business travelers further supports mobile wallet adoption. With tourism contributing more than 12% to Dubai’s GDP, mobile wallets offer convenient and secure payment options for international visitors, especially through globally accepted platforms like Apple Pay, Google Pay, and Samsung Wallet. Dubai is also a hub for fintech startups and innovation accelerators, which has led to the launch and growth of several mobile wallet platforms such as Careem Pay, Ziina, and e& money, in addition to bank-backed wallets like Payit. These providers are leveraging Dubai’s ecosystem to pilot new services, from peer-to-peer transfers and micro-lending to utility payments and cross-border remittances. Moreover, Dubai’s regulatory environment—supported by entities like the Dubai International Financial Centre (DIFC) and Dubai Financial Services Authority (DFSA)—promotes safe, scalable, and innovative financial solutions. This, combined with a rising demand for cashless and contactless experiences, positions Dubai as the fastest-growing region in the UAE mobile wallet landscape.

 

Key market players in the UAE Mobile Wallet market are: -

  • Klip (Emirates Digital Wallet)      
  • e& money (Etisalat Wallet)
  • Payit (FAB Payit)
  • Careem Pay
  • Beam Wallet
  • Aani (Al Etihad Payments)
  • Ziina
  • PayBy
  • Noon Pay
  • Google Pay   

 

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The UAE Mobile Wallet market presents significant opportunities driven by a tech-savvy population, high smartphone penetration, and strong government support for digital payments. Expanding e-commerce, smart city initiatives, and increasing demand for contactless transactions fuel wallet adoption across sectors. There’s untapped potential in underserved segments such as SMEs, blue-collar workers, and rural merchants. Growth in cross-border remittance needs and integration with super apps also offer strategic expansion avenues. Additionally, partnerships between fintechs, banks, and telecoms can foster innovation in payment solutions, loyalty programs, and financial inclusion, positioning the UAE as a regional leader in mobile wallet transformation.Top of Form” said Mr. Karan Chechi, Research Director of TechSci Research, a research-based Global management consulting firm.

“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 and Opportunities, 2020-2030F,” has evaluated the future growth potential of UAE Mobile Wallet Market and provides statistics & information on market size, structure, and future market growth. The report intends 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 in UAE Mobile Wallet Market.

 

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