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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