UAE Mobile Wallet Market
was valued at USD 3638.21 million
in 2022 and is anticipated to project robust growth in the forecast period with
a CAGR of 12.12%. Mobile wallets are digital wallets that store credit card information
on portable devices. Users may effortlessly pay in-person at any establishment
listed with the mobile payment service provider, using their mobile wallets.
Mobile wallets are safe tools for managing cash and other assets including
credit card numbers, bank account information, and even driver's license.
High Adoption of Technological
Innovations by Financial Institutes
Mobile wallets are now
often being used by companies, for online payments. The need for online
transactions is growing, which has increased the need for mobile wallets and
this is an aspect that has made it possible to provide customers with tailored
services while also making transactions, safer. Globally, the financial
services sector is also increasingly integrating artificial intelligence.
FinTech platforms are incorporating AI to save costs for banks and other
financial organizations. Open banking is a term used in financial technology
for financial services. Consumers gain
from open banking in many ways, such as the ability to exchange information
with third-party budgeting applications and utilize money-management tools,
which enables tiny financial institutions who cannot afford to provide these
services to do so via third parties. Alphabet Inc. (Google Pay), which enables
users to make contactless payments with their Android phones during online purchases,
was introduced by Google in UAE, in November 2018. Therefore, there is a
growing requirement for mobile wallet industry is expected to rise in the
upcoming years.
Consumers Prefer the Streamlined
Checkout Process.
Technological
improvements have significantly changed the banking industry. Electronic
financial activities that formerly needed traditional banking services, such as
money transfers, bill payments, insurance premium payments, mortgage
applications, and even stock trading, are becoming more and more prevalent.
Mobile applications have been adopted at incredibly low rates, despite the
ubiquitous use of smartphones and mobile banking. FinTech companies are working
to make mobile payments more streamlined and smoother for customers as they
search for quick and simple payment options. Mobile payments have become more
popular as a result of increasing internet usage and rising urbanization, with
retailers choosing cashless payment options. Financial institutions are working
with FinTech companies to implement new technology to improve operations and
customer service, to meet the growing demand for cutting-edge payment
solutions. Mobile wallet demand has increased in the UAE as a result of these
ongoing advances.
Inclination towards
cashless economy The UAE is making an effort to move toward a
cashless society. With the development of technology, customers and companies
are embracing contactless payment methods, such as mobile wallets, which are
seen as handy, quick, and cost-effective modes of exchange. The introduction of
Emirates Digital Wallet, which is anticipated to fundamentally alter the
payments environment, was sponsored by the Central Bank of the UAE in an effort
to advance a cashless society through a number of clever government
initiatives. Mobile payment and digital wallet systems like Apple Pay, Alphabet
Inc. (Google Pay), and Samsung Pay have become the go-to payment options as
e-commerce and online transactions have increased. Therefore, the market is
expected to expand as a result of the trend toward a cashless economy.
Increasing
Internet Penetration and Smartphones
In
today's world, smartphones have become essential. Mobile users may now use
smartphones to perform financial transactions or make payments utilising the
phone's integrated applications. A smartphone that can function as a leather
wallet is known as a "Digital Wallet" or "Mobile Wallet.".
Due to its young, technologically knowledgeable population and an increasing
number of emigrant employees keen to retain network connectivity throughout the
world, UAE has positioned itself as a suitable environment for smartphone use.
Because mobile wallets may provide speedy and secure online bill payments as
well as other money transfer services, the market for them is expected to
expand quickly throughout the forecast period. Consumers may receive and make
regular payments anytime they wish owing to its user-friendly user interface.
Consumers are using mobile wallets at an increasing rate. Therefore, it is
anticipated that a rise in internet and mobile users would accelerate the use
of mobile wallet.
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Market Segmentation
The UAE Mobile Wallet Market is divided
into Type, Technology, Ownership and Application. Based on Type, the market is
divided into Semi-Closed, Open, and Closed. Based on technology, the market is
segmented into Quick Response (QR) Codes, Near Field
Communication (NFC), Magnetic Secure Transmission (MST), and Others. Based on
ownership, the market is segmented into Telecom Operators, Device
Manufacturers, Tech Companies, and Banks. Based on application, the market is segmented into Entertainment
& Travel, Bill Payments, Food & Drinks, Groceries, Peer-to-Peer
Transfer, and Others.
Market Players
Major
market players in the UAE
Mobile Wallet Market are 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) and WePay Inc.
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Attribute
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Details
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Market size value in 2022
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3638.21 million
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Revenue Forecast in 2028
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7183.93 million
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Growth Rate
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12.12%
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Base Year
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2022
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Historic Data
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2018– 2022
|
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Estimated Year
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2023
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Forecast Period
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2024 – 2028
|
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Quantitative Units
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Revenue in
USD Million, and CAGR for 2018-2022 and 2024-2028
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Report Coverage
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Revenue forecast, company share, growth factors, and trends
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Segments Covered
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Type
Technology
Ownership
Applications
|
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Regional scope
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Dubai, Abu Dhabi, Sharjah, Rest of UAE
|
|
Key companies profiled
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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) and WePay Inc.
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Customization scope
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10% free report customization with purchase. Addition or
alteration to country, regional & segment scope.
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Pricing and purchase options
|
Avail
customized purchase options to meet your exact research needs. Explore purchase options
|
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Delivery Format
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PDF and Excel through Email (We can also provide the editable
version of the report in PPT/Word format on special request)
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Report Scope:
In this report, the
UAE Mobile Wallet Market has been segmented into the following
categories, in addition to the industry trends which have also been detailed
below:
·
UAE Mobile Wallet Market, By Type:
o Semi-Closed
o Open
o Closed
·
UAE Mobile Wallet Market, By Technology:
o Quick Response (QR) Codes
o Near Field Communication (NFC)
o Magnetic Secure Transmission (MST)
o Others
·
UAE Mobile Wallet Market, By Ownership:
o Telecom Operators
o Device Manufacturers
o Tech Companies
o Banks
·
UAE Mobile Wallet Market, By Application:
o
Entertainment
& Travel
o
Bill
Payments
o
Food
& Drinks
o
Groceries
o
Peer-to-Peer
Transfer
o
Others
·
UAE Mobile Wallet Market, By Region:
o Dubai
o Abu Dhabi
o Sharjah
o Rest of UAE
Competitive Landscape
Company
Profiles: Detailed
analysis of the major companies present in the UAE
Mobile Wallet Market.
Available Customizations:
UAE
Mobile Wallet market report with
the given market data, Tech Sci Research offers customizations according to a
company's specific needs. The following customization options are available for
the report:
Company Information
- Detailed analysis and profiling of
additional market players (up to five).