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 Fore
Published Date: November - 2024 | Publisher: MIR | No of Pages: 320 | Industry: ICT | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationUAE 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 Fore
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%.
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 launched 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
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
Market Players
Major market players in the UAE Mobile Wallet Market are
| Attribute | Details |
| Market size value in 2022 | 3638.21 million |
| Revenue Forecast in 2028 | 7183.93 million |
| Growth Rate | 12.12% |
| Base Year | 2022 |
| Historic Data | 2018– 2022 |
| Estimated Year | 2023 |
| Forecast Period | 2024 – 2028 |
| Quantitative Units | Revenue in USD Million, and CAGR for 2018-2022 and 2024-2028 |
| Report Coverage | Revenue forecast, company share, growth factors, and trends |
| Segments Covered | Type Technology Ownership Applications |
| Regional scope | Dubai, Abu Dhabi, Sharjah, Rest of UAE |
| Key companies profiled | 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. |
| Customization scope | 10% free report customization with purchase. Addition or alteration to country, regional & segment scope. |
| Pricing and purchase options | Avail customized purchase options to meet your exact research needs. Explore purchase options |
| Delivery Format | 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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