New Financial Services market report from Timetric: "Emerging Opportunities in the UAE's Cards and Payments Industry: Market Size, Trends and Drivers, Strategies, Products and Competitive Landscape"

Boston, MA -- (SBWire) -- 05/08/2013 --The UAE is an open economy with a high per capita income and annual trade surplus. It is a federation of seven emirates: Abu Dhabi, Ajman, Dubai, Fujairah, Ras al- Khaimah, Sharjah and Umm al-Quwain, formed on December 2, 1971. The government transformed the economy by forming a business environment which directly benefits the economic growth of the country. Such efforts have seen the UAE rapidly emerge as an important hub for international trade, finance and tourism which has attracted large inflows of foreign direct investment (FDI) and expatriate workers. Moreover, successful efforts at economic diversification have reduced the portion of GDP as a proportion of oil and gas output to 25%. The cards and payments industry grew at a CAGR of 7.18% during the review period and was primarily driven by the prepaid card category. It is expected to grow at a CAGR of 5.55% over the forecast period. During the review period, prepaid cards occupied the largest share in the overall cards and payments industry, and recorded a CAGR of 13.33%. Debit cards grew at a CAGR of 8.19% followed by charge cards which grew at a CAGR of 5.62% during the same period. Credit cards grew marginally, at a CAGR of 0.92%.

View Full Report Details and Table of Contents

Key Highlights

- The UAE's card industry as a whole grew significantly at a CAGR of 7.18% during the review period, primarily driven by the debit and prepaid card categories.
- The overall card industry is expected to grow at a CAGR of 5.56% over the forecast period, driven primarily by the prepaid cards category, which is expected to grow at a CAGR of 9.45%.
- As banking customers become more sophisticated, banks are looking to differentiate their product offerings, and card customization is gaining attention.
- Contactless and NFC payments are also being rolled out extensively across the UAE.
- The growing market for online trade in the UAE is one of the primary factors responsible for the expansion of the country's cards and payments industry.

Scope

- This report provides a comprehensive analysis of the UAE's cards and payments industry
- It provides current values for the UAE's cards and payments industry for 2012 and forecast figures for 2017
- It details the different macroeconomic, infrastructural, consumer and business drivers affecting the UAE's cards and payments industry
- It outlines the current regulatory framework in the industry
- It details the marketing strategies used by various bankers and other institutions
- It profiles the major banks in the UAE's cards and payments industry

Reasons to Get This Report

- Make strategic business decisions using historic and forecast market data related to the UAE's cards and payments industry and each industry within it
- Understand the key market trends and growth opportunities within the UAE's cards and payments industry

Companies Mentioned in this Report: Abu Dhabi Commercial Bank, Dubai Islamic Bank, Emirates National Bank of Dubai

About Fast Market Research
Fast Market Research is an online aggregator and distributor of market research and business information. Representing the world's top research publishers and analysts, we provide quick and easy access to the best competitive intelligence available. Our unbiased, expert staff will help you find the right research to fit your requirements and your budget. For more information about these or related research reports, please visit our website at http://www.fastmr.com or call us at 1.800.844.8156.

Browse all Financial Services research reports at Fast Market Research

You may also be interested in these related reports:

- Emerging Opportunities in Russia's Cards and Payments Industry: Market Size, Trends and Drivers, Strategies, Products and Competitive Landscape
- Emerging Opportunities in Singapore's Cards and Payments Industry: Market Size, Trends and Drivers, Strategies, Products and Competitive Landscape
- Emerging Opportunities in the US Cards and Payments Industry: Market Size, Trends and Drivers, Strategies, Products and Competitive Landscape
- Emerging Opportunities in France's Cards and Payments Industry: Market Size, Trends and Drivers, Strategies, Products and Competitive Landscape
- Emerging Opportunities in Argentina's Cards and Payments Industry: Market Size, Trends and Drivers, Strategies, Products and Competitive Landscape
- Emerging Opportunities in Poland's Cards and Payments Industry: Market Size, Trends and Drivers, Strategies, Products and Competitive Landscape
- Emerging Opportunities in Vietnam's Cards and Payments Industry: Market Size, Trends and Drivers, Strategies, Products and Competitive Landscape
- Emerging Opportunities in Romania's Cards and Payments Industry: Market Size, Trends and Drivers, Strategies, Products and Competitive Landscape
- Emerging Opportunities in the Kuwait's Cards and Payments Industry: Market Size, Trends and Drivers, Strategies, Products and Competitive Landscape
- Emerging Opportunities in Hong Kong's Cards and Payments Industry: Market Size, Trends and Drivers, Strategies, Products and Competitive Landscape