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FINANCIAL NEWS
Digital payments in UAE to generate USD2tr by 2020
14 Jul 2016
(MENAFN) The UAE expects that digital payments will reach USD2tr in revenue by 2020, while mainstream banks will adopt mobile banking solutions to meet the demand of their clients.
Accordingly, markets like the Middle East have the drive for innovation and chance to build next-gen infrastructure, enabling them to become global leaders in digital payments.
Additionally, emerging markets introduce 90 percent of mobile growth, and these figures will grow, with the UAE’s ongoing progress in becoming a hub for FinTech.
Meanwhile, 2bn people use at least one of 270 available mobile money services, and industry studies show the need for further digital payment solutions.
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