The UAE’s payments industry is on a growth trajectory, with revenues expected to hit $27.3 billion by 2028, according to the Global Payments Report 2024 published by Boston Consulting Group (BCG).
Despite a global slowdown, the UAE leads the GCC, fueled by digital transformation and strategic financial investments, the report found. The nation has experienced strong growth, with payments revenue increasing from $9.8 billion in 2018 to $18.8 billion in 2023, a compound annual growth rate (CAGR) of 13.8%.
By 2028, the UAE revenues from this sector are expected to climb 45%.
Transaction volumes in the UAE are projected to grow from 1.7 billion in 2023 to over 3.1 billion by 2028, a 78% increase, driven by a shift from cash to digital payments, government initiatives and fintech adoption.
Worldwide, payments revenue growth is set to decelerate, with a CAGR dropping to 5% through 2028. This will result in a global revenue pool of $2.3 trillion, down from a 9% CAGR that reached $1.8 trillion in 2023.
North America and Europe are predicted to see the most significant slowdowns, while the Middle East, Latin America and Asia-Pacific expected to grow faster, with the Middle East projected at a 7% CAGR, driven by digital payment adoption in emerging markets.
