Tag: uae mobile payments

Mobile payments expected to boom in the UAE

UAE may lead the way in mobile commerce adoption

When it comes to mobile commerce in the Middle East, the United Arab Emirates is leading the way in terms of adoption. Consumers throughout the country are becoming more aware of mobile payments and how they work, with this awareness being spurred on by retailers and financial organizations involving themselves more in the mobile space. While most of the Middle East region remains cash-based, with approximately 10% of all payments being made electronically, the United Arab Emirates is expected to play a major role in the growth of mobile commerce throughout the region.

MasterCard study shows that UAE is heading toward a cashless society

MasterCard recently released a study that suggests that the United Arab Emirates is moving toward a cashless society faster than any other country in the Middle East. Non-cash transactions in the country currently account for 26% of consumer payments by value. High smartphone penetration is cited for the growth in mobile commerce, but government initiatives are playing a role in promoting growth as well.

Government initiatives help promote mobile spending

Mobile Payments - UAEThe country’s government has taken a keen interest in mobile commerce, believing that the mobile sector can lead to higher degrees of social and economic growth. The United Arab Emirates Ministry of Labor’s Wages Protection System allows workers to receive their salaries through prepaid cards and bank accounts that can be accessed by mobile devices. The UAE Bank Federation has also launched a new initiative called Mobile Wallet, which aims to make finances more mobile-centric than they had been in the past.

Security is becoming a priority for many consumers

Large-scale mobile payment solutions are being prepared for launch in the United Arab Emirates and the rest of the Middle East. As these solutions are introduced to the public, mobile commerce activity is expected to pick up tremendously. If these solutions do not offer adequate security features, however, they may be shunned by many consumers. Many people are becoming more aware of the threats that exist in the mobile space and are demanding that new services ensure the security of their financial information.

Mobile payments see swell of demand in Middle East

Mobile Payments Middle EastMiddle East becoming more interested in mobile payments

Demands for mobile payments are rising in the Middle East. The Middle East is emerging as one of the most favorable markets for mobile commerce, especially when it comes to the United Arab Emirates  and the affluent population of Dubai. Smartphones and tablets are becoming more common throughout the Middle East, exposing consumers to new ways to engage in the world around them. Mobile payments have begun establishing a strong foothold among a new generation of consumers with access to mobile devices.

Universal commerce may be coming in the future

First Data, a leading payment processing company, has coined the term “universal commerce.” This suggests that everyone will be able to participate in a new era of commerce through a singular platform that will be recognized by all retailers and businesses around the world. Such a platform does not have to come from a single company and does not have to be associated with one particular application. Instead, this platform is meant to provide a framework wherein consumers interested in mobile payments can use their smartphones and tablets to purchase products, or use more traditional forms of currency.

First Data finds that Middle East is enthusiastic about mobile payments

According to First Data, consumers in the Middle East are eager for a new way to participate in commerce and that the mobile space may offer the best solution. Research from a study conducted in 2011 by First Data shows that consumers throughout the Middle East are enthusiastic when it comes to online retail, showing strong signs of their support of mobile commerce. The research found that Middle Eastern consumers have a higher chance of participating in mobile payments than any other group in the world.

Mobile commerce finds strong support in Dubai

Mobile commerce has been growing in the Middle East, backed strongly by companies and organizations based in Dubai. The city boasts of one of the most financially active populations in the world, which has given many consumers in Dubai opportunity to engage in mobile commerce before the rest of the region. Those that have participated in the several mobile payments projects that have taken root in the city have praised the convenience and simplicity of mobile commerce.