International money transfers have become crucial for personal and business activities, with the world becoming more connected. Whether sending money to your family living abroad or making cross-border payments for your business needs, picking the right money transfer provider is essential.
With the virtual cards market projected to reach a staggering $1.3 trillion globally by 2032, experiencing an impressive compound annual growth rate (CAGR) of 12.2%, it’s evident that this digital payment space is revolutionizing the financial landscape
The United Arab Emirates (UAE) has emerged as a frontrunner in the global fintech landscape, with its market exhibiting remarkable growth potential, size, and innovation.
Trading volumes of crypto have reached $139 million. In fact, 97% consider digital assets like cryptocurrency a safe way of investment.
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The UAE is projected to reach AED 345.2 billion (US$94.0 billion) in card payments by 2025 at a compound annual growth rate (CAGR) of 7.3%, per GlobalData’s Payment Card Analytics. With more people shifting towards using virtual or digital cards, there is no denying the importance of payment cards in the UAE’s economy.
With card payments accounting for almost half of all transactions in the UAE, 2023 is seeing a significant shift in how we make online payments. The trend has paved the way for virtual cards, giving traditional cards a virtual facelift.
High-end digital solutions such as digital banks and mobile wallets have become more prevalent in the modern period, and more people are using them to send and receive money.
The digital payments market in the MENA region is expected to reach $9 billion by 2028 (124% up from 2021). Although the UAE population still relies on cash and credit cards for payments, the new generation and the millennials have already started exploring emerging digital payment methods.
As more than half of the UAE consumers are set to use cashless payments by 2024, virtual cards have become an emerging trend among the residents. Virtual cards have become one of the region’s most popular digital payment methods, as they offer flexibility, simplified payments, speed, and security.