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
Gift-giving just got much easier with Payit’s latest feature, eGift Card. As one of the UAE’s leading digital wallet apps, Payit presents you with a sustainable, hassle-free, and personalized way of gifting through Payit’s eGift Card.
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.
Payit, the UAE’s first fully featured digital wallet, is expanding access to cashless transactions with the launch of the new Letsgo Payit Visa Platinum Card, powered by First Abu Dhabi Bank (FAB). This will connect the user’s wallet to Visa merchant acceptance location of 80+ million for a complete range of point-of-sale and online transactions.
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.
The launch of the Digital School marked a progressive move by Dubai’s government. While the education system is transforming toward providing digital education, the school fee collection system also requires innovative solutions for cashless solutions.
Whether you are a small business owner or a big giant in any industry, almost everyone requires payment processing services to run their businesses smoothly. Moreover, nearly 88% of the payment transactions were contactless in 2021, which justifies that customers are moving toward making payments digitally.
More than 50% of the UAE’s consumers use digital wallets to make payments as it allows convenient contactless payment solutions. Additionally, the United Arab Emirates (UAE) residents have been quite active in contributing to the move toward building the world’s most innovative digital economy in the country.