$27.3 billion in revenues from the digital payments sector in the UAE in 2028

Dubai, December 16 / WAM / A report by Boston Consulting Group, a global management consulting company, expects that the digital payments sector in the UAE will grow, reaching its total revenues to reach $27.3 billion by 2028, despite the slowdown in its growth at the global level.
The latest Boston Consulting Group report on the global payments sector for the year 2024 confirmed that the UAE continues to lead the payments sector in the Gulf Cooperation Council countries, supported by its pioneering efforts to enhance the pace of digital transformation and its strategic investments in the financial sector.
The twenty-second edition of the annual report on the global payments sector for the year 2024 highlighted the need for countries around the world to take decisive measures when dealing with the rapidly developing economic landscape, as the report, titled “Opportunity meets boldness,” highlights the importance of aligning with changing customer expectations in the payments sector and stressing Regulatory audit controls and the tremendous development in technology.
The report indicated that despite the slowdown in growth globally, the UAE remains a bright spot in the region, as it continues its path of growth and its efforts to consolidate innovation.
At the global level, the report expects growth in revenues from the digital payments sector to slow to 5% annually until 2028, leading to global revenues from payments estimated at approximately $2.3 trillion. This represents a decline from the compound annual rate of 9% achieved during the year. The past five years, which has pushed total global revenues to reach $1.8 trillion in 2023.
The report stated that the payments sector in the UAE has witnessed strong growth in recent years, as from 2018 to 2023, payments revenues grew from $9.8 billion to $18.8 billion at a compound annual growth rate of 13.8%.
By 2028, revenues from the payments sector in the UAE are expected to reach about $27.3 billion, an increase of 45% over the next five years.
Transactions in the UAE are also expected to rise from 1.7 billion transactions in 2023 to more than 3.1 billion payment transactions by 2028, representing an increase of 78%, according to the report, which expects this expansion to continue in the UAE, driven by the transition from cash to digital payments, with the support of… Pioneering government initiatives and promoting financial technology adoption.

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