UAE: E-commerce and mobile payments to grow substantially by 2020
Research from WorldPay projects that the country’s e-commerce turnover will rise to $10bn by 2020.
According to report released by WorldPay, a global payments authority, the turnover of UAE's commerce market will rise to $10bn by 2020, from the $4bn where it stands now.
Additionally, the report titled Global Payments Report November 2016, also highlighted a growth in the mobile payments market, which currently stands at $4bn and is projected to grow another $4bn, in the same period.
These revelations are expected to be a key focus point under the upcoming PayExpo MENA, which is set to run from the 6 - 7 December, 2016, at the Intercontinental Festival City, Dubai.
Michael Seaman, event director for PayExpo MENA, commented: ‘This latest research highlights the importance to banks, retailers and businesses in the MENA region of being ready for the massive opportunities it will bring. PayExpo MENA will provide valuable insight."
The two-day summit will delve into the various opportunities and challenges within the financial services, retail, transport, mobile, gaming and leisure markets. Topics to be covered include contributions from Blackberry on the challenges of a digital currency, as well as Emirates NBD addressing security topics around payment systems.
Sammy Tuffaha, director of Digital Payments at Etisalat, said: "As we experience the latest innovations that are setting the tone for 2017 payments evolution in the MENA region, we must appreciate the vision and efforts that we see in the area."
He added: "For example, UAE's goal to become a predominantly cashless society and the increasing penetration of touch-less payments are some of the many benchmarks that need to be reinforced and supported.
"However, such initiatives will require serious coordination among all industry players and relative entities. Specialized events like PayExpo will help bridge the gap between the various initiatives in the region and instigate the needed synchronization for mass adaptation."
Etisalat will serve as the event partner of PayExpo MENA.