UAE Payments Revenue to Reach $27.3 Billion by 2028, Driven by Digital Growth: BCG Report

UAE, 17 December, 2024 : The UAE’s payments industry is projected to reach $27.3 billion in revenues by 2028, according to Boston Consulting Group’s (BCG) Global Payments Report 2024. Despite a global slowdown in growth, the UAE is expected to continue leading the GCC, driven by rapid digital transformation and strategic investments in the financial sector.

From 2018 to 2023, UAE payments revenue grew from $9.8 billion to $18.8 billion, with a compound annual growth rate (CAGR) of 13.8%. Over the next five years, the sector is expected to see a 45% increase in revenue.

Transaction volumes are also forecast to rise significantly, from 1.7 billion in 2023 to over 3.1 billion by 2028, marking a 78% increase. The shift from cash to digital payments, fueled by government initiatives and fintech adoption, is driving this growth.

While global payments revenue growth is expected to slow, the Middle East, including the UAE, is projected to grow at a 7% CAGR, outpacing other regions.