Dubai poised to become a hub for contactless economy
The global contactless payment market size was valued at $1.05 trillion in 2019 and is projected to reach $4.60 trillion by 2027.
Companies based in Dubai Internet City are playing an integral role in positioning Dubai as an incubator and exporter of innovative contactless technologies, which are on track to hit a global market size exceeding Dh1.1 trillion by 2024.
As consumers move away from cash, contactless services are seeing a steep rise in demand due to better user experiences and innovative interaction methods between users and devices, Dubai Internet City, which is home to several major players in the contactless tech space, said on Tuesday.
According to Precedence Research's latest report, the global contactless payment market size was valued at $1.05 trillion in 2019 and is projected to reach $4.60 trillion by 2027, rising at a market growth (CAGR) of 20.01 per cent during the forecast period.
“We are pleased to see contactless solutions from global powerhouses that are part of Dubai Internet City such as Visa. This consolidates our business district’s status as a global tech and talent hub that fosters innovation,” said Ammar Al Malik, managing director of Dubai Internet City.
With the ground-breaking solutions, these companies help Dubai Internet City achieves its goal of supporting Dubai’s diversification inline with the vision of our leaders to maximise the massive and promising potential of the digital economy, said Al Malik.
“We see huge opportunities for startups, freelancers and multinational corporations to come together to test and develop cutting-edge contactless payment technologies in an agile ecosystem that provides state-of-the-art infrastructure, access to talent and cost-effective business solutions,” he said.
The growing uptake of digitisation and paperless transactions will also contribute to Smart Dubai’s Dubai Paperless Strategy which aims to see emirate become 100 per cent digital by the end of 2021, the DIC statement said.
Digital payment providers are working hard to reduce friction points and provide a seamless journey. At the same time, more brick-and-mortar stores continue to embrace an exciting new era of omnichannel retail, DIC, the region’s largest business district for technology and innovation, said.
Dubai Internet City is quickly becoming a global hub for digital payment innovations with its partners using their innovation centres to further support and grow the contactless and digital economy.
Visa, the global leader in digital payments, is building its headquarters for the Central and Eastern Europe, Middle East and Africa region in Dubai Internet City that supports the company’s capabilities across almost 90 countries. Visa already has an Innovation Centre in Dubai, where it co-develops innovative digital payment solutions with partners across CEMEA and the new location will have an expanded and updated Innovation Centre aimed at showcasing the latest in cashless solutions and opportunities for clients and partners.
Shahebaz Khan, Visa's general manager for the UAE, said even before the pandemic, contactless payments were popular in the UAE. The pandemic has only increased their appeal among consumers who want to be able to make payments in the safest and most hygienic way possible.
“In fact, the findings of our Back to Business Study - 2021 Outlook show that UAE consumers have adjusted their payment habits during the pandemic with 77 per cent of respondents using contactless payments where possible. For many businesses, the transition to contactless payments has become a matter of survival during the pandemic. Recognizing the increased popularity of contactless payments among their consumers, 82 per cent of UAE merchants surveyed in our Small Business Recovery 2021 study said they see digital payments – including contactless - as a necessary investment in business recovery and growth,” he said.
Visa remains committed to working with Dubai Internet City, the region’s leading tech community, and providing opportunities to support the growth of digital commerce, said Khan. — email@example.com
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