UAE Payments Revenue Pool Projected to hit $19.8 Billion by 2027, Despite a Global Slowdown in Growth Rates Compared to Previous Years

• Global payment revenues are projected to grow by $2.2 Trillion by 2027 at a CAGR of 6.2%.
• The total payments revenue for the UAE payments industry grew at an annual rate of 9.7%, reaching $12.8 Billion by the end of 2022.

Dubai, UAE 13 November 2023: Amid global challenges such as the pandemic and economic fluctuations, the UAE payments industry has demonstrated resilience. Between 2018 and 2022, the total revenue for the UAE payments industry grew at a Compound Annual Growth Rate (CAGR) of 9.7%, reaching a revenue pool of $12.8 Billion by the end of 2022. In contrast, the global payments industry registered an annual growth rate of 8.3% to reach $1.6 Trillion by the end of 2022. According to the latest report from Boston Consulting Group (BCG), titled ‘Global Payments Report 2023’, slower growth is on the horizon globally.

BCG’s in-depth analysis of the UAE payments sector expects that the overall revenue growth will increase in the next 5 years (2023-2027) to a CAGR of 3.6% pushing the revenue pool to $19.8 Billion. In comparison, the global payment revenues are projected to grow by $2.2 Trillion by 2027 at a CAGR of 6.2%.  The report provides an in-depth market analysis, exploring challenges and opportunities for acquirers, issuers, and other key players in the UAE payments ecosystem.