According to Bank credit news, the UAE’s card industry has grown by 7.18% between 2008 and 2012. This growth has mostly been driven by the increased use of prepaid cards in the country.
In addition, the government’s efforts to transform the economy though developing a business environment driving economic growth has contributed to the region’s growing financial, tourist and trade hubs.
Between 2008 and 2012, the prepaid card industry reported a 13.33% increase in growth whilst debit cards grew by 8.19%. However, credit cards had a contrasting growth rate of 0.92%. As a result, the UAE card industry is projected to grow 5.56% by 2017 with card growth being promoted by the government backing new products and consumer needs.
Barclays has signed contracts with six of the fintech startups that just graduated from its second New York accelerator programme.
Company card killer Pleo has raised $3m in new funding as it prepares for public launch in the UK and Denmark.
Cheques are become less and less common in the UK according to new research from global market research firm Mintel which claims contactless card use has overtaken cheque payments in the UK for the first time.
Payments for digital and physical goods made mobile operating system-based payments platforms like Apple Pay and Android Pay are expected to boom in the next few years according to new analysis from Juniper.