UAE’s card industry grows between 2008 and 2013

cards

Growing industry

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.

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