Visa, a global leader in digital payments, has highlighted the importance of the Dubai FinTech Summit in fostering innovation and collaboration in the UAE’s financial technology (fintech) sector. Hasan Kazmi, Head of Digital Partnerships for Visa in the Central and Eastern Europe, Middle East, and Africa region, emphasized the significant increase in investments in fintech in the UAE, despite a global decline in this sector.
According to a report by “Innovate Finance,” global investments in fintech decreased by 42 percent, while the UAE saw a remarkable 92 percent increase in total investment, reaching US$1.3 billion through 54 deals. This growth is attributed to the business-friendly fintech regulations in the UAE and the widespread adoption of digital banking services.
Visa announced a three-year partnership as a supporting sponsor of the Dubai FinTech Summit, demonstrating its commitment to advancing financial technology in the region. Kazmi highlighted Visa’s initiatives to support fintech start-ups, such as the “Visa Everywhere” initiative, the “Fintech Fast Track” program, and the “Visa Ready to Launch – VRTL” program, aimed at simplifying the process of issuing payment products.
Visa has collaborated with various fintech companies in the region, including “AlaanPay,” which offers expense management supported by artificial intelligence for SMEs, and the “Tarabut Gateway,” a regional open banking platform to enhance customer experiences and encourage financial innovation.
In the Emirati market, card payments were the most common online payment method in 2023, accounting for 48 percent of transactions, followed by digital wallets at 23 percent. Mobile payments are increasingly preferred for in-store transactions, with a significant increase in the use of mobile payment services at point-of-sale terminals.
Kazmi noted the growing trend towards mobile payment solutions among Emirati consumers, with mobile phone usage for payment transactions at point of sale increasing from 28 percent in 2020 to 41 percent in 2023. Despite the dominance of digital payments, cash still accounts for nearly 20 percent of transactions in the UAE.
Visa plays a crucial role in facilitating regional, international, and cross-border transactions, processing up to 76,000 transactions per second globally. The company ensures seamless payment processing, risk management, and transaction routing across 200 countries and regions.
Looking ahead, Kazmi highlighted the growth potential of the electronic payments market in the Middle East and the UAE, driven by technological innovation, e-commerce growth, and shifting consumer preferences towards non-cash transactions. Digital wallets are expected to play a key role in the continued expansion of the electronic payments market in the region.
Overall, Visa’s partnership with the Dubai FinTech Summit and its commitment to supporting fintech innovation in the UAE underscore the company’s dedication to advancing digital payments and financial technology in the region. With the continued growth of electronic payments and the increasing adoption of mobile payment solutions, the future looks promising for the fintech sector in the UAE.
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