Ecommerce transactions in the UAE are forecast to total USD 16 billion in 2019 and grow 23% annually between 2018 and 2022, according to a joint study by Dubai Economy and . The report by the Dubai-based government body and the payments company found that the UAE was the fastest growing ecommerce market in the Middle East and North Africa. The study also covered the US, Canada, the UK, Sweden, Australia, and Singapore as well as emerging markets such as Brazil, South Africa, and Malaysia. Online retail in the UAE has been on an upswing with nearly two-thirds of small retailers in the Emirates reporting higher revenues and footfall after accepting digital payments, according to an earlier study by Visa. Use of mobile wallets in the UAE has increased with global companies such as Google Pay, Samsung Pay, and Apple Pay entering the market, along with local players like Etisalat Wallet and Beam Wallet, as well as local banks. The UAEs mobile wallet market is expected to grow at a compound annual rate of 24% and reach USD 2.3 billion by 2022, according to a report from TechSci Research in the US. Digital commerce and cashless payments are identified as top priorities in the UAEs Vision for 2021, and it aims to become a cashless society by 2020, as per the Smart Government initiative.
The UAE is the Middle East and North Africa’s fastest-growing e-commerce market, with transactions forecast to reach $16bn this year and set to grow 23% annually until 2022, according to a report by UEA and Visa. An earlier report from the credit card issuer had said almost two-thirds of Dubai Economy retailers reported higher sales because of digital payments. Meanwhile, a report from TechSci Research said the emirates' mobile wallet market would grow 24% each year until 2022. The UAE wants to be a cashless society by next year.