Industry News

Dubai poised to become a hub for contactless economy

Companies based in Dubai Internet City are playing an integral role in positioning Dubai as an incubator and exporter of innovative contactless technologies, which are on track to hit a global market size exceeding Dh1.1 trillion by 2024.

As consumers move away from cash, contactless services are seeing a steep rise in demand due to better user experiences and innovative interaction methods between users and devices, Dubai Internet City, which is home to several major players in the contactless tech space, said on Tuesday.

According to Precedence Research''s latest report, the global contactless payment market size was valued at $1.05 trillion in 2019 and is projected to reach $4.60 trillion by 2027, rising at a market growth (CAGR) of 20.01 per cent during the forecast period.

“We are pleased to see contactless solutions from global powerhouses that are part of Dubai Internet City such as Visa. This consolidates our business district’s status as a global tech and talent hub that fosters innovation,” said Ammar Al Malik, managing director of Dubai Internet City.

With the ground-breaking solutions, these companies help Dubai Internet City achieves its goal of supporting Dubai’s diversification inline with the vision of our leaders to maximise the massive and promising potential of the digital economy, said Al Malik.

“We see huge opportunities for startups, freelancers and multinational corporations to come together to test and develop cutting-edge contactless payment technologies in an agile ecosystem that provides state-of-the-art infrastructure, access to talent and cost-effective business solutions,” he said.

The growing uptake of digitisation and paperless transactions will also contribute to Smart Dubai’s Dubai Paperless Strategy which aims to see emirate become 100 per cent digital by the end of 2021, the DIC statement said.

Digital payment providers are working hard to reduce friction points and provide a seamless journey. At the same time, more brick-and-mortar stores continue to embrace an exciting new era of omnichannel retail, DIC, the region’s largest business district for technology and innovation, said.

Dubai Internet City is quickly becoming a global hub for digital payment innovations with its partners using their innovation centres to further support and grow the contactless and digital economy.

Source: Khaleej Times

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