Market Research Report Money Transfer UAE,Mobile Wallets Users UAE,Exchan | Page 11

May 2017
UAE Remittance and Bill Payments Market Outlook to 2021
International remittance market in UAE is segmented on the basis of remittance
channel, mode of transfer, remittance corridors and type of services.
In terms of workers remittance outflow, the market is dominated by exchange
houses that account for a share of ~% in 2016 followed by banks.
Electronic mode of transfer dominated the market with a share of ~% in 2016 in the
workers remittance outflow. It is followed by cash account and money order.
UAE-India represents the major international remittance corridor followed by US,
Pakistan, Philippines, UK, Egypt, Bangladesh, Jordan and others.
During 2016, direct credit to bank account and online services dominated the market
with a share of ~% in terms of workers remittance outflow followed by cash pick up
and prepaid card services.
Domestic Remittance and Bill Payments Market
Domestic remittance market in UAE is segmented on the basis of remittance channel
and type of service in terms of transaction volume.
As of 2016, the market is dominated by banks with a share of ~% followed by the
non-banking transfer agents.
Direct credit to account and online services are majorly used across the country. It
accounts for a share of ~% in the market in 2016 followed by cash pick up and
prepaid cards.
Bill payments market is dominated by the electricity bills that held a share of ~% in
2016 followed by water, mobile, broadband and DTH bills.
Competitive Landscape
International remittance market is a highly competitive market. In UAE international
remittances are carried out through exchange houses and banks. Exchange houses
have the major share in the transfer. There are more than ~ licensed exchange houses
with more than ~ branches in the country. There are three major exchange houses
that hold more than ~% share in the market. These exchange houses are competing
on the basis of number of transactions, volume of transaction, number of branches,
services offered and others. The major exchange houses in the country include UAE
Exchange, Al Ansari Exchange, Al Fardan Exchange, Sharaf Exchange and others.
Future Potential
The UAE remittance and bill payments market has witnessed a considerable growth
in past five years and the market is anticipated to grow at a CAGR of ~% during the
forecast period, 2017-2021. Amplification of the market can be owed to the factors
such as rising employment opportunities owing to the infrastructure developmental
activities linked to the World Expo 2020 in Dubai, expansion of airports, the Etihad
rail, air and marine transport systems and road networks in the country. Rising
number of expatriates, internal migration, growing non-oil private sector businesses,
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