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UAE Payments Revenue Pool Projected to Reach $27.3 Billion by 2028, Maintaining Strong Growth Trajectory

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BCG

The UAE’s payments industry is poised to achieve significant growth, with total revenues projected to reach $27.3 billion by 2028, according to the latest Global Payments Report 2024 from Boston Consulting Group (BCG). Despite a global slowdown in growth rates, the UAE continues to lead in the GCC, driven by its rapid digital transformation and strategic investments in the financial sector.

The Global Payments Report 2024 marks BCG’s 22nd annual analysis of the global payments industry, emphasizing the need for decisive action in navigating a rapidly evolving landscape. The report aptly titled Fortune Favors the Bold highlights the importance of adapting to shifting customer expectations, heightened regulatory scrutiny, and technological disruptions. While growth is slowing globally, the UAE remains a bright spot in the region, continuing its high growth and innovation trajectory.

Globally, payments revenue growth is projected to slow significantly, with CAGR halving to 5% through 2028, resulting in a global payments revenue pool of $2.3 trillion. This marks a sharp decline from the 9% CAGR observed over the previous five years, which pushed the global revenue pool to $1.8 trillion in 2023. North America and Europe are expected to experience the most significant slowdowns, with projected annual revenue increases of just 3%. In contrast, regions like the Middle East, Latin America, and Asia-Pacific are forecasted to see higher growth, with the Middle East projected to grow at a 7% CAGR, driven by accelerating digital payments in emerging markets.

UAE Payments Sector Set for Continued Growth

The UAE’s payments sector has seen robust growth in recent years. From 2018 to 2023, the country’s payments revenue grew from $9.8 billion to $18.8 billion, with a CAGR of 13.8%. By 2028, the UAE is projected to reach $27.3 billion in revenues, marking a 45% increase over the next five years.

Transaction volumes in the UAE are also forecast to rise significantly, from 1.7 billion in 2023 to over 3.1 billion by 2028, representing a 78% increase. The shift from cash-based to digital payments, spurred by government initiatives and increased fintech adoption, continues to drive this expansion.

“The UAE’s payments landscape is reaching a critical inflection point,” says Lukasz Rey, Managing Director and Partner and Head of the Middle East Financial Institutions Practice at BCG. “As we move beyond the era of easy growth, the sector must pivot from pure expansion to sustainable profitability. Tech modernization is no longer optional – payment firms must upgrade their legacy systems to modular, scalable, cloud-ready architectures to reduce tech debt, improve unit economics, and adapt efficiently to evolving market demands. Early adopters already leverage generative AI to enhance customer service, strengthen fraud detection, and drive operational efficiency at scale. With intensifying global pressures and regulatory scrutiny, UAE companies that act decisively now – investing in modern tech stacks while strengthening their risk and compliance frameworks – will be best positioned to deliver the seamless experiences customers demand and the sustainable returns investors expect.”

New Strategies Needed as Payments Industry Faces Transformation

The global payments industry is at a turning point, requiring companies to shift from easy growth to bold, strategic approaches, and reporting highlights that digital payments are nearing maturity in critical markets like the U.S. and U.K., with less than 10% of transactions still in cash. Shareholder value creation has evolved, with buybacks and dividends making up over one-third of total returns. Instant payments are now standard in 60+ countries, while central bank digital currencies (CBDCs) are poised to disrupt the landscape. Generative AI is already cutting costs by up to 70% for early adopters, making modernization essential for staying competitive.

Future-Proofing UAE’s Payments Industry for Sustainable Success

As emerging technologies like generative AI, real-time payments, and digital currencies reshape the global payments landscape, the UAE remains well-positioned for long-term success through continued innovation and modernization.

“The growth momentum in the UAE payments sector is clear,” says Mohammad Khan, Managing Director and Partner at BCG. “With UAE transaction volumes expected to increase by 78%, reaching 3.1 billion by 2028, we’re witnessing one of the most dynamic markets globally. This growth brings both opportunities and challenges. While digital payments and emerging technologies like real-time transfers and digital currencies reshape the landscape, success will belong to those who effectively combine innovation with strong execution. Companies that strategically invest in their capabilities today while maintaining operational discipline will be the ones who capture this significant market opportunity.”

Financial

Dubai Startup Hushday Raises AED 2 Million to Launch the Middle East’s First Premium Flash Sales Platform

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Hushday

As global luxury faces headwinds in key markets like China, and as consumer behavior across the GCC shifts toward value-driven, digital-first experiences, a new retail-tech player is emerging in Dubai to meet that moment.

Hushday, invitation-only flash sales platform, has raised over AED 2 million (USD $550,000) in pre-seed funding from regional tech investors. Its ambition: to create a new channel for luxury and premium brands to grow in the Middle East — with full control, brand integrity, and next-level performance.

While inspired by European models like Veepee (valued at over €4 billion) and Gilt in the US, Hushday is not a copy-paste. It’s a GCC-first model, built locally for brands and consumers who expect more: exclusivity, experience, and execution.

“We’re not here to patch a post-COVID inventory issue,” says Jennifer Cohen Solal, CEO & Co-founder. “We’re here to open a new, scalable path for growth — for brands who want to reach a younger, price-sensitive, digital audience, without damaging their equity. The demand is here. The region is ready.”

A Private Sales Model Built for Today’s Reality

Unlike traditional outlets or mass-discount platforms, Hushday was designed as a strategic distribution layer, where brands can activate curated drops in a brand-safe, high-conversion environment — and tap into valuable new audiences in the process.

The platform has already signed dozens of brands — from regional players to global names — and offers full control over pricing, visibility, and inventory strategy. Brands receive real-time analytics, customer insights, and dedicated onboarding support.

“This isn’t just about clearing stock,” adds Jean Thillaye du Boullay, COO and former Carrefour executive. “It’s about reaching a new audience with purpose — and turning each campaign into both revenue and retention. From curation to delivery, we handle the full experience with precision and speed.”

A Curated Experience for Customers — With Access at the Core

Hushday operates on a referral-only model, granting invited members access to limited-time sales across fashion, beauty, accessories, electronics, home, and leisure. Each drop is personalized, mobile-first, and designed to create a sense of rarity and excitement.

With up to 50 flash sales per month, loyalty rewards, and AI-powered recommendations, the experience is built to convert — while reinforcing desirability.

“For our users, it’s not about discounts. It’s about access,” says Riad Djabri, CTO and former engineering lead at Doctolib. “We use tech to make the experience smarter — more personal, more seamless, and more rewarding. Our goal is to turn every flash sale into something that feels tailored, not transactional.”

Hushday stands out not just for its unique format but for how seamlessly it aligns with the region’s pulse, needs, and ambitions. Entirely based in Dubai and backed by local tech investors, the platform is tailored for the Gulf, offering a deeply relevant and timely retail experience. At the core of its operations is a fully robotized third-party logistics (3PL) system, ensuring end-to-end efficiency and excellence across the region. With the GCC’s premium off-price market expected to hit $6 billion, Hushday is stepping in with a bold, digitally native, and brand-safe model that’s designed specifically for this market—not borrowed from outdated global playbooks. “We’re not replicating what worked in Europe 10 years ago,” says Jennifer Cohen Solal. “We’re building what the Middle East needs now — with its own codes, pace, and expectations. And we’re doing it at scale.” After launching in the UAE this month, the company is already eyeing rapid expansion into Saudi Arabia, Qatar, and Kuwait, fully intent on tapping into the massive regional demand for smart, high-quality off-price retail.

MEET THE FOUNDERS

Hushday’s founding team combines deep experience in fashion, e-commerce, tech, and operations—with a track record of scaling high-growth businesses in Europe and the Middle East.

Jennifer Cohen SolalCEO
With 15 years of experience in e-commerce, Jennifer has held leadership roles as Chief Marketing Officer for major fashion and tech brands, including some of Europe’s top private sales platforms. Before launching Hushday, she founded one of Paris’ most talked-about food startups—a digital-first brand that reimagined the world of French pâtisserie and made headlines for its bold, chef-led concept.

“We don’t believe in waste. We believe in reactivation. That’s the future of retail.”

Jean Thillaye du BoullayCOO
A retail and logistics expert, Jean spent a decade at Carrefour and Majid Al Futaim, managing over 1B AED in annual turnover and leading large-scale digital transformations. At HushDay, he’s driving the commercial & operational engine with a focus on excellence, cost control, and scale.

“Our role is to create a win-win channel: an off-price destination where brands can clear inventory without harming their image, while customers access coveted labels at exceptional value. It’s built on trust, desirability, and a seamless experience from click to delivery.”

Riad DjabriCTO
Riad is a former engineering lead at Doctolib, one of France’s top unicorns. With a strong product and tech background, he is now driving Hushday’s vision to become the next-generation retail platform for the GCC.

“Our ambition is to build a tech platform that evolves with the brands we serve — integrating AI, circularity, and real-time insights to create a smarter, more sustainable way to sell luxury. But we’re equally focused on the customer experience: making every flash sale more relevant, more personal, and more seamless for the people who matter most.”

ABOUT HUSHDAY

Hushday is the first premium private sales platform built specifically for the Middle East.
 Founded in Dubai in 2024, the company offers luxury and premium brands a secure, high-conversion channel to manage excess inventory — while maintaining full control over pricing, image, and positioning.

The platform is invitation-only, operating as a curated destination where members access exclusive flash sales across fashion, beauty, accessories, home, electronics, and leisure. With up to 50 sales per month, Hushday delivers a mobile-first, gamified experience tailored to GCC consumers.

The platform will officially launch in the first week of May 2025 in the UAE, with plans to expand to Saudi Arabia, Qatar, and Kuwait in 2026. Backed by regional tech investors and powered by a fully automated logistics partner, Hushday combines premium retail standards with operational scalability — making it a strategic new growth channel for brands in the region.

Launching the 2nd of May 2025 in the UAE, Hushday is available by invitation only.

🔗 Join the waitlist: [www.hushday.com]
 📸 Instagram: [@hushday_me]
 📧 Media Enquiries:

Sudhashree Dash

0553498382

press@hushday.com

sudha@memc.co

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Financial

Fuze Secures UAE Payment License to Launch Next-Gen Digital Payment Infrastructure

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Fuze

Fuze has received approval from the Central Bank of the UAE (CBUAE) for a Retail Payment Services and Card Schemes (RPSCS) license.

Fuze Group, through its subsidiary Niobe Payment Services LLC SPC, is now both a fully licensed operator for digital assets infrastructure and, through its payments infrastructure division, a regulated payment services provider for the region.

The new license will enable businesses to benefit from faster, more secure payment options, reduced transaction times and end-to-end compliance. Backed by a strong regulatory foundation, Fuze is rolling out a robust payment stack that brings together advanced technology, seamless user experience, and built-in compliance.

Mohammed Ali Yusuf (Mo Ali Yusuf), CEO and Co-Founder of Fuze said, “This license is the launchpad for the next generation of payments. It marks a key step in our mission to provide digital and AI-enabled infrastructure that will drive the future of finance and transform payments. We are privileged to be granted this license from the Central Bank and look forward to providing cutting-edge, compliant payment infrastructure and novel solutions – like virtual IBANs – for a range of businesses.”

Fuze’s technology will enhance digital payments, supporting the UAE Digital Economy Strategy, which aims to double the contribution of the digital economy to the UAE’s GDP to 19.4 per cent by 2032. The new license is a significant milestone for Fuze, which is committed to building the infrastructure for the future of finance. It complements Fuze’s existing infrastructure for digital assets, providing comprehensive innovative financial infrastructure tailored for the MENA region.

Powering a New Payment Era

Through its strong regulatory foundation, Fuze is now launching a new payment platform that combines AI-driven technology, user-friendly design, and integrated compliance features, to simplify and support modern business needs.

With the license in place, Fuze will soon roll out a comprehensive, compliant suite of payment products for modern businesses, fintechs and marketplaces. Much like building a playlist, businesses can select the services they need and skip the ones they don’t, ensuring a flexible and scalable set-up. Its features include:

–        Digital payments and settlements through real-time infrastructure

–        AI-enhanced compliance and fraud detection engine

–        Virtual IBANs to make it easier to collect payments and manage funds

–        Merchant tools to help UAE-based businesses to manage payments and grow

Strategic Expansion

Launched in 2023, Fuze is a ‘Future 100’ business that works closely with regulators and has rapidly established itself as a trusted partner for banks, fintechs, and financial institutions across MENA, Turkey, and South Asia. As a Group, Fuze is well-positioned to help enterprises solve a variety of financial infrastructure challenges, from navigating digital assets and crypto integration, to payments rails, and building scalable financial products for the future.

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Under the patronage of Maktoum bin Mohammed DIFC to host 3rd edition of Dubai FinTech Summit on 12 and 13 May 2025

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Dubai FinTech Summit

“The Dubai FinTech Summit reflects the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, of establishing Dubai as a global financial powerhouse. The Summit is set to attract over 8,000 attendees and 300 speakers from more than 100 countries, as well as over 1,000 investors alongside top decision makers, thought leaders and experts. This reflects Dubai’s pivotal role in shaping the future of finance globally, while reinforcing its status as the destination of choice for businesses and entrepreneurs worldwide. We are committed to supporting FinTech in line with the goal of the Dubai Economic Agenda D33 to position Dubai as a top four global financial centre by 2033.”

– His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance, and President of DIFC

The Dubai International Financial Centre (DIFC) is set to host the third edition of the Dubai FinTech Summit on 12 and 13 May 2025, at the Madinat Jumeirah, Dubai, under the theme ‘FinTech for All’. The Summit, held under the patronage of His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance, and President of DIFC, will bring together global industry leaders, innovators, and policymakers to explore the latest trends and insights driving the FinTech sector.

His Highness Sheikh Maktoum bin Mohammed said: “The Dubai FinTech Summit reflects the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, of establishing Dubai as a global financial powerhouse. The Summit is set to attract over 8,000 attendees and 300 speakers from more than 100 countries, as well as over 1,000 investors alongside top decision makers, thought leaders and experts. This reflects Dubai’s pivotal role in shaping the future of finance globally, while reinforcing its status as the destination of choice for businesses and entrepreneurs worldwide. We are committed to supporting FinTech in line with the goal of the Dubai Economic Agenda D33 to position Dubai as a top four global financial centre by 2033.”

Drivers of FinTech growth

The FinTech sector continues to grow and by 2030 global revenues are expected to reach $1.5 trillion, representing an estimated 7% of the total financial services market. This growth is driven by advancements in artificial intelligence, blockchain and digital banking, creating new opportunities for financial institutions and technology companies worldwide.

Dubai FinTech Summit is at the heart of these developments. Its agenda will address the future of finance, financial innovation and regulatory compliance, while highlighting the challenges and opportunities the sector presents. It will also cover the latest in key areas such as blockchain technology, AI-driven services, and digital banking. Furthermore, the summit will explore investment trends, global economic shifts, and cross-border regulations. 

Attracting talent

His Excellency Essa Kazim, Governor of DIFC said: “Through the Dubai FinTech Summit, DIFC continues to showcase the tremendous opportunities AI, FinTech and innovation companies can access when they establish in Dubai. As we relentlessly foster an environment of innovation and excellence, we are solidifying Dubai’s position as one of the world’s foremost destinations for FinTech talent and investment.”

Accompanying exhibition and Future Sustainability Forum

Providing a global platform for innovation, building partnerships and driving the next wave of FinTech advancements, the Summit will also feature an exhibition with 200 exhibitors.  

The Future Sustainability Forum will be incorporated into the Dubai FinTech Summit for the first time, and the alignment is reflected in the Summit’s theme of ‘FinTech for All’. Associated sessions will highlight accessibility, inclusivity and empowerment in the financial sector.  

Key speakers

Amongst the distinguished lineup of speakers are His Excellency Marko Primorac, Deputy Prime Minister and Minister of Finance of Croatia; His Excellency Gilles Roth, Minister of Finance, Luxembourg; Timothy Adams, President and Chief Executive Officer, Institute of International Finance (IIF), USA; Tony O Elumelu, Chairman of United Bank for Africa and Founder of Tony Elumelu Foundation, Nigeria; and Vijay Shekhar Sharma, Founder & Chief Executive Officer, Paytm, India. 

The Summit will feature start-up and country pavilions in the exhibition arena to showcase cutting-edge solutions from emerging and established players. Additionally, the FinTech World Cup will give promising FinTech start-ups a global platform to display their solutions to investors, venture capitalists, and strategic partners, and an opportunity for investors to find the next big idea. 

Reflecting the continued importance of FinTech to the finance industry, the event is being supported by Emirates NBD as Premium Banking Partner, Commercial Bank of Dubai as Strategic Banking Partner; Relm Insurance as Strategic Partner; Presight as AI Industry Leader; Pay10 and Alibaba Cloud as Platinum Sponsors; Seoul FinTech Lab as a Pavillion Partner; and Business Sweden as the Country Partner.

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