This move follows the acquisition of a Retail Payment Services Licence from the Central Bank of UAE. This allows AFS to introduce a wider range of payment solutions for customers and businesses in the UAE.
The company plans to partner with regulatory bodies and local businesses in the UAE to help introduce an inclusive digital ecosystem and contribute to the country’s fintech industry.
Supported by USD 150 million in funding and by leveraging its technology, AFS aims to help businesses and consumers with secure, user-centric payment solutions that enhance financial accessibility and contribute to the country’s economic growth.
Cash use is witnessing a decline around the world, with digital wallets, credit and debit cards, and BNPL solutions substituting physical money. The UAE is no exception to this trend, with the growth in the digital payment sector being driven by a very high internet penetration rate, a fintech boom, and a stable economy. Additionally, digital payment platforms have helped 93% of SMEs in the UAE to focus on cross-border sales.
The UAE's transition to a cashless society was accelerated in 2020 and is expected to become fully cashless by 2030. During the same period, the number of transactions is expected to rise by 94% from approximately 644 million to over 1.2 billion.
According to Statista, the total transaction value in the digital payments market in the UAE is projected to reach USD 80.37 billion in 2025, with a CAGR of 13,80% from 2025 to 2029. This results in a projected amount of USD 134.80 billion by 2029.
The market's largest sector is Mobile POS Payments with a projected total transaction value of USD 37.63 billion in 2025.
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