Industry News

UAE Online Payments Reach 55% Domestic Share as App Delivery Surges

Online and in-app payments accounted for 55% of domestic Visa payment volume in the UAE in 2026, up from 35% in 2019, according to Visa Business and Economic Insights. Payment card activity on food delivery applications climbed from approximately 2% in 2018 to nearly 30% in 2026, driven primarily by everyday spenders. In addition, 25.7% of active UAE Visa cards logged at least 10 digital transactions monthly, compared to 4.5% in 2018.

Policy & Legal Updates

UAE Scraps E-Invoicing Pre-Approval Under New Ministry of Finance Decision

The UAE Ministry of Finance has eliminated the preliminary approval stage for electronic invoicing service providers, requiring them to secure direct accreditation before offering services. Issued under Ministerial Decision No. 168 of 2026, the updated framework took effect on October 1, 2026, ahead of the October 30 deadline for large businesses to appoint an accredited provider. Service providers that previously held preliminary approval have 30 days from October 1 to complete the necessary assessments and testing.

Policy & Legal Updates

Kraken Parent Payward Wins Full Dubai Crypto License from VARA

Dubai's Virtual Assets Regulatory Authority has granted Full Market Approval to Payward FZCO, the parent company entity of cryptocurrency exchange Kraken. The license authorizes Payward to provide broker-dealer, management, and investment services to retail, professional, and institutional clients. Kraken plans to launch UAE services in the coming weeks, featuring UAE dirham trading pairs and direct AED funding.

Policy & Legal Updates

Five Gulf Nations Pursue Schengen Visa Waiver Ahead of Riyadh EU-GCC Summit

Five Gulf Cooperation Council states are seeking a Schengen visa exemption for their citizens ahead of an upcoming bilateral summit in Riyadh. The Economic Times reports that the discussions apply exclusively to national passport holders rather than foreign residents living in the Gulf. The United Arab Emirates currently remains the only GCC member country with established visa-free Schengen access.