Shariah-compliant Ajman Bank has introduced Google Pay for its debit and credit cardholders, both for Android and WearOS. With the launch of Google Pay, Ajman Bank’s customers will be able to pay for transactions, in-store and online by using their smartphones and other devices.

Google Pay enables individuals to make secure and fast payments, as cardholders are only required to store their credit, debit, or prepaid cards on the Google Wallet application. Ajman Bank, which enabled Apple Pay for its customers in 2021 and Samsung Pay in 2019, has worked towards providing convenient and secure digital payment experiences for its customers, according to officials’ statements. Islamic banking industry According to Investopedia, there are approximately 560 banks and 1,900 mutual funds globally that comply with Islamic principles.

Moreover, the Islamic Finance Development Indicator report shows that Islamic financial assets increased to USD 4 trillion between 2015 and 2021 and are projected to reach circa USD 5.9 trillion by 2026. The first Shariah-compliant digital bank launched in April 2021 in the United Arab Emirates, being founded by Zurich Capital Funds Group and branded as RIZQ/BARAKA. Although being launched in the UAE, it aimed to target customers in the Middle East and North Africa, while also planning to extend operations worldwide with partnerships with banks and financial institutions in India, Azerbaijan, Uzbekistan, Indonesia, Malaysia, the UK, Australia, Brazil, and Mauritania.

Digital banking in the United Arab Emirates Globally, 34% of the population is expected to have a digital bank account by the end of 2023, a considerable growth from 19% in 2022. Banks located in the UAE region focus on delivering branchless banking services to their customers and, as their growth suggests, clients are used to conducting financial transactions digitally, while being connected. According to Statista’s report, digital investment will be the largest market in the United Arab Emirates in 2023, reaching an Asset Under Management of USD 669 million, as the average per user might amount to USD 726.

Moreover, the revenue growth of the digital asset market is set to reach a growth of 30.7% in 2024, while the number of users in the digital payments market is expected to reach 7,903 by 2027. Consumers in the MENA region are constantly using digital solutions, including digital cards, biometric payments, BNL, and Open Banking, as highlighted in Mastercard’s New Payment Index report from 2022. The study found that 85% of individuals have used at least one emerging payment method in 2022, including tappable smartphone mobile wallets and payment-enabled wearable devices.

The use of cash payments has also decreased, as 19% of consumers indicated. On the other hand, 64% of MENA individuals increased their use of digital payment methods, compared to 61% globally. .