Local News

Transactions Through Instant Payment System Hit AED164.7 Billion In 2023: CBUAE
(14 June 2024)

The Central Bank of the UAE (CBUAE) has said that its payment systems maintained operational strength in 2023. This includes the Image Cheque Clearing System (ICCS), UAE Fund Transfer System (UAEFTS), UAE Direct Debit System (UAEDDS), UAE Wages Protection System (UAEWPS), UAE Switching System (UAESWITCH), and the Instant Payment System (Aani).

In its latest report released today, the Central Bank added that the number of transactions on Aani increased significantly, recording 64.1 million transactions valued at AED164.7 billion in 2023, compared to 38.3 million transactions valued at AED101.2 billion in 2022.

The Central Bank stated that the average number of employees registered in the UAEWPS rose from 5.2 million in 2022 to 5.9 million in 2023. Additionally, the total number of salary payments increased from AED55.5 million to AED62.6 million, with the value of paid salaries rising to AED296 billion compared to AED246 billion in 2022.

According to the report, the number of employers registered in the UAEWPS by the end of last year increased to 306,450 from 275,680, marking an 11% increase compared to 2022.

The report noted that last year saw a total of 22.9 million cheques valued at AED1.31 trillion processed through the ICCS, representing a 1.1% increase in volume and a 3.14% growth in value compared to 2022.

The Central Bank noted that the UAEFTS recorded 89.5 million transactions totaling AED6.14 trillion for individual transfers in 2023, marking a 20% increase in volume and a 25% increase in value compared to 2022.

Total institutional transfers reached 674,000 transactions amounting to AED11 trillion by the end of last year, reflecting a yearly increase of 6.44% in volume and 41.3% in value.

According to the report, the UAEDDS processed 17.8 million transactions totaling AED106.9 billion in 2023, with transaction volume increasing by 34% compared to 2022, and transaction value rising by 23.7% annually.

The report highlighted that the UAESWITCH conducted 74.2 million transactions amounting to AED120 billion in 2023, representing a 4.7% increase in transaction volume and an 11% increase in value year-on-year.

Additionally, the UAE Payment Gateway System (UAEPGS) processed 2.4 million transactions totaling AED8.95 billion in 2023.

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