“Central”: 101.2 billion dirhams, the value of transactions through the immediate payment system during 2022

Abu Dhabi, May 25 / The Emirates Central Bank confirmed that the operational capacity of the payment system in the country continued to maintain its safety and strength during the past year 2022, including the check clearing service using its images, the Emirates System for Money Transfers, the Emirates Direct Debit System, and the Emirates Wage Protection System, The UAE PBX system, and the instant payment system.

Central Bank statistics showed a significant increase in the number of transactions through the instant payment system during the past year, recording 38.3 million transactions with a total value of 101.2 billion dirhams, with a growth rate of 82.4% in the number of transactions on an annual basis, compared to about 21 million transactions during the previous year, while The growth rate in the value of transactions reached 95.7%, compared to about 51.7 billion dirhams in 2021.

The Central Bank stated that the UAE system for financial transfers processed 74.5 million transactions last year, with a value of 4.9 trillion dirhams for individual transfers, an increase of 23.1% in volume and 26.9% in value compared to 2021, while the volume of institutional transfers reached 634 thousand transfers, with a value of 7.8 trillion. dirhams, which represents an increase of 17.9% in terms of volume and 36.2% in value compared to 2021.

According to the Central Bank, the photo-check clearing service processed about 22.7 million checks in 2022, amounting to 1.3 trillion dirhams, an increase of 2.5% and 11.6% compared to 2021, respectively.

The Central Bank pointed out that the average number of employees registered in the UAE Wage Protection System at the state level rose to 5.2 million in 2022 from 4.2 million in 2021, while the total value of paid salaries increased to 249 billion dirhams, compared to 212 billion dirhams in 2021.

The number of companies registered in the Emirates Wage Protection System increased to 275.68 thousand companies as of December 31, 2022, after the number was 216.69 thousand companies at the end of the year 2021, an increase of 27%, while the Emirates Direct Debit System witnessed the implementation of 13.3 million transactions worth 86 billion dirhams in 2022, with an increase of 9.4% in the value of transactions compared to 2021.