United Arab Emirates Prepaid Cards and Digital Wallets

DUBLIN, March 27, 2023 (GLOBE NEWSWIRE) — “United Arab Emirates Prepaid Cards and Digital Wallets Business and Investment Opportunities Data Book – Market Size and Forecast, Consumer Attitudes and Behavior, Retail Spending – Q1 2023 Update” report added to ResearchAndMarkets.com’s supply.

The digital payments ecosystem in the United Arab Emirates (UAE) has continued to grow over the past few years. Innovative fintech companies coupled with a favorable regulatory environment have led to a growing adoption of prepaid payment instruments. With the growth of e-commerce, digital payment methods have become the preferred payment method for most people in the UAE.

Growth in the prepaid card industry is expected to further accelerate as merchants race to catch up to the tech-savvy crowd who prefer prepaid payment tools, and as retailers continue to offer consumers diverse payment options. Overall, the issuer maintains strong growth prospects for the UAE’s prepaid card market over the next three to four years.

Teen-centric prepaid card market has become fertile ground for fintech companies

Fintech firms are targeting teenagers in the UAE market to capitalize on the growing shift towards digital payment services. The companies are rolling out mobile apps and prepaid cards to improve financial literacy among teens.

• In November 2022, fintech startup Leap announced that it had launched its services in the UAE market. The company is giving kids a prepaid card linked to their Leap account.
• In September 2022, Verity, another fintech company targeting kids and teens, announced that it had launched its banking app in the UAE. Like Leap, the company also offers mobile apps and prepaid cards for kids and teens to build their personal finance skills.

Companies are also raising funds to grow and expand their presence in the region amid growing competition in the teen-focused prepaid card space. For example,

• In October 2022, Cashee, a UAE-based digital banking platform for teens, announced that it had raised $3 million in a funding round. The fintech company, which provides banking solutions and prepaid cards for teenagers, is planning to use the funds to expand its operations in Saudi Arabia.

The publisher expects competition to intensify further in the next three to four years as many fintech companies look to provide banking solutions to teens and children in the region. In the short to medium term, this will also provide acquisition opportunities for large players.

Provider of prepaid payment instruments is raising capital to further accelerate its growth

The digital payments ecosystem is expected to experience strong growth in the UAE over the next three to four years. To capitalize on this growth potential, prepaid payment instrument providers are raising fresh capital to accelerate their growth. For example,

• In November 2022, Pyypl, a UAE-based provider of fintech and prepaid payment tools, announced that it had raised $20 million in a Series B funding round, which is likely to expand further due to strong investor interest. The company plans to use the new funds to further expand its mobile-based financial services platform.
• Since its Series A funding round, the company claims to have seen significant growth, quadrupling its user base. Additionally, transaction volume and revenue also soared fourfold during this period. As of November 2022, the company has raised a total of $40 million since its inception.

In the short to medium term, the company is also expected to expand its presence in the Middle East and Africa region, as it has licensed three markets and is preparing to enter 12 more.

Firms Forming Strategic Alliance to Launch Crypto Prepaid Cards in the United Arab Emirates

The adoption of cryptocurrencies in the UAE market has continued to grow, with holders looking for an easy way to redeem their investments. As a result, cryptocurrency platforms are forming partnerships with payment providers, a trend that is evident across the globe.

• In October 2022, BitOasis, a Dubai-based cryptocurrency platform, announced that it had partnered with Mastercard to launch a cryptocurrency prepaid card for cardholders in the Middle East and North Africa region. Crypto cards allow crypto holders to use their digital tokens at point-of-sale terminals and e-commerce marketplaces. The cards are expected to be available in early 2023 once the company receives regulatory approval.

As more and more consumers in the MENA region are investing in cryptocurrencies, publishers expect a high demand for crypto cards, which will subsequently support the growth of the industry as a whole in the short to medium term.

According to the issuer, the prepaid cards market (value) in the United Arab Emirates is growing at a CAGR of 9.2% during 2018-2022. During the forecast period of 2023 to 2027, the market is expected to register a CAGR of 12.3%, from USD 5.66 billion in 2022 to USD 10.3 billion in 2027.

This report provides a detailed data-centric analysis of prepaid payment instruments, covering spending via prepaid cards and digital wallets in the retail and business consumer segments. Additionally, it provides an overview of consumer behavior and retail spending dynamics in the United Arab Emirates. This report contains more than 100 KPIs at the country level to provide a comprehensive understanding of the Prepaid Cards and Digital Wallet Cards market dynamics.

• Market Dynamics: Comprehensive understanding of the size and structure of the United Arab Emirates Prepaid Cards and Digital Wallets industry, industry dynamics, market trends, consumer attitudes and behavior, and competitive landscape.
• Digital Wallet Segmentation: Provides the value, volume, and average value of each transaction in digital wallets for the 5 main spending categories. This includes retail, travel, entertainment and gaming, restaurants, and top-ups and bill payments.
• Open Loop and Closed Loop Prepaid Cards: Market Estimates and Forecasts to Assess Opportunities 13 Open Loop and Closed Loop Prepaid Market Segmentation. Four basic KPIs are detailed – number of cards in circulation, number of transactions, load value and transaction value.
• Consumer Attitudes and Behavior: Based on proprietary findings, this report identifies and explains key Prepaid KPIs, including spending by age, gender, and income level.
• Retail Spending: Breaks down retail spending into 11 categories to provide detailed insights into consumer behavior and dynamics of prepaid card spending.

scope

This report provides a detailed data-centric analysis of prepaid payment instruments, covering spending via prepaid cards and digital wallets in the retail and business consumer segments. Additionally, it provides an overview of consumer behavior and retail spending dynamics in the United Arab Emirates. This report contains more than 100 KPIs at the country level to provide a comprehensive understanding of the Prepaid Cards and Digital Wallet Cards market dynamics.

United Arab Emirates Digital Wallet Market Size and Forecast

• Transaction Amount Trend Analysis
• Trading Volume Trend Analysis
• Average value per transaction

United Arab Emirates Digital Wallets Market Size and Key Segment Forecasts

• Retail shopping (value, quantity, average value)
• Trips (value, quantity, average value)
• Fun and games (value, quantity, average value)
• Restaurant (value, quantity, average value)
• Top-ups and bill payments (value, quantity, average value)

Market attractiveness of UAE prepaid card industry

• Load value trend analysis
• Transaction Amount Trend Analysis
• Trading Volume Trend Analysis
• Average value per transaction
• number of cards

Market Share Analysis by Functional Attribute – Open Loop vs Closed Loop

Market Share Analysis by Prepaid Card Category

Future Growth Dynamics of Open Loop Prepaid Cards in the United Arab Emirates

• Transaction Amount Trend Analysis
• Trading Volume Trend Analysis
• Average value per transaction
• number of cards

Future growth dynamics of closed-loop prepaid cards in the United Arab Emirates

• Transaction Amount Trend Analysis
• Trading Volume Trend Analysis
• Average value per transaction
• number of cards

Prepaid Card Consumer Usage Trends in the United Arab Emirates

• by age group
• by income group
• by gender

United Arab Emirates Universal Prepaid Card Market Size and Forecast
United Arab Emirates – Gift Cards Market Size and Forecast

• Gift Card Market Size and Forecast by Functional Attributes
• Via Open Loop Gift Cards
• via closed loop gift card
• Gift Cards Market Size and Consumer Segment Forecasts
• Segment by Retail Consumer
• Segmentation by Business Consumer
• Gift Cards Market Share Analysis by Retail Category
• Gift Cards Market Share Analysis by Gifting Occasion
• Gift Cards Market Share Analysis by Purchase Location

United Arab Emirates Entertainment and Gaming Prepaid Cards Market Size and Forecast

United Arab Emirates Teen and School Prepaid Cards Market Size and Forecast
Teen and School Prepaid Card Market Size and Forecast by Functional Attributes

• Via Open Loop Teen and Campus Prepaid Cards
• Prepaid Cards for Teens and Campuses via Closed Loop

United Arab Emirates Business and Administrative Expenses Prepaid Cards Market Size and Forecast
Business and Administrative Expenses Prepaid Cards Market Size and Consumer Segment Forecasts

• By Small Business Sector
• By Mid-End Business Unit
• By business segment
• by government department

United Arab Emirates Payroll Prepaid Cards Market Size and Forecast
Salary Prepaid Card Market Size and Consumer Segment Forecasts

• By Small Business Sector
• By Mid-End Business Unit
• By business segment
• by government department

United Arab Emirates Meal Prepaid Card Market Size and Forecast
Meal Prepaid Card Market Size and Consumer Group Forecast

• By Small Business Sector
• By Mid-End Business Unit
• By business segment
• by government department

United Arab Emirates Travel Forex Prepaid Card Market Size and Forecast
Travel Forex Prepaid Card Market Size and Consumer Segment Forecast

• by retail
• By Small Business Sector
• By Mid-End Business Unit
• By business segment
• by government department

United Arab Emirates Transport and Toll Prepaid Cards Market Size and Forecast

United Arab Emirates Healthcare Prepaid Card Market Size and Forecast

United Arab Emirates Social Security and Other Government Benefit Programs Prepaid Cards Market Size and Forecast

United Arab Emirates Fuel Prepaid Cards Market Size and Forecast

United Arab Emirates Utility and Other Prepaid Cards Market Size and Forecast

reason to buy

• In-Depth Insights into Prepaid Cards and Digital Wallets Market Dynamics: Understand the market opportunities, industry dynamics, key trends and drivers of the 75+ market segments and Prepaid Payment Instruments sub-segments in the United Arab Emirates.
• Develop market-specific strategies: Identify growth segments and target specific opportunities to develop your prepaid cards and digital wallet strategy; Assess market-specific key trends, drivers, and risks in the industry.
• Gain insight into consumer attitudes and behaviors: Understand changing consumer attitudes and behaviors and improve ROI. Get detailed insights into retail spending with prepaid cards and digital wallets.

For more information on this report, please visit https://www.researchandmarkets.com/r/u9z2vh

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