DUBLIN--(BUSINESS WIRE)--The "United Arab Emirates Prepaid Card and Digital Wallet Business and Investment Opportunities Databook - Market Size and Forecast, Consumer Attitude & Behaviour, Retail Spend - Q1 2023 Update" report has been added to ResearchAndMarkets.com's offering.
According to the publisher, the prepaid card market (value terms) in United Arab Emirates increased at a CAGR of 9.2% during 2018-2022. Over the forecast period of 2023 to 2027, the market is expected to record a CAGR of 12.3%, increasing from US$5.66 billion in 2022 to reach US$10.30 billion by 2027.
The digital payment ecosystem has been growing consistently in the United Arab Emirates (UAE) over the last few years. Innovative fintech firms along with a favorable regulatory environment have resulted in a growing adoption of prepaid payment instruments. In tandem with e-commerce growth, digital payment methods have emerged as the preferred payment choice for most in the Emirates.
With merchants racing to catch up with the tech-savvy population preferring prepaid payment instruments, the growth of the prepaid card industry is projected to further accelerate, as retailers continue to diversify their payment options for consumers. Overall, the publisher maintains a robust growth outlook for the prepaid card market in the UAE over the next three to four years.
Teen-focused prepaid card market has become a fertile ground for growth for fintech firms
Fintech firms are targeting teens in the Emirati market to capitalize on the growing shift towards digital payment services. These firms are launching mobile apps and prepaid cards to boost financial literacy among teenagers.
Amid the growing competition in the teen-focused prepaid card segment, firms are also raising funding rounds to scale and expand their presence in the region. For instance,
With many fintech firms looking to offer banking solutions to teens and kids in the region, the publisher expects the competition to further intensify over the next three to four years. This will also present buyout opportunities for larger players from the short to medium-term perspective.
Prepaid payment instrument providers are raising funding rounds to further accelerate their growth
The digital payment ecosystem is projected to record strong growth over the next three to four years in the UAE. To capitalize on this growth potential, prepaid payment instrument providers are raising fresh capital to accelerate their growth. For instance,
From the short to medium-term perspective, the firm is also expected to expand its operations across the Middle East and Africa region as it has already received authorization for three markets, and is preparing to enter an additional 12 markets.
Firms are forging strategic alliances to launch crypto prepaid cards in the United Arab Emirates
Cryptocurrency adoption has been growing consistently in the Emirati market and holders are seeking a simple way to redeem their investments. Consequently, cryptocurrency platforms are forging partnerships with payment providers, a trend that is evident around the world.
With a growing population of consumers investing in cryptocurrencies across the MENA region, the publisher expects significant demand for crypto cards, which will subsequently support the growth of the overall industry from the short to medium-term perspective.
Reasons to buy
- In-depth understanding of prepaid card and digital wallet market dynamics: Understand market opportunity, industry dynamics, key trends and drivers across 75+ market segments and sub-segments of prepaid payment instrument in United Arab Emirates.
- Develop market specific strategies: Identify growth segments and target specific opportunities to formulate your prepaid card and digital wallet strategy; assess market specific key trends, drivers and risks in the industry.
- Get insights into consumer attitude and behaviour: Understand changing consumer attitude and behaviour and boost ROI. Get detailed insights into retail spend through prepaid cards and digital wallets.
Scope
United Arab Emirates Digital Wallet Market Size and Forecast
United Arab Emirates Digital Wallet Market Size and Forecast by Key Segments
United Arab Emirates Prepaid Card Industry Market Attractiveness
Market Share Analysis by Functional Attributes - Open Loop vs. Closed Loop
Market Share Analysis by Prepaid Card Categories
United Arab Emirates Open Loop Prepaid Card Future Growth Dynamics
United Arab Emirates Closed Loop Prepaid Card Future Growth Dynamics
United Arab Emirates Prepaid Card Consumer Usage Trends
United Arab Emirates General Purpose Prepaid Card Market Size and Forecast
United Arab Emirates - Gift Card Market Size and Forecast
United Arab Emirates Entertainment and Gaming Prepaid Card Market Size and Forecast
United Arab Emirates Teen and Campus Prepaid Card Market Size and Forecast
Teen and Campus Prepaid Card Market Size and Forecast by Functional Attribute
United Arab Emirates Business and Administrative Expense Prepaid Card Market Size and Forecast
Business and Administrative Expense Prepaid Card Market Size and Forecast by Consumer Segments
United Arab Emirates Payroll Prepaid Card Market Size and Forecast
Payroll Prepaid Card Market Size and Forecast by Consumer Segments
United Arab Emirates Meal Prepaid Card Market Size and Forecast
Meal Prepaid Card Market Size and Forecast by Consumer Segments
United Arab Emirates Travel Forex Prepaid Card Market Size and Forecast
Travel Forex Prepaid Card Market Size and Forecast by Consumer Segments
United Arab Emirates Transit and Tolls Prepaid Card Market Size and Forecast
United Arab Emirates Healthcare and Wellness Prepaid Card Market Size and Forecast
United Arab Emirates Social Security and Other Government Benefit Programs Prepaid Card Market Size and Forecast
United Arab Emirates Fuel Prepaid Cards Market Size and Forecast
United Arab Emirates Utilities, and Other Prepaid Cards Market Size and Forecast
For more information about this report visit https://www.researchandmarkets.com/r/dqe7il
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