United Arab Emirates Prepaid Card and Digital Wallet Business and Investment Opportunities Databook – Market Size and Forecast, Consumer Attitude & Behaviour, Retail Spend

United Arab Emirates Prepaid Card and Digital Wallet Business and Investment Opportunities Databook – Market Size and Forecast, Consumer Attitude & Behaviour, Retail Spend

Report Description

According to PayNXT360, the prepaid card market (value terms) in the United Arab Emirates (the UAE) increased at a CAGR of 9.4% during 2017-2021. Over the forecast period of 2022 to 2026, the market is expected to record a CAGR of 13.1%, increasing from US$5.66 billion in 2022 to reach US$9.26 billion by 2026.

Government initiatives are providing boost to the payroll cards market

Government backed the Wage Protection System (WPS) system, coupled with growing cash to card initiatives, and public-private-partnerships are driving the payroll cards market growth. For instance,
In March 2021, WPS and Payroll Service provider Al Fardan Exchange has introduced ‘Payez’ payroll card in partnership with the UAE’s domestic payment scheme, Mercury.
The cardholder can use this card at all Mercury-enabled POS terminals at various merchants. The card also allows cash withdrawal at Mercury’s ATM network across the UAE.

PayNXT360 expects the enhanced payroll card will attract large, medium, and small corporates who would want to provide these flexibilities to their employees. Subsequently, this will increase the usage of these payroll cards, providing impetus to the growth of the overall prepaid card market in the UAE.

Banks are building partnerships with digital payments providers to launch virtual ‘buy now pay later’ prepaid cards in the UAE

With the popularity of buy-now, pay-later (BNPL) solutions in the UAE, partnerships are building up to gain market share. For instance,
In September 2021, Abu Dhabi Islamic Bank (ADIB), an Islamic financial institution has partnered up with Spotii, a digital payments provider, to launch a virtual BNPL prepaid card for the first time in the UAE.
Through the virtual prepaid card, customers will make in-store and online purchases with merchants and spread out the cost of their purchases across several installments with zero interest rates.
All the users can access the virtual prepaid card via the Spotii Mobile app and load money to fund the cost-free installment payments.

Partnerships to launch limited-edition prepaid cards are rising

Banking providers are joining hands with payments and technology companies to launch limited-edition prepaid cards. For instance,
In September 2021, UAE-based banking provider Emirates NBD Group partnered with the global payments and technology company Mastercard to create Emirates NBD Expo Mastercard Prepaid Card.
The Emirates NBD Expo Mastercard Prepaid Card is a digital version and is connected with Emirates NBD’s Joyn mobie app.
The prepaid card is available to both UAE residents and international visitors to be used in the UAE and provides a fully digital payments experience.
The Emirates NBD Expo Mastercard Prepaid Card can be used to make transactions for online purchases as well as contactless in-store payments by adding the user's card to a digital wallet such as Apple Pay, Google Pay, and Samsung Pay.

PayNXT360 expects these limited-edition cards will attract a larger customer base as travelers around the world will be visiting the country during the Expo 2020 Dubai, which will increase the prepaid card sales in the country, boosting the prepaid card market's growth in the UAE.

Payit collaborated with PLATX to collect payments via WhatsApp
In September 2021, UAE- based digital wallet, Payit has partnered with an omnichannel conversational commerce platform, PLATX, to allow merchants to collect payments through WhatsApp.
Notably, the digital wallet is powered by First Abu Dhabi Bank (FAB).

The partnership will provide the customers with the first WhatsApp-based payment solution in the Middle East, likely to attract significant customers. Moreover, such an innovative solution for merchant partners, especially in the SME segment, is likely to generate high revenue in the medium to long run perspective.

This report provides a detailed data centric analysis of prepaid payment instruments, covering spend through prepaid cards and digital wallets across retail and corporate consumer segments. In addition, it provides a snapshot of consumer behaviour and retail spend dynamics in the UAE. With over 100 KPIs at country level, this report provides comprehensive understanding of prepaid card and digital wallet card market dynamics.
Market dynamics: Provides a comprehensive view on size and structure, industry dynamics, market trends, consumer attitude and behaviour, and competitive landscape in prepaid card and digital wallet industry in the UAE.
Digital wallet segments: Provides value, volume and average value per transaction across 5 key spend categories in digital wallet. This includes retail, travel, entertainment and gaming, restaurant, and recharge and bill payment.
Open loop and closed loop prepaid cards: market estimates and forecasts to assess opportunities 13 open loop and closed loop prepaid market segments. Details four essential KPIs – number of cards in circulation, number of transactions, load value, and value of transactions.
Consumer attitude and behaviour: Drawing from proprietary survey results, this report identifies and interprets key prepaid KPIs, including spend by age, gender, and income level.
Retail spend: Breaks down retail spend across 11 categories to provide detailed insights on consumer behaviour and changing dynamics of prepaid card spend.

Scope

This report provides a detailed data centric analysis of prepaid payment instruments, covering spend through prepaid cards and digital wallets across retail and corporate consumer segments. In addition, it provides a snapshot of consumer behaviour and retail spend dynamics in United Arab Emirates. With over 100 KPIs at country level, this report provides comprehensive understanding of prepaid card and digital wallet card market dynamics.

United Arab Emirates Digital Wallet Market Size and Forecast
Transaction Value Trend Analysis
Transaction Volume Trend Analysis
Average Value per Transaction

United Arab Emirates Digital Wallet Market Size and Forecast by Key Segments
Retail Shopping (Value, Volume, Avg. Value)
Travel (Value, Volume, Avg. Value)
Entertainment and Gaming (Value, Volume, Avg. Value)
Restaurant (Value, Volume, Avg. Value)
Recharge and Bill Payment (Value, Volume, Avg. Value)

United Arab Emirates Prepaid Card Industry Market Attractiveness
Load Value Trend Analysis
Transaction Value Trend Analysis
Transaction Volume Trend Analysis
Average Value per Transaction
Number of Cards

Market Share Analysis by Functional Attributes – Open Loop vs. Closed Loop, 2016 – 2025

Market Share Analysis by Prepaid Card Categories

United Arab Emirates Open Loop Prepaid Card Future Growth Dynamics, 2016 – 2025
Transaction Value Trend Analysis
Transaction Volume Trend Analysis
Average Value per Transaction
Number of Cards

United Arab Emirates Closed Loop Prepaid Card Future Growth Dynamics, 2016 – 2025
Transaction Value Trend Analysis
Transaction Volume Trend Analysis
Average Value per Transaction
Number of Cards

United Arab Emirates Prepaid Card Consumer Usage Trends
By Age Group
By Income Group
By Gender

United Arab Emirates General Purpose Prepaid Card Market Size and Forecast

United Arab Emirates Gift Card Market Size and Forecast
Gift Card Market Size and Forecast by Functional Attribute
By Open Loop Gift Card
By Closed Loop Gift Card
Gift Card Market Size and Forecast by Consumer Segments
By Retail Consumer Segment
By Corporate Consumer Segment
Gift Card Market Share Analysis by Retail Categories
Gift Card Market Share Analysis by Gifting Occasion
Gift Card Market Share Analysis by Purchase Location

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
By Open Loop Teen and Campus Prepaid Card
By Closed Loop Teen and Campus Prepaid Card

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
By Small Scale Business Segment
By Mid-Tier Business Segment
By Enterprise Business Segment
By Government Segment

United Arab Emirates Payroll Prepaid Card Market Size and Forecast
Payroll Prepaid Card Market Size and Forecast by Consumer Segments
By Small Scale Business Segment
By Mid-Tier Business Segment
By Enterprise Business Segment
By Government Segment

United Arab Emirates Meal Prepaid Card Market Size and Forecast
Meal Prepaid Card Market Size and Forecast by Consumer Segments
By Small Scale Business Segment
By Mid-Tier Business Segment
By Enterprise Business Segment
By Government Segment

United Arab Emirates Travel Forex Prepaid Card Market Size and Forecast
Travel Forex Prepaid Card Market Size and Forecast by Consumer Segments
By Retail
By Small Scale Business Segment
By Mid-Tier Business Segment
By Enterprise Business Segment
By Government Segment

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

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.