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Egypt Prepaid Card and Digital Wallet Market Report 2022: A $5 Billion Market by 2026 - Partnerships are Rising to Launch Prepaid Cards

·6-min read
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Dublin, Sept. 09, 2022 (GLOBE NEWSWIRE) -- The "Egypt Prepaid Card and Digital Wallet Business and Investment Opportunities Databook - Market Size and Forecast, Consumer Attitude & Behaviour, Retail Spend" report has been added to ResearchAndMarkets.com's offering.

The prepaid card market (value terms) in Egypt increased at a CAGR of 14.9% during 2017-2021. Over the forecast period of 2022 to 2026, the market is expected to record a CAGR of 16.2%, increasing from US$2.75 billion in 2022 to reach US$5.00 billion by 2026.

In recent years, the digitalization of payment instruments created a significant growth opportunity for fintech companies in Egypt. Moreover, according to the Q4 2021 Global Prepaid Card Market Survey, the adoption of digital wallets has increased substantially since the onset of Covid-19. Additionally, government initiatives are boosting the demand.

The Central Bank of Egypt played an essential role in digitizing the economy. For instance, in September 2021, the bank approved licenses allowing the merchants to accept contactless payments from mobile phones.

Consequently, the new initiative has also helped the vast unbanked population of the country. Together with this, the Egyptian government is also planning to launch a single transit card, which may further support the growth of the prepaid card market in the next four to eight quarters.

Partnerships are rising to launch prepaid card in the Egyptian market

Egypt has a huge unbanked population, and various partnerships are witnessed to develop innovative digital solutions to cater to the monetary needs of these Egyptians.

  • In December 2021, Egypt-based fintech, Khazna partnered with Egypt-based e-payment end-to-end solutions provider Masria Digital Payments (MDP), and ADIB- Egypt bank to launch Khazna Meeza Prepaid Card in the country.

  • Customers will be able to access the new card through the Khazna app.

  • The prepaid card will be rolled out by the e-payment provider, MDP.

Fintech companies are collaborating with banks to offer digital payroll solutions

Egypt is home to many migrant workers, and many of them have no access to bank accounts. Therefore, companies face many challenges while paying salaries or any incentives. Therefore, fintech companies are launching innovative solutions for the payment of employees.

  • In August 2021, Dopay, an Egypt-based fintech, partnered with Bank ABC Egypt to offer digital payroll solutions to the corporate clients of Bank ABC.

  • The fintech can offer this digital payroll service after obtaining a banking license from the Central Bank of Egypt (CBE) through Bank ABC.

  • Companies will be able to pay their employees through the Dopay digital payroll and payment platform instantly.

  • Additionally, employees will be able to receive salaries via a prepaid debit card.

Mastercard is expanding its reach in the Egyptian prepaid cards market

With the increasing Covid measures, various companies are reshaping the business by integrating technology. The trend propelled various partnerships to emerge in the country to capture market share. For instance,

  • In May 2021, Mastercard partnered with Egypt-based payment app Telda to launch prepaid cards in the country.

  • The users will be able to access various app features, such as sending and receiving money through the app and the digital card, without any bank account.

The publisher expects that these alternative banking services offered by the virtual system will match the changing digital payments pattern of the consumers, resulting in the high adoption of such prepaid payment instruments in the country.

Scope

Egypt Digital Wallet Market Size and Forecast

  • Transaction Value Trend Analysis

  • Transaction Volume Trend Analysis

  • Average Value per Transaction

Egypt 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)

Egypt 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, 2017 - 2026

Market Share Analysis by Prepaid Card Categories

Egypt Open Loop Prepaid Card Future Growth Dynamics, 2017 - 2026

  • Transaction Value Trend Analysis

  • Transaction Volume Trend Analysis

  • Average Value per Transaction

  • Number of Cards

Egypt Closed Loop Prepaid Card Future Growth Dynamics, 2017 - 2026

  • Transaction Value Trend Analysis

  • Transaction Volume Trend Analysis

  • Average Value per Transaction

  • Number of Cards

Egypt Prepaid Card Consumer Usage Trends

  • By Age Group

  • By Income Group

  • By Gender

Egypt General Purpose Prepaid Card Market Size and Forecast

Egypt 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

Egypt Entertainment and Gaming Prepaid Card Market Size and Forecast

Egypt 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

Egypt 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

Egypt 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

Egypt 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

Egypt 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

Egypt Transit and Tolls Prepaid Card Market Size and Forecast

Egypt Healthcare and Wellness Prepaid Card Market Size and Forecast

Egypt Social Security and Other Government Benefit Programs Prepaid Card Market Size and Forecast

Egypt Fuel Prepaid Cards Market Size and Forecast

Egypt Utilities, and Other Prepaid Cards Market Size and Forecast

For more information about this report visit https://www.researchandmarkets.com/r/vq0hrz

CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood,Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900