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United Arab Emirates Prepaid Cards Markets and Investment Opportunities Report 2021 - ResearchAndMarkets.com

·5-min read

DUBLIN, October 19, 2021--(BUSINESS WIRE)--The "United Arab Emirates Prepaid Cards Business and Investment Opportunities - Market Size and Forecast (2016-2025), Consumer Attitude & Behaviour, Retail Spend, Market Risk" report has been added to ResearchAndMarkets.com's offering.

According to the Q2 2021 Global Prepaid Card Survey, prepaid card market in the United Arab Emirates is expected to grow by 15.8% on annual basis to reach US$ 6,088.4 million in 2021.

The prepaid card market expected to grow over the forecast period, recording a CAGR of 14.4% during 2021-2025. The prepaid card market in the United Arab Emirates will increase from US$ 5,256.9 million in 2020 to reach US$ 8,993.3 million by 2025.

In the UAE, the domination of prepaid cards increased significantly in 2020. Cash remained the most preferred payment instrument in recent years. However, cash transactions are losing their momentum, primarily due to technological infrastructure development and security enhancement on the online transactions that allow consumers to make hassle-free transactions.

Moreover, the government's push towards online transactions, rising popularity of gift card exchange in festivals, and payroll cards supported the prepaid card market to register strong growth. According to the publisher, despite near-term socio-economic challenges, the prepaid cards market growth is expected to remain strong from a medium to long-term perspective.

Prepaid card providers are bringing innovation to increase market share:

The prepaid card market in UAE is quite saturated. The government's effort to make the cashless economy encouraged financial companies to explore every possible area. Moreover, the government initiated WPS program attracted fintech companies and traditional banks to launch their prepaid cards in the country. Consequently, fintech startups are finding new ways to enter the prepaid card market. For instance,

In October 2020, Savii, a UAE-based neobank announced that it would launch a prepaid debit card and mobile app for youths aged between 11 and 18 years. The company is yet to launch its service in the UAE and Bahrain. According to the company, the new prepaid card will not only allow youths to spend money, but they can create a 'savings pot' to save their money.

Government initiatives are expanding the payroll cards market:

The UAE government has taken several steps to support a large number of migrant workers. In 2009, the UAE Labor Ministry and Central Bank of the UAE introduced the Wage Protection System (WPS). The initiative encouraged financial institutes to launch their prepaid cards in this segment. For instance,

In March 2021, Al Fardan Exchange launched its new payroll card in collaboration with Mercury. The new payroll card is designed for the WPS cardholders, enabling them to use this card in any point-of-sale terminals and ATMs.

Scope:

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

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

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

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

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

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

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

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

View source version on businesswire.com: https://www.businesswire.com/news/home/20211019005825/en/

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