United Arab Emirates Prepaid Card and Digital Wallet Market Report 2022-2026: Banks are Building Partnerships with Digital Payment Providers to Launch Virtual 'Buy Now Pay Later' Prepaid Cards

DUBLIN, Aug. 2, 2022 /PRNewswire/ -- The 'United Arab Emirates 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 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.

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.

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.

The publisher 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. 

• 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. 

• 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.

The publisher 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.

Scope

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
• 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

• 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

• 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

• 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

• 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/mvicho

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