The "United Arab Emirates Prepaid Card and Digital Wallet Business and Investment Opportunities Databook - Market Size and Forecast, Consumer Attitude & Behaviour, Retail Spend - Q1 2024 Update" report has been added to ResearchAndMarkets.com's offering.
Prepaid card market (value terms) in United Arab Emirates increased at a CAGR of 9.2% during 2019-2023. Over the forecast period of 2024 to 2028, the market is expected to record a CAGR of 12.3%, increasing from US$5.66 billion in 2023 to reach US$10.30 billion by 2028.
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.
Improved digital payment infrastructure, thriving e-commerce industry, and booming fintech market are the factors aiding the growth of the prepaid card and digital wallets industry in the Emirates. The trend is projected to continue further, as the government seeks to boost digital transactions as part of its strategy to transform the payments landscape in the Emirati nation over the medium term.
Amid the higher adoption of prepaid payment instruments, financial services firms are also expected to launch new digital wallet solutions in the market in 2024. This will reshape the competitive landscape in the industry, driving innovation and market growth over the medium term. Overall, the publisher maintains a positive growth outlook for the prepaid card sector in the Emirates over the next three to four years.
The government's push to digitize the economy will aid the growth of the prepaid card industry in the UAE
Al Etihad Payments - a subsidiary of the UAE Central Bank - introduced Aani, an instant payments platform aiming to reshape digital transactions in the Emirates. As part of the central bank's Financial Infrastructure Transformation program, Aani allows users to transfer and settle funds in under 10 seconds, providing a seamless digital payment experience.
This initiative empowers licensed financial institutions and payment service providers to facilitate quick and secure transactions for consumers, businesses, corporations, and government entities. Aani, starting with a limit of up to Dh50,000 ($13612), is set to modernize the payment system in the UAE. This move aims to enhance financial inclusion and contribute to the transition towards a cashless society. This, in turn, will also aid the growth of the prepaid card and digital wallet industry over the next three to four years in the United Arab Emirates.
Financial services firms are looking to tap into the growing adoption of digital wallets in the Emirates
With the adoption of prepaid payment instruments growing at a significant rate and the market is expected to record strong growth over the medium term, financial services firms are planning to launch digital wallets in 2024.
Al Ansari Financial Services, in 2024, is set to introduce a digital wallet in the Emirati nation. The product is targeted towards those without traditional banking access. This digital wallet, managed by its subsidiary Al Ansari Digital Pay, has received preliminary approval for a store value facility and retail payment service provider license from the central bank. The anticipated launch is set for the second quarter of 2024.
The digital wallet will offer a variety of services, including bill payments, both domestic and international remittance, and even microfinance. Users will have the flexibility to receive salaries, send money locally and internationally, settle bills, and access various digitally-enabled services using a personal QR code, a dedicated app, or their phone number.
Going forward, the publisher expects more such financial services firms to launch digital wallet products in the Emirates. This will drive the competitive landscape and support market growth over the next three to four years.
Strategic collaborations between central banks to aid prepaid card market growth over the medium term
Al Etihad Payments, a company fully owned by the Central Bank of the UAE, entered into a collaboration with India's NPCI International in October 2023. This partnership is part of the strategy to create the UAE's inaugural national domestic card system.
It will be modeled after India's RuPay cards, offering a range of choices like debit, credit, and prepaid options. This card will be accessible across various banks, including public, private, and smaller financial institutions. The initiative is aimed at driving financial inclusion and supporting the nation's digitization goals, while also aiding the growth of the e-commerce market.
The new domestic card system, which is expected to be operational in the middle of 2024, will reduce the cost of payments and enhance UAE's competitiveness in the global payments market.
Scope
United Arab Emirates Prepaid Payment Instrument 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
- 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 Digital Wallet Spend by Key Retail Categories
- Food and Grocery
- Health and Beauty Products
- Apparel and Foot Wear
- Books, Music and Video
- Consumer Electronics
- Pharmacy and Wellness
- Gas Stations
- Restaurants and Bars
- Toys, Kids and Baby Products
- Services
- Other Categories
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
United Arab Emirates Open Loop Prepaid Card Future Growth Dynamics
- 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
- Transaction Value Trend Analysis
- Transaction Volume Trend Analysis
- Average Value per Transaction
- Number of Cards
United Arab Emirates Prepaid Card Market Share by Key Players
- General Purpose Prepaid Cards
- Business and Administrative Expense Prepaid Cards
- Travel Forex Prepaid Cards
- Meal Prepaid Cards
United Arab Emirates Prepaid Card Consumer Usage Trends
- By Age Group
- By Income Group
- By Gender
United Arab Emirates Prepaid Card Spend by Key Retail Categories
- Food and Grocery
- Health and Beauty Products
- Apparel and Foot Wear
- Books, Music and Video
- Consumer Electronics
- Pharmacy and Wellness
- Gas Stations
- Restaurants and Bars
- Toys, Kids and Baby Products
- Services
- Other Categories
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
United Arab Emirates Virtual Prepaid Card Industry Market Attractiveness
- Transaction Value Trend Analysis
- Transaction Volume Trend Analysis
- Average Value per Transaction
United Arab Emirates Virtual Prepaid Card Market Size and Future Growth Dynamics by Key Categories
- General Purpose Prepaid Cards
- Gift Cards
- Entertainment and Gaming Prepaid Cards
- Teen and Campus Prepaid Cards
- Business and Administrative Expense Prepaid Cards
- Payroll Prepaid Cards
- Meal Prepaid Cards
- Travel Forex Prepaid Cards
- Transit and Trolls Prepaid Cards
- Social Security and Other Government Benefit Programs Prepaid Cards
- Fuel Prepaid Cards
- Utilities and Other Prepaid Cards
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