Middle East and Africa Prepaid Card Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 9.00 % |
| Market Concentration | Medium |
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*Disclaimer: Major Players sorted in no particular order |
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Middle East and Africa Prepaid Card Market Analysis
The Middle East and Africa prepaid card market are poised to grow at a CAGR of greater than 9% during the forecasted period. Prepaid cards are reloadable cards that you can use to make transactions anywhere that accepts credit or debit cards. There are no credit checks performed when applying for a prepaid card because you aren't borrowing money or connecting it to a current account. Additionally, using it won't have any impact on your credit score. Similar to gift cards or vouchers, prepaid cards enable their users to make purchases up until the time that money is available in the cards. It's common to use a prepaid debit card instead of carrying cash. Prepaid debit and prepaid credit cards are the two varieties of prepaid cards. With a prepaid debit card, you can load it with funds from your main checking account and use it just like a regular debit card up to the available balance. People frequently utilize prepaid credit cards, also referred to as "secured credit cards," to establish or raise their credit scores since they are backed by an initial "collateral payment" or "security deposit."
As a cash substitute during the COVID-19 pandemic, prepaid cards saw a sharp increase in demand throughout African and Middle Eastern countries. The expansion of technology-driven goods and services is largely to blame for the increase in the use of prepaid card payment methods in this region. Governments are also encouraging residents of the region to use cashless payment systems like mobile and digital wallets, which is promoting the expansion of prepaid cards there.
Prepaid cards are also gaining increasing adoption among consumers in Middle east and Africa who do not have a good credit score or an existing bank account in the region. Moreover, prepaid cards are also gaining traction among students, expatriate workers, and blue-collar service providers, as the payment solution offers a range of services such as sending remittances, payroll processing, gifting, government benefit disbursement, and several others
Middle East and Africa Prepaid Card Market Trends
This section covers the major market trends shaping the MEA Prepaid Card Market according to our research experts:
Digital and Mobile Banking is Driving the Market
Mobile banking offers customers various real-time physical and digital touchpoints, representing an entirely new, reinvented customer journey. Banks must continually assess the customer journey in light of customer satisfaction metrics and learn how to meet customers' needs. For the time being, a hybrid strategy that combines human interaction with technological innovation may be the best method to address client needs that are difficult to transfer entirely to the digital space.
The emergence of digital banking is exciting since these services will fast become the standard. Because of their characteristics, they are more adaptable and creative while coming up with answers. Compared to regular high-street banks, they have significantly lower acquisition expenses. They can also use data right away, allowing them to continuously enhance their services and meet the needs of their clients. These factors are driving the market of prepaid cards in the MENA region.
Increase in FinTech Services is driving the Market
The initial wave of fintech companies in the Middle East and North Africa (Mena) area have emerged as expected, replicating business models from more advanced fintech markets and offering wallets and creative payment methods including platforms that use sound and Bluetooth. The fast-expanding FinTech ecosystem is more expansive and revolutionary thanks to an increasingly sophisticated supportive regulatory environment. The industry is going through a phase of localized, the cooperative invention that gives rise to new loan solutions, virtual/prepaid card payment systems, sector-specific digital services, and improvements in wealth technology and regulatory technology.
To stay ahead of the curve and compete as market leaders, Mena's FinTech entrepreneurs must overcome several numbers of new issues. One of the most expected worries is value: with so many unique commercial methods and unproven solutions, it is challenging for investors to judge real-world value. Additionally, there is a genuine risk that there may be significant sums of money chasing bad ideas or the subpar execution of good ones in a climate of excessive liquidity in the capital markets.
Middle East and Africa Prepaid Card Industry Overview
The report covers major players operating in the Middle East and Africa prepaid cards Market. In terms of market share, few of the major players currently dominate the market. However, with technological advancement and service innovation, domestic to international companies are increasing their market presence by securing new contracts and tapping new markets. It has major players, including Amazon Inc., American Expess, Visa, etc.
Middle East and Africa Prepaid Card Market Leaders
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Amazon
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Wal-mart Store Inc.
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Next Plc
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Visa
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American Express
*Disclaimer: Major Players sorted in no particular order
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Middle East and Africa Prepaid Card Market News
- In September 2022, One of Egypt's leading banks and a fintech company jointly created Telda prepaid cards, which were powered by Mastercard's debut. The ground-breaking payment solution is the result of a fruitful partnership between Telda, a rapidly expanding Egyptian fintech start-up, and Banque du Caire, one of the nation's top financial institutions.
- In April 2022, The Central Bank of Egypt has given the top fintech and electronic payments startup, OPay Egypt, the initial go-ahead to issue prepaid cards using its OPay app.
Middle East and Africa Prepaid Card Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
- 4.1 Market Overview
- 4.2 Market Drivers
- 4.3 Market Restraints
- 4.4 Insights on Various Regulatory Trends Shaping Market in the Middle East and Africa
- 4.5 Insights on impact of technology
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4.6 Industry Attractiveness - Porters' Five Forces Analysis
- 4.6.1 Threat of New Entrants
- 4.6.2 Bargaining Power of Buyers
- 4.6.3 Bargaining Power of Suppliers
- 4.6.4 Threat of Substitutes
- 4.6.5 Intensity of Competitive Rivalry
- 4.7 Impact of Covid-19 on the Market
5. MARKET SEGMENTATION
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5.1 Offering
- 5.1.1 General Purpose
- 5.1.2 Gift Card
- 5.1.3 Government Card
- 5.1.4 Incentive/ Payroll
- 5.1.5 Others
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5.2 Card Type
- 5.2.1 Closed- Loop Card
- 5.2.2 Open- Loop Card
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5.3 End- User
- 5.3.1 Retail
- 5.3.2 Corporate
- 5.3.3 Government
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5.4 Geography
- 5.4.1 Saudi Arabia
- 5.4.2 United Arab Emirates
- 5.4.3 South Africa
- 5.4.4 Rest of the Middle East and Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Market Concentration
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6.2 Company Profiles
- 6.2.1 Amazon
- 6.2.2 Wal-mart Stores Inc.
- 6.2.3 Next Plc.
- 6.2.4 Visa
- 6.2.5 American Express
- 6.2.6 Alawwal bank
- 6.2.7 First Abu Dhabi Bank
- 6.2.8 Access Bank Plc
- 6.2.9 Capitec Bank
- 6.2.10 Equity Bank
- 6.2.11 Al Fardan
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
** Subject To AvailablityMiddle East and Africa Prepaid Card Industry Segmentation
Prepaid cards are a type of payment card that can be used just like credit cards or debit cards to make purchases or pay bills. These pre-loaded cards are distributed by banks, financial institutions, and other organizations. Users have the option to conduct a transaction without paying interest in the future. The Middle East and Africa Prepaid Card Markets are segmented by Offering (General purpose card, Gift card, Government benefit card, Incentive/Payroll card, and others), by Card type (Closed-loop card and Open-loop card), and by End-user (Retail, Corporate, and Government), and by Geography (Saudi Arabia, United Arab Emirates, South Africa, and the Rest of the Middle East and Africa). The report offers market size and forecasts for the Middle East and Africa Prepaid Card Market in value (USD Million) for all the above segments.
| Offering | General Purpose |
| Gift Card | |
| Government Card | |
| Incentive/ Payroll | |
| Others | |
| Card Type | Closed- Loop Card |
| Open- Loop Card | |
| End- User | Retail |
| Corporate | |
| Government | |
| Geography | Saudi Arabia |
| United Arab Emirates | |
| South Africa | |
| Rest of the Middle East and Africa |
Middle East and Africa Prepaid Card Market Research FAQs
What is the current Middle East and Africa Prepaid Card Market size?
The Middle East and Africa Prepaid Card Market is projected to register a CAGR of greater than 9% during the forecast period (2024-2029)
Who are the key players in Middle East and Africa Prepaid Card Market?
Amazon, Wal-mart Store Inc., Next Plc, Visa and American Express are the major companies operating in the Middle East and Africa Prepaid Card Market.
What years does this Middle East and Africa Prepaid Card Market cover?
The report covers the Middle East and Africa Prepaid Card Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Middle East and Africa Prepaid Card Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
MEA Prepaid Card Industry Report
Statistics for the 2024 MEA Prepaid Card market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. MEA Prepaid Card analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
