Africa & Middle East Prepaid Card and Digital Wallet Market Report 2022: Market … – Press Release

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Dublin, March 09, 2022 (GLOBE NEWSWIRE) — The “Africa & Middle East 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 Africa & Middle East increased at a CAGR of 10.8% during 2017-2021. Over the forecast period of 2022 to 2026, the market is expected to record a CAGR of 13.7%, increasing from US$56.52 billion in 2022 to reach US$94.61 billion by 2026.

The demand for prepaid cards surged significantly as an alternative to cash in the last four to six quarters in the Africa & Middle East region. The growth in the adoption of prepaid card payment methods in this region is primarily because of the rise in technology-driven products and services. Moreover, governments are persuading the consumers in the region to use cashless payment methods such as digital and mobile wallets, thereby supporting the growth of prepaid cards in the region.

Prepaid cards are also gaining increasing adoption among consumers 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.

Telecom providers are integrating virtual prepaid cards in their digital wallets in South Africa

With the rise in online shopping among South Africans, digital wallet providers are developing virtual payment solutions with fintech partners.

  • In June 2021, South African wireline and wireless telecommunications provider Telkom, introduced a virtual card for use on WhatsApp for its digital wallet, Telkom Pay, users.
  • Telkom collaborated with Mastercard, Nedbank, and leading fintech enablement…

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