UAE Prepaid Card Market Research Report, 2030

The UAE prepaid card market is experiencing robust growth, driven by a combination of increasing financial inclusion, the rapid adoption of digital payment solutions, and government-led initiatives promoting cashless transactions. As the country strengthens its position as a global financial hub, prepaid cards have gained significant traction due to their convenience, security, and accessibility. A key driver of growth is the increasing number of expatriate workers who require prepaid payroll cards for salary disbursement, aligning with the UAE’s Wage Protection System (WPS). Additionally, as businesses shift towards cashless operations, prepaid cards have become an essential tool for managing employee expenses, corporate incentives, and travel allowances. The widespread adoption of mobile banking and digital wallets has further accelerated the demand for prepaid cards, allowing users to conduct seamless transactions across multiple platforms. With a rising focus on financial inclusion, the government is introducing prepaid solutions for social welfare programs, benefit disbursements, and transportation services. Another contributing factor is the booming e-commerce sector, where prepaid cards are increasingly used for secure and hassle-free online transactions. The growing popularity of gift cards has also strengthened the market, with retailers and businesses leveraging prepaid solutions for customer engagement and brand loyalty. As cybersecurity concerns rise, financial institutions are integrating advanced security features, such as biometric authentication and real-time fraud detection, into prepaid card systems to enhance user confidence. The expansion of fintech startups and neobanks has introduced more innovative prepaid offerings, including virtual prepaid cards that cater to digital consumers. According to the research report "UAE Prepaid Card Market Research Report, 2030," published by Actual Market Research, the UAE Prepaid Card market was valued at more than USD 16.51 Billion in 2024. UAE prepaid card market is witnessing several transformative trends that are reshaping its growth and adoption across different consumer and business segments. One of the most prominent trends is the increasing integration of prepaid cards with mobile payment solutions, enabling users to conduct contactless and digital transactions seamlessly. As digital banking gains momentum, prepaid cards are becoming a preferred choice for individuals seeking flexible financial solutions without traditional bank accounts. The rapid rise of fintech firms and neobanks has led to the development of innovative prepaid card solutions, including virtual cards tailored for e-commerce transactions, travel, and expense management. Another key trend is the expansion of payroll prepaid cards, particularly for expatriate workers, as companies seek efficient and compliant wage payment systems under government-mandated wage protection regulations. Retailers are also leveraging prepaid cards as part of their customer loyalty programs, offering incentives, discounts, and cashback rewards to boost consumer engagement. The demand for travel prepaid cards has surged, especially among frequent travelers who require secure, cost-effective, and globally accepted payment solutions. Government initiatives promoting cashless transactions in public transport, social welfare schemes, and public services have further propelled the market’s expansion. Security enhancements, including biometric authentication, tokenization, and AI-driven fraud prevention systems, are being incorporated into prepaid card solutions to enhance user trust and data protection. The rise of cryptocurrency-backed prepaid cards is another emerging trend, enabling consumers to use digital assets for everyday transactions.

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The UAE prepaid card market is segmented into open-loop and closed-loop prepaid cards, each serving distinct consumer and business needs. Open-loop prepaid cards have gained significant traction due to their widespread acceptance across merchants, ATMs, and international networks such as Visa and Mastercard. These cards offer flexibility, allowing users to make purchases, withdraw cash, and transfer funds both domestically and internationally. They are particularly popular among expatriate workers, businesses, and frequent travelers who require a seamless payment solution for cross-border transactions. Open-loop prepaid cards are also widely used in corporate expense management, payroll distribution, and financial services for unbanked populations. On the other hand, closed-loop prepaid cards are limited to specific retailers, service providers, or ecosystems, making them ideal for customer loyalty programs, gift cards, and transit payments. Many businesses and retailers issue closed-loop prepaid cards to enhance brand engagement, encourage repeat purchases, and simplify payment processes within their networks. These cards have become increasingly common in sectors such as hospitality, entertainment, and retail, where businesses seek to create a seamless customer experience. With the expansion of e-commerce and digital services, virtual closed-loop prepaid cards are also gaining popularity, particularly for online shopping and subscription-based services. The growing adoption of prepaid transit cards, especially in urban centers, is another key driver of the closed-loop segment. Prepaid cards in the UAE serve a variety of applications, catering to individuals, businesses, and government entities. General-purpose reloadable (GPR) cards are among the most widely used prepaid solutions, offering consumers the ability to load funds, make transactions, and manage personal finances with greater flexibility. These cards are particularly popular among individuals who do not have traditional bank accounts, providing them with a secure and accessible payment alternative. Gift cards have also seen substantial growth, driven by retail and corporate demand for digital gifting solutions, promotions, and employee rewards. The UAE’s vibrant retail sector has capitalized on gift cards to enhance customer loyalty, leading to their widespread availability across supermarkets, department stores, and online platforms. Payroll cards have become a critical component of the UAE’s labor market, ensuring that salaries are disbursed in a secure, regulated, and efficient manner, particularly for expatriate workers under the Wage Protection System (WPS). Government benefit cards play a significant role in distributing social welfare payments, subsidies, and public assistance programs, supporting financial inclusion efforts. Travel prepaid cards are increasingly favored by UAE residents and tourists alike, offering a secure and convenient alternative to carrying cash, with added benefits such as reduced foreign exchange fees and fraud protection. Other prepaid card applications include student prepaid cards for educational expenses, fuel cards for transportation-related payments, and healthcare prepaid cards for medical expenses. The UAE prepaid card market caters to three primary end-user groups: retail consumers, corporate & businesses, and the government & public sector. Retail consumers represent the largest segment, with prepaid cards being widely used for daily transactions, online purchases, travel expenses, and financial management. With the increasing adoption of digital payments, many individuals prefer prepaid cards over traditional banking products, particularly those who seek budget control, security, and financial flexibility. Expatriate workers, who make up a significant portion of the UAE’s population, rely heavily on prepaid payroll cards for salary payments and remittance transfers, driving further demand in this segment. Corporate and business users have also emerged as a key market, utilizing prepaid cards for payroll distribution, employee incentives, business travel expenses, and expense management. Many companies issue prepaid cards to employees as a more controlled and efficient alternative to traditional reimbursement methods, streamlining financial operations. Prepaid fuel cards, corporate gifting cards, and business travel cards have gained popularity in this segment, enabling businesses to optimize spending and enhance financial transparency. The government and public sector are also substantial contributors to the prepaid card market, using these payment solutions for social welfare programs, public service transactions, and cashless public transport systems. Government benefit cards are widely used for distributing financial aid, subsidies, and pension payments, supporting the UAE’s efforts toward financial inclusion. With growing collaborations between financial institutions, fintech firms, and government bodies, the prepaid card market continues to expand across all end-user segments, driven by digitalization, regulatory advancements, and increasing consumer and business adoption.

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Nikita Jabrela

Business Development Manager

Considered in this report • Historic Year: 2019 • Base year: 2024 • Estimated year: 2025 • Forecast year: 2030 Aspects covered in this report • Prepaid Card Market with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation By Card Type • Open-Loop Prepaid Cards • Closed-Loop Prepaid Cards

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By Application • General-Purpose Reloadable (GPR) Cards • Gift Cards • Payroll Cards • Government Benefits Cards • Travel Cards • Others By End User • Retail Consumers • Corporate & Businesses • Government & Public Sector By Usage • Single-Use Prepaid Cards • Multi-Use Prepaid Cards By Distribution Channel • Banking Institutions • Retail Stores • Online Platforms The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to agriculture industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.