Dublin, March 15, 2022 (GLOBE NEWSWIRE) -- The "Saudi Arabia 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 Saudi Arabia increased at a CAGR of 8.6% during 2017-2021. Over the forecast period of 2022 to 2026, the market is expected to record a CAGR of 9.4%, increasing from US$7.31 billion in 2022 to reach US$10.48 billion by 2026.
Though cash has been a central payment method in the economy, Saudi Arabian youths are increasingly adopting cashless payment methods in the country. Moreover, with the outbreak of the pandemic, cashless activity increased by almost 75%.
Additionally, the strong e-commerce market's growth also acted as a tailwind in the growth of the prepaid card market in Saudi Arabia. Notably, usage of digital wallets and prepaid cards in e-commerce transactions, especially fashion, electronics, and grocery sectors, have witnessed significant growth over the last four to six quarters.
Rising adoption of prepaid cards increased investment opportunities
With strong demand for prepaid cards among the consumers, especially millennials, fintech companies are raising funds to expand their businesses.
- In January 2021, Saudi Arabia-based alternative savings app and prepaid card provider, Hakbah raised US$1.2 million in a seed round. The startup, since its launch in July 2020, has 5,000 users representing 25 different countries.
- In September 2020, the company signed a multi-year strategic partnership agreement with Visa to issue prepaid cards to its customers in Saudi Arabia and GCC.
- This partnership was mainly focused on digitizing payments, increasing capitalization of savings, and better savings solutions for the underbanked population of the country.
- Moreover, the company, six months prior to raising the round, received approval from SAMA, Saudi Arabia's central bank, to introduce commercial services. The platform also intends to modernize saving behaviors amongst traditional savings groups known as jamiya.
In March 2021, another Riyadh-based digital wallet company, Hala, raised US$6.5 million.
- The company brought a Visa/Mada Card together with a POS device, a bank account in the market in early 2020, focusing on financial services to SMEs.
- Through these instruments, the SMEs will be able to manage all their payments (inbound and outbound) through Hala's wallet app.
Amazon collaborated with local artists to launch theme-based gift cards
Online platforms are collaborating with local artists and influencers to design gift cards for special occasions or festival greetings.
- In May 2021, Saudi artist Majd Shaker Jaha created a new collection featuring artistic designs for Amazon for the occasion of Eid Al-Fitr. These Eid-themed electronic gift cards are available on Amazon.ae.
- The special edition Eid-themed eGift Cards are also available in different denominations. Moreover, the Amazon.ae Gift Card can be redeemed by the user while entering the code during the time of check out or even can add to their Amazon.ae account.
Scope
Companies
- Savola Group
- Landmark Group
- Saudi Co For Hardware (SACO)
- Inter Ikea Systems BV
- Jarir Marketing Co
- United Electronics Co
- Inditex, Industria de Diseno Textil SA
Saudi Arabia Digital Wallet Market Size and Forecast
- Transaction Value Trend Analysis
- Transaction Volume Trend Analysis
- Average Value per Transaction
Saudi Arabia 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)
Saudi Arabia 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, 2017 - 2026
Market Share Analysis by Prepaid Card Categories
Saudi Arabia Open Loop Prepaid Card Future Growth Dynamics, 2017 - 2026
- Transaction Value Trend Analysis
- Transaction Volume Trend Analysis
- Average Value per Transaction
- Number of Cards
Saudi Arabia Closed Loop Prepaid Card Future Growth Dynamics, 2017 - 2026
- Transaction Value Trend Analysis
- Transaction Volume Trend Analysis
- Average Value per Transaction
- Number of Cards
Saudi Arabia Prepaid Card Consumer Usage Trends
- By Age Group
- By Income Group
- By Gender
Saudi Arabia General Purpose Prepaid Card Market Size and Forecast
Saudi Arabia 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
Saudi Arabia Entertainment and Gaming Prepaid Card Market Size and Forecast
Saudi Arabia 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
Saudi Arabia 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
Saudi Arabia Payroll Prepaid Card Market Size and Forecast
- By Small Scale Business Segment
- By Mid-Tier Business Segment
- By Enterprise Business Segment
- By Government Segment
Saudi Arabia Meal Prepaid Card Market Size and Forecast
- By Small Scale Business Segment
- By Mid-Tier Business Segment
- By Enterprise Business Segment
- By Government Segment
Saudi Arabia 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
Saudi Arabia Transit and Tolls Prepaid Card Market Size and Forecast
Saudi Arabia Healthcare and Wellness Prepaid Card Market Size and Forecast
Saudi Arabia Social Security and Other Government Benefit Programs Prepaid Card Market Size and Forecast
Saudi Arabia Fuel Prepaid Cards Market Size and Forecast
Saudi Arabia Utilities, and Other Prepaid Cards Market Size and Forecast
For more information about this report visit https://www.researchandmarkets.com/r/1l7t27
