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Egypt Prepaid Card and Digital Wallet Market Databook 2022: Market Size and Forecast, Consumer Attitude & Behaviour, Retail Spend 2017-2026DUBLIN, Sept. 15, 2022 /PRNewswire/ -- The "Egypt 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 Egypt increased at a CAGR of 14.9% during 2017-2021. Over the forecast period of 2022 to 2026, the market is expected to record a CAGR of 16.2%, increasing from US$2.75 billion in 2022 to reach US$5.00 billion by 2026. In recent years, the digitalization of payment instruments created a significant growth opportunity for fintech companies in Egypt. Moreover, according to the Q4 2021 Global Prepaid Card Market Survey, the adoption of digital wallets has increased substantially since the onset of Covid-19. Additionally, government initiatives are boosting the demand. Consequently, the new initiative has also helped the vast unbanked population of the country. Together with this, the Egyptian government is also planning to launch a single transit card, which may further support the growth of the prepaid card market in the next four to eight quarters. Egypt has a huge unbanked population, and various partnerships are witnessed to develop innovative digital solutions to cater to the monetary needs of these Egyptians.
Fintech companies are collaborating with banks to offer digital payroll solutions Egypt is home to many migrant workers, and many of them have no access to bank accounts. Therefore, companies face many challenges while paying salaries or any incentives. Therefore, fintech companies are launching innovative solutions for the payment of employees.
With the increasing Covid measures, various companies are reshaping the business by integrating technology. The trend propelled various partnerships to emerge in the country to capture market share. For instance,
The publisher expects that these alternative banking services offered by the virtual system will match the changing digital payments pattern of the consumers, resulting in the high adoption of such prepaid payment instruments in the country. Scope
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