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Yahoo
6 days ago
- Business
- Yahoo
Egypt Prepaid Card and Digital Wallet Intelligence Report 2025: Market to Grow by 15.6% to Reach £4.36 Billion this Year - Future Growth Dynamics to 2029
Egypt's prepaid card and digital wallet market is projected to grow by 15.6% annually, reaching $4.36 billion by 2025. Driven by government initiatives, increased digital adoption, and mobile payment integration, the market is set for continued expansion with a 13.2% CAGR from 2025 to 2029. Egyptian Prepaid Card and Digital Wallet Market Dublin, June 09, 2025 (GLOBE NEWSWIRE) -- The "Egypt Prepaid Card and Digital Wallet Market Intelligence and Future Growth Dynamics Databook - Q2 2025 Update" report has been added to prepaid card and digital wallet market in Egypt is expected to grow by 15.6% on annual basis to reach US$ 4.36 billion in 2025. The prepaid card and digital wallet market in the country has experienced robust growth during 2020-2024, achieving a CAGR of 17.7%. This upward trajectory is expected to continue, with the market forecast to grow at a CAGR of 13.2% during 2025-2029. By the end of 2029, the prepaid card and digital wallet market is projected to expand from its 2024 value of US$ 3.77 billion to approximately US$ 7.17 billion. This expansion is driven by the rising adoption of digital payments and the integration of prepaid cards into various consumer and corporate applications. Initiatives aimed at enhancing financial inclusion and reducing reliance on cash transactions further support the market's growth. Prepaid cards' convenience and flexibility make them a popular choice for everyday purchases and online prepaid card market is expanding rapidly, driven by government initiatives, increased digital payment adoption, and growing corporate usage. Integrating prepaid cards with digital wallets and mobile payment platforms has further reinforced this trend, enabling more seamless and secure financial transactions. Additionally, the rise of the Meeza national payment system has facilitated financial inclusion, particularly among unbanked populations, contributing to broader market penetration. Looking ahead, prepaid cards will continue to play a central role in Egypt's transition toward a more cashless economy. Financial institutions and fintech companies are expected to introduce more tailored prepaid solutions, while regulatory support will further accelerate market growth. Businesses that invest in digital innovation and strategic partnerships will be well-positioned to capitalize on the increasing demand for flexible and secure payment solutions in Egypt's evolving financial landscape. Key Players and Market Share Prominent financial institutions such as Banque Misr and fintech companies like PayMint have established a significant presence in Egypt's prepaid card sector. Banque Misr has been actively expanding its digital payment solutions. At the same time, PayMint, in collaboration with Abu Dhabi Islamic Bank - Egypt, has introduced Meeza prepaid cards to cater to evolving consumer preferences. In recent years, new entrants have introduced innovative products to cater to evolving consumer preferences. For instance, fintech firms are collaborating with banks to offer digital payroll solutions using prepaid cards to enhance financial inclusion among unbanked populations. Rapid Expansion of the Prepaid Card Market The Egyptian government's initiatives to promote financial inclusion and reduce cash dependency have significantly contributed to this growth. The introduction of the Meeza national payment system exemplifies efforts to integrate unbanked populations into the formal financial sector. The prepaid card market is expected to continue its robust expansion, driven by ongoing governmental support and increasing consumer acceptance of cashless transactions. Financial institutions will likely develop more tailored prepaid solutions for diverse consumer needs. Integration with Digital Wallets and Mobile Payments Prepaid card integration with digital wallets and mobile payment platforms is becoming more prevalent in Egypt, providing consumers with a seamless and efficient way to conduct transactions. This trend is driven by the increasing shift toward cashless payments, with prepaid cards now being linked to widely used platforms such as Vodafone Cash, Orange Money, and FawryPay. The ability to load, store, and use prepaid cards through mobile applications is enhancing convenience and accessibility for both banked and unbanked consumers. The rapid adoption of smartphones and expanded internet penetration have significantly influenced this trend as more Egyptians seek digital-first financial solutions. Mobile wallets offer enhanced security and ease of use, allowing consumers to make payments, transfer funds, and manage finances in real-time. Government initiatives aimed at promoting digital financial inclusion and reducing dependence on cash transactions further support this shift. Over the next two to four years, the integration of prepaid cards with mobile wallets is expected to deepen, providing users with more versatile payment options. Advances in digital infrastructure, biometric authentication, and real-time transaction tracking will further enhance security and usability. As fintech companies and financial institutions innovate, prepaid cards will play an increasingly significant role in Egypt's growing digital payment ecosystem. Corporate Adoption of Prepaid Solutions Egyptian businesses are increasingly integrating prepaid cards into their financial operations for employee compensation, expense management, and customer incentive programs. These cards provide a flexible alternative to cash-based transactions, enabling companies to distribute salaries, bonuses, and travel allowances efficiently. The shift toward prepaid solutions is particularly beneficial for businesses looking to enhance financial control and reduce administrative burdens associated with traditional reimbursement methods. The growing demand for efficient financial management tools has accelerated the adoption of prepaid cards across various corporate sectors. Companies leverage these cards to streamline expense tracking, improve budget management, and enhance security by reducing cash handling. Additionally, prepaid cards offer customizable spending controls, allowing employers to set limits and monitor transactions in real-time, ensuring compliance with financial policies. Over the next two to four years, corporate adoption of prepaid cards in Egypt is expected to increase as businesses seek cost-effective and secure financial solutions. The increasing collaboration between fintech companies and financial institutions will lead to more tailored prepaid solutions catering to specific corporate needs. As digital payment infrastructure advances, prepaid cards will be crucial in modernizing business transactions and improving overall financial efficiency. Recent Launches and Partnerships Strategic collaborations have been pivotal in shaping Egypt's prepaid card market. For example, in January 2025, Egyptian fintech PayMint partnered with Abu Dhabi Islamic Bank - Egypt to launch Meeza prepaid cards, aiming to enhance their digital offerings and expand market reach. Additionally, the market has consolidated through mergers and acquisitions as companies seek to strengthen their positions and broaden their product portfolios. For instance, Egypt's MNT-Halan acquired Turkey's largest non-bank micro-leasing company, Tam Finans, to develop its factoring business in Egypt and expand consumer credit in Turkey. Anticipated Market Evolution (Next 2-4 Years) The competitive intensity in Egypt's prepaid card market is anticipated to increase, driven by technological advancements and evolving consumer preferences. Established players are expected to enhance their digital offerings, while new entrants may introduce innovative solutions such as cryptocurrency-based prepaid cards. Strategic partnerships and acquisitions are likely to continue as companies seek to expand their market share and diversify their product portfolios. Additionally, regulatory developments to increase transparency and reduce transaction costs may influence market dynamics, encouraging more competition and innovation. Regulatory Changes Furthermore, the CBE has initiated the registration of payment service providers (PSPs) to bring them under its regulatory purview, aiming to enhance the security and reliability of digital transactions. This move addresses criticisms of Egypt's outdated digital payment infrastructure and is expected to foster competition and innovation in a market currently dominated by the largest banks. Prepaid Card Market Analysis Metrics Assessed: The study examines the prepaid card market through various lenses, including transaction value, transaction volume, average transaction value, load value, and the total number of cards in circulation. Card Types: A distinction is made between open-loop and closed-loop prepaid cards, providing insights into their respective market shares and growth trajectories. Usage Categories: The report segments the prepaid card market into various categories such as general-purpose cards, business and administrative expense cards, travel forex cards, and meal cards. Business Segmentation: Further segmentation is provided based on business size and type, including small-scale businesses, mid-tier businesses, enterprise-level businesses, government entities, and retail consumers. Sector-Specific Applications: The analysis extends to specific sectors utilizing prepaid cards, including transit and toll payments, healthcare and wellness services, social security and other government benefit programs, fuel purchases, utilities, and more. Digital Wallet Market Insights Key Segments: The digital wallet market is dissected across five primary spending categories: retail shopping, travel, entertainment and gaming, dining establishments, and recharge and bill payments. Performance Metrics: For each segment, the report evaluates transaction value, transaction volume, and average transaction value, offering a granular view of consumer spending behaviors. Retail Spend Breakdown: An in-depth analysis is provided for retail spending via digital wallets, covering categories such as food and grocery, health and beauty products, apparel and footwear, books, music and video, consumer electronics, pharmacy and wellness, gas stations, restaurants and bars, toys, kids and baby products, services, and other miscellaneous categories. Virtual Prepaid Card Market Segmentation Categories Analyzed: The virtual prepaid card market is segmented into key categories, including general-purpose cards, gift cards, entertainment and gaming cards, teen and campus cards, business and administrative expense cards, payroll cards, meal cards, travel forex cards, transit and toll cards, social security and other government benefit program cards, fuel cards, utilities, and other miscellaneous categories. Performance Evaluation: For each category, the report assesses transaction value, providing insights into the adoption and usage patterns of virtual prepaid cards across different consumer segments. Consumer Usage Trends Age Groups: Identifying usage patterns across different age demographics. Income Levels: Analyzing how income brackets influence prepaid card adoption and usage. Gender: Examining differences in usage trends between genders. For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Attachment Egyptian Prepaid Card and Digital Wallet Market CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900
Zawya
24-04-2025
- Business
- Zawya
Egypt's Digital Issuing Revolution – Apple Tokenisation Drives Interest
Payment Industry Trends in Egypt The payments landscape in Egypt is undergoing significant transformation, influenced by both technological advancements and changing consumer behaviour. Digital adoption is on the government's agenda, especially when it comes to SMEs (small medium enterprises) which have seen a fast-growing fintech scene. On the agenda are efforts to target the underbanked and drive mobile digital first propositions, which accelerated after the pandemic. Alongside this has been a notable increase in card issuance owing to the growing acceptance of digital payments. Banks are launching within the market digital payment products such as contactless cards and mobile wallets. Even more recently, in late 2024, saw Apple Wallet enter the market and with the three largest bank issuers launched tokenisation. This has been hugely popular, and take-up has been high. So much so that the remainder of the banks are lining up to also tokenise. On the acquiring front, there has been a spate of M&A activity to consolidate and drive efficiency, so the focus continues to be price driven around rates and merchant retention efforts from value-added services. But new payment methods like QR codes and InstaPay have taken off. Despite this market push, Egypt's 34 banks have been issuing cards for decades and there is around 25,000 ATMs. Most of the issued cards are debit or prepaid in nature. The high inflation caused by crises like Ukraine has led to low usage of credit cards. As a foreigner visiting, it is surprisingly a country where you feel you need cash. I haven't been to an ATM to withdraw cash for I can't remember how long, and whilst I sought to resist going to see if I could survive digitally as I have easily done in Ethiopia, Kenya, Tanzania etc, the challenge to find a restaurant that would take a card almost beat me. Egypt is surprisingly still very heavily cash driven. Change is taking place though. According to Mastercard's New Payment Index 2022, 67% of Egyptians increased their use of digital payment methods during the COVID-19 pandemic. On my visit to market, I got to spend time with leading payments company EBE (Egyptian Bureau for Engineering) which has played a key role in over 40 years to help with card production and personalisation, accounting for circa 95% of the cards in circulation, they have also deployed many of the POS terminals and ATMs in market. Talking with their team, younger consumers now prefer mobile wallets and contactless payments as safer and more convenient alternatives. Initiatives like the national domestic payment scheme, Meeza, support this shift offering prepaid cards to enable users to engage in cashless transactions while still providing access to cash withdrawals when needed. Digital payment platforms are emerging as key players in this transition, allowing consumers to settle bills and make purchases online. Some of the more popular are: Fawry: I believe the largest and most popular digital payment platforms provide a wide range of services, including bill payments, mobile top-ups and online shopping. Customers access Fawry through its app or physical kiosks, making it versatile, and its extensive network ensures broad acceptance among merchants and service providers. MyFawry extends into an online platform to make both online and offline payments and is now widely accepted across different sectors, including utilities and government services. Easycash: allows users to conduct transactions and money transfers via a mobile app. It supports payments through QR codes or by entering a merchant's phone number, facilitating everything from bill payments to online shopping. With a user-friendly interface and loyalty programmes that reward frequent users, its popularity is growing fast. Halan: is a digital wallet primarily used for transport and food delivery services, but it also supports various online purchases. Users make payments by scanning QR codes or entering merchant details, making it a convenient cashless transaction option. InstaPay: enables instant real-time payment transactions through a mobile app linked to users' bank accounts or credit cards. Enabling secure payments for bills and online purchases, it enhances convenience by providing detailed transaction histories and expense tracking. Sympl: facilitates payments for utilities, online shopping and person-to-person transfers through its mobile payment platform. Users manage their finances through the app, which allows payments via QR codes or linked accounts. ALAHLI E-Wallet: provided by the National Bank of Egypt, allows smartphone users to perform transactions supporting payments at various merchants and facilitating P2P fund transfers between wallet users. Masary and Aman: are both notable digital payment platforms catering to a wide range of consumer needs with user-friendly interfaces designed to enable cashless transactions for utilities, government services and retail purchases. The newest of these and probably the one with the fastest future growth potential is InstaPay, which also has a strong secure payment environment, using 128-bit encryption to protect data transmitted through its platform. The platform incorporates 3D Secure technology, which adds an additional layer of security during online transactions so that cardholders verify their identity through a one-time PIN or password and two-factor authentication (2FA), which adheres to the Payment Card Industry Data Security Standard (PCI DSS). Will Egypt trail in the digitalisation wake of other African countries? Possibly. Egypt has certainly had a huge boost being one of the first batch of African countries to regulate for a major X-Pay Wallet deployment, and with Apple Pay the deployment has gone exceedingly well. But other African governments and Central Banks are pushing regulation that incentivises the digitalisation of cash, for example Libya, others are pushing a more aggressive digital issuance drive like Ethiopia, some have already implemented innovative National QR code schemes like Kenya and Tanzania and some, like Tanzania, are even offering tax incentives to encourage higher end NFC-enabled devices like smartphones and wearables to come into the market which, with a virtual card issuing push and tokenisation of this, will help countries leapfrog the resistance to cash. From my recent visit and attempts to find ways to pay by card, Egypt possibly needs an additional stimulus to encourage certainly older people and SMEs to embrace digital payments. However, Egypt is a huge market and therefore the opportunity is also large. Once a tipping point is reached with digital payment adoption, usage will accelerate rapidly. What is definitely at play is a wide range of options. This ubiquity will mean that banks need to orchestrate several different methods of payment for its customers. With most banks having bought their core card management systems or payment switches over a decade ago there is a local need by the banks to protect these core (legacy) technologies. Whilst several options may exist, the most cost / time economic solution also maximising flexibility, agility and the reduction of operational risk when deploying new products is payment fabric. Payment Fabric enables digital first mobile friendly payment experiences without replacing existing systems Payment fabric provides a modern microservice approach to deploy new features without replacing existing investments. This is where Stanchion's Payment Fabric provides a critical advantage. Our modular and adaptive technology bridges the gap between legacy banking infrastructure and next-generation digital payment experiences. By enabling seamless integration across banking platforms, card networks and digital wallets, we empower financial institutions to innovate at speed, optimise costs and deliver the frictionless digital experiences that modern consumers expect. To remain competitive, banks must invest in robust digital infrastructure, forge strategic partnerships and prioritise customer-centric solutions that match the convenience of digital payments. With a global footprint and deep Middle East and Africa market expertise, Stanchion is uniquely positioned to support this transition — helping banks build scalable, future-ready payment ecosystems that align with Egypt's changing and dynamic economy. Stanchion is ready to collaborate and shape the future of payments with Egyptian Banks and Fintechs.
