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According to ResearchAndMarkets, the United Arab Emirates prepaid card and digital wallet market (by value) grew at a CAGR of 9.2% from 2018 to 2022, according to ResearchAndMarkets. The market is expected to register a CAGR of 12.3% during the forecast period of 2023 to 2027, increasing from $5.66 billion in 2022 to $10.3 billion by 2027.
The report provides a comprehensive data-driven analysis of prepaid payment instruments in the United Arab Emirates (UAE), including spending through prepaid cards and digital wallets in the retail and corporate consumer segments. According to the report, the adoption rate of cryptocurrencies in the UAE market has continued to grow, and holders are looking for an easy way to redeem their investments. As a result, cryptocurrency platforms are forming partnerships with payment providers, a trend that is evident around the world.