Market Trends of Middle East and Africa Prepaid Card Industry
This section covers the major market trends shaping the MEA Prepaid Card Market according to our research experts:
Digital and Mobile Banking is Driving the Market
Mobile banking offers customers various real-time physical and digital touchpoints, representing an entirely new, reinvented customer journey. Banks must continually assess the customer journey in light of customer satisfaction metrics and learn how to meet customers' needs. For the time being, a hybrid strategy that combines human interaction with technological innovation may be the best method to address client needs that are difficult to transfer entirely to the digital space.
The emergence of digital banking is exciting since these services will fast become the standard. Because of their characteristics, they are more adaptable and creative while coming up with answers. Compared to regular high-street banks, they have significantly lower acquisition expenses. They can also use data right away, allowing them to continuously enhance their services and meet the needs of their clients. These factors are driving the market of prepaid cards in the MENA region.
Increase in FinTech Services is driving the Market
The initial wave of fintech companies in the Middle East and North Africa (Mena) area have emerged as expected, replicating business models from more advanced fintech markets and offering wallets and creative payment methods including platforms that use sound and Bluetooth. The fast-expanding FinTech ecosystem is more expansive and revolutionary thanks to an increasingly sophisticated supportive regulatory environment. The industry is going through a phase of localized, the cooperative invention that gives rise to new loan solutions, virtual/prepaid card payment systems, sector-specific digital services, and improvements in wealth technology and regulatory technology.
To stay ahead of the curve and compete as market leaders, Mena's FinTech entrepreneurs must overcome several numbers of new issues. One of the most expected worries is value: with so many unique commercial methods and unproven solutions, it is challenging for investors to judge real-world value. Additionally, there is a genuine risk that there may be significant sums of money chasing bad ideas or the subpar execution of good ones in a climate of excessive liquidity in the capital markets.
