DUBLIN, March 15, 2022 /PRNewswire/ — The “South Africa 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 South Africa increased at a CAGR of 7.9% during 2017-2021. Over the forecast period of 2022 to 2026, the market is expected to record a CAGR of 15.0%, increasing from US$8.81 billion in 2022 to reach US$15.40 billion by 2026.
South Africa has turned out to be the most prominent fintech hub in 2021. With the rising digital payments in the country, fintech companies developed innovative products to provide financial inclusion to the unbanked population.
Telecom providers are integrating virtual prepaid cards in their digital wallets in South Africa
With the rise in online shopping among South Africans, digital wallet providers are developing virtual payment solutions with fintech partners.
- In June 2021, South African wireline and wireless telecommunications provider Telkom, introduced a virtual card for use on WhatsApp for its digital wallet, Telkom Pay, users.
- Telkom collaborated with Mastercard, Nedbank, and leading fintech enablement partner Ukheshe Technologies to launch this virtual prepaid card.
- The virtual prepaid card will be linked to the wallet, and users can transact online through this card.
South African fintech startups launching prepaid debit cards for its customers
There are millions of South Africans who are unbanked and face issues with receiving payments from their employers or third party. Consequently, domestic fintech companies are launching prepaid debit cards to address this problem.
- In November 2021, a South African fintech startup SOLMate, announced the launch of SOLMate prepaid debit card. The new card also comes with an digital wallet and a virtual card.
- The users of the prepaid debit card will be able to transfer money into the SOLMate account and the physical card can be used for making transactions.
- The SOLMate account, specifically, allows the user to get paid directly into their wallets by third parties or employers, which they can use as per their need.
Airline providers are introducing gift voucher programs in partnership with travel technology companies and gift card solutions providers
Since the pandemic has made drastic changes to the travel spending attitude of the customers, airline providers are launching a more flexible way of spending, thereby generating an alternative revenue stream for the company.
- In November 2021, Southern African airline, Airlink, launched flexible gift vouchers for the customers, which can be redeemed against air tickets and a variety of services on the company’s website.
- These gift vouchers are managed by the company in partnership with Amadeus, the global travel technology provider, and Qwikcilver, a gift card solutions provider.
- These gift vouchers can be used by the customers for up to three years and are also for multiple times.
The publisher expects, with this flexible gift card solution, the company will generate revenue as it not only provides customers with a wide array of services but also future-dated and customizable gifts.
Scope
Companies
- Shoprite Holdings Ltd
- Pick ‘n’ Pay Stores Ltd
- Internationale Spar Centrale BV
- Wal-Mart Stores Inc
- Woolworths Holdings Ltd (South Africa)
South Africa Digital Wallet Market Size and Forecast
- Transaction Value Trend Analysis
- Transaction Volume Trend Analysis
- Average Value per Transaction
South Africa 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)
South Africa 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
South Africa Open Loop Prepaid Card Future Growth Dynamics, 2017 – 2026
- Transaction Value Trend Analysis
- Transaction Volume Trend Analysis
- Average Value per Transaction
- Number of Cards
South Africa Closed Loop Prepaid Card Future Growth Dynamics, 2017 – 2026
- Transaction Value Trend Analysis
- Transaction Volume Trend Analysis
- Average Value per Transaction
- Number of Cards
South Africa Prepaid Card Consumer Usage Trends
- By Age Group
- By Income Group
- By Gender
South Africa General Purpose Prepaid Card Market Size and Forecast
South Africa 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
South Africa Entertainment and Gaming Prepaid Card Market Size and Forecast
South Africa 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
South Africa 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
South Africa Payroll Prepaid Card Market Size and Forecast
- By Small Scale Business Segment
- By Mid-Tier Business Segment
- By Enterprise Business Segment
- By Government Segment
South Africa Meal Prepaid Card Market Size and Forecast
- By Small Scale Business Segment
- By Mid-Tier Business Segment
- By Enterprise Business Segment
- By Government Segment
South Africa 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
South Africa Transit and Tolls Prepaid Card Market Size and Forecast
South Africa Healthcare and Wellness Prepaid Card Market Size and Forecast
South Africa Social Security and Other Government Benefit Programs Prepaid Card Market Size and Forecast
South Africa Fuel Prepaid Cards Market Size and Forecast
South Africa Utilities, and Other Prepaid Cards Market Size and Forecast
For more information about this report visit https://www.researchandmarkets.com/r/hw1we
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