Say goodbye to debt and unexpected fees! As cashless payments take over, prepaid cards are quickly becoming the go-to option for UAE residents seeking security, convenience, and flexibility. The prepaid card market is a dynamic and rapidly evolving landscape within the payments and financial services industry.

Why are prepaid cards gaining popularity in the UAE?

According to the UAE Prepaid Card and Digital Wallet Business and Investment Opportunities Databook, the prepaid card market in the UAE has increased at a CAGR of 9.2% from 2019 to 2023. The market is further expected to record a CAGR of 12.3%, increasing from US $5.66 billion in 2023 to reach US $10.30 billion by 2028.

A few factors that have bolstered the growth of prepaid cards and digital wallets in the Emirates include:

• UAE’s advanced technological infrastructure,
• Thriving e-commerce industry and a booming fintech market, and
• Digital savvy population with a high smartphone penetration.

The UAE’s diverse population and its status as a global travel and business hub address the demand for diverse prepaid travel cards.

Why does the Sav Card stand out?

• • Safe and secure – One of the primary reasons why the Sav Card is becoming a suitable payment option is the added layer of security it offers. Prepaid cards offer the utility of traditional debit or credit cards without the commitment of linking your account. This ensures your funds are safe. Since you can only use the amount loaded onto the card, it also becomes easier to track each Dirham spent.
  • Stay free of a debt trap – Prepaid cards, like the Sav Card, enable you to enjoy financial freedom without the hassle of hidden charges, interest rates or debt worries. These cards are accessible to everyone, irrespective of their financial background. Use the Sav Card card both locally and internationally at over 80 million merchants without any minimum balance requirements.

• Mitigates overspending – Prepaid cards are a viable alternative that is easy to use and reload. Cards like Sav offer an AI-based money management platform to track your personal spending to the nearest Dirham and help you budget.

• • Cashback and rewards – With a prepaid card like Sav, enjoy rewards or cashback on every purchase you make. Maximise your savings and enjoy perks like two ATM withdrawals a month. Enjoy lucrative cashback offers with Sav and save more using Amazon.ae or Noon Gift Cards.

• Gifting requirements – Virtual prepaid gift cards are sent to the recipient via email or text message. They can be delivered almost immediately, making them a great option for last-minute gifting. Senders can customise the gift card based on the special occasion, and receivers can use it to purchase a product of their liking. Hence, it is a win-win situation for both.   

• Seamless integration into digital wallets – Technological advancements play a significant role in shaping the prepaid market. Integration with digital wallets such as Apple, Google, and Samsung, or any e-commerce platform further expands the usability of prepaid cards.

The Sav Card is more than just a prepaid card. It can help you become financially independent and achieve your long-term goals. It is available on iPhone and Android as a user-friendly platform to help you secure your financial future.