Global Prepaid Gift Card Market 2025 – 2034

Reports Description

As per the Prepaid Gift Card Market analysis conducted by the CMI Team, the global prepaid gift card market is expected to record a CAGR of 7.1% from 2025 to 2034. In 2025, the market size is projected to reach a valuation of USD 2.91 Trillion. By 2034, the valuation is anticipated to reach USD 5.41 Trillion.

Prepaid Gift Card Market Overview

Prepaid gift cards are financial instruments that function on both physical and digital platforms, allowing users to load a set amount of money for controlled and versatile spending. These cards can be open-loop (usable anywhere the brand is accepted, like Visa or Mastercard) or closed-loop (limited to specific retailers). They accommodate a variety of applications, including gifting, employee incentives, expense management, and customer rewards.

With the increasing demand for cashless payment solutions, increased e-Commerce activity, and an ever-fluctuating payments landscape, the prepaid gift card product offerings have adapted to include additional mobile wallet integrations, reloadable balances, and instant transaction history.

The global uptake of prepaid gift cards is accelerating due in part to financial inclusion initiatives, digital banking proliferation, corporate partnerships, and industry growth with regard to prepaid gift card products. Robust growth continues across regions such as North America, Europe, and parts of Asia-Pacific, aided by favourable regulatory requirements and fintech developments.

Leading players like Visa, Mastercard, PayPal, and Blackhawk Network are advancing user engagement through contactless technology, fraud prevention tools, and multi-currency compatibility. As digital commerce and personalized finance continue to expand, prepaid gift cards are becoming an essential component of modern consumer and enterprise payment ecosystems.

Prepaid Gift Card Market Key Growth Drivers

The prepaid gift card market Trends has tremendous growth opportunities due to several reasons:

• E-commerce Growth: The explosive growth of e-commerce has propelled the prepaid card segment into the stratosphere. As the number of consumers shopping online skyrockets, the demand for flexible, secure, and easy payment methods also rises. Prepaid cards are a perfect solution for consumers who prefer not to own a credit card or whose concern with sharing their bank details online is a hurdle to making a purchase. Prepaid cards offer consumers more control over their spending and mitigate the chances of fraud, which is an attractive offer for security-conscious consumers. E-gift cards are being increasingly used for purchases made across all online retail verticals. Prepaid cards are now widely used among retailers as part of the sale pitch, especially when promoted as cashback or combined with incentives or bundled offers, thereby generating demand and incidental sales.

• Corporate Adoption Growth: Companies are now adopting prepaid cards as their financial disbursements, whether it be for employee rewards, expense reimbursements, company launch celebrations, or customer loyalty programs. When a corporation offers a prepaid card to their staff, they avoid the intimate process of sending cheques and the administrative headache associated with the paperwork. Prepaid cards can be branded with company logos, and functionality can be customized to ensure spending activities are limited to certain defined categories, therefore offering organizations more oversight of employee spending. Due to the compatibility with HR through seamless employment journeys, organizations can oversee and track expense activities occurring in real time, effectively administer budgets, and enhance employee satisfaction by offering timely and user-friendly reward options. As remote work is increasingly embraced alongside digital HR systems, more companies are gravitating toward prepaid cards because of the flexibility they offer and ability to issue rewards or incentives quickly, especially in situations where teams are geographically distributed.

• Increase in demand for prepaid cards for remittance: The global remittance market is growing, especially in developing countries, and prepaid cards are becoming a more viable option for sending funds. Sending money through traditional bank transfers can be slow and expensive; with prepaid cards, money can move much faster and at a low cost, guaranteed and more securely across borders, and the funds may be accessible and usable immediately by the recipient without a bank account, which promotes financial inclusion. The prepaid card is an excellent option for migrant workers sending earnings back to family, as the card service provider can reload prepaid cards remotely for the given amount on demand, and the card can be used for essentials/daily spending. As regulations improve, as well as the reduction of barriers to integrating prepaid cards into a regulated financial system, prepaid cards can become an increasingly preferred method to receive remittances, especially for unbanked populations of Asia, Latin America, and Africa.

• Increased adoption of contactless payments: The COVID-19 pandemic has helped hasten the adoption of contactless payment methods, and prepaid cards exemplify the world’s shift toward contactless payments. As consumers and businesses shifted toward safer, touch-free payment methods, prepaid cards with contactless capabilities quickly became more in demand than they were census years prior. Prepaid cards were being designed with contactless features, and many are now using some form of NFC technology (Near Field Communication) and other forms of mobile wallets/tap-to-pay methods. Prepaid cards were particularly well suited for fast moving sectors such as public transport, quick-service restaurants, and the retail sector since the transaction method is fast and hygienic. The use of prepaid cards even inherently aligns with the payment process, as prepaid transactions would require little to no interaction while reducing exposure through manual inputting of a personal identification number (PIN) or cash. As long as cash is being eliminated for digital payments, the prepaid card is positioned for immense growth as a contactless transaction method, which will have implications for the economy and payment processing more broadly, especially age distribution, for all consumers.

Prepaid Gift Card Market Key Threats

The prepaid gift card market has several primary threats that will influence its profitability and future development. Some of the threats are:

• High Transaction and Maintenance Fees: One of the most significant drawbacks of prepaid gift cards is the fees for consumers. Many of the cards impose additional costs beyond the amount spent. Hidden costs like activation fees, monthly maintenance fees, ATM fees for withdrawals, and inactivity fees all detract from the value of prepaid gift cards, especially for people who are budget-concious. For instance, a $50 prepaid card may only provide the consumer $45 after all fees have been imposed. These fees may deter customers from using prepaid cards regularly and influence them to seek alternative payment means, such as debit cards or digital wallets, with fewer costs. There may be increasing regulatory scrutiny, but unless prepaid providers can increase transparency and decrease fee costs, high operating costs will inhibit further uptake of prepaid service offerings.

• Card Fraud and Security Issues: Security is another critical barrier in the prepaid card space. Because prepaid cards are less often linked to customer identity or their bank account, they can be attractive fraud targets. The perception that cards can be cloned, phishing schemes used for scams, and lost or stolen cards fraudulently used will impact consumer confidence. Additionally, if the prepaid card is a virtual one used for online transactions, the reality is that they may be even more vulnerable to fraud, especially in areas with lower cybersecurity infrastructure. Providers must also adopt dissuasive technologies such as tokenization, real-time alerts, and biometric facial recognition, for example. Without improving the security of prepaid cards, there will be a stagnant period of growth in consumer usage simply based on the perception that prepaid cards are less safe than what traditional banking or credit offers.

Prepaid Gift Card Market Opportunities

• Emerging Markets Growth Potential: The emerging markets show great growth potential for prepaid card providers, as a large share of the populations in regions like Africa, Southeast Asia, and Latin America are unbanked but have some access to mobile devices and generally smartphones. Prepaid card solutions allow consumers to temporarily join the banking system without having to have an established bank account. Governments and NGOs are also experimenting with solutions involving prepaid cards to distribute social welfare, education grant funding, or, in the case of a disaster relief effort. At the same time, emerging market infrastructure for mobile phones and digital literacy will hopefully continue to increase and limit barriers to adoption of prepaid cards. Companies that enter the market first with solutions that consider local languages, currencies, and regulations will be able to better take advantage of this unmet population.

• Integration with BNPL: The rapid growth of Buy Now, Pay Later (BNPL) products has grown quickly, especially among young adults and online shopping. Prepaid cards can integrate with BNPL to create a powerful combination of payments. Consumers can load a prepaid card and use it for a BNPL-supported purchase and have the benefits of spending control and the flexibility of payments. Alternatively, creating an opportunity for fintechs to issue loads of tailored promotions, interest-free installment payments, and tracking of budgets as they relate to purchases. By combining the functionality of prepaid cards with credit-like services in the least risk-averse manner, fintech can capture consumers that are hesitant to utilize credit. Combining these use cases in some form can lead to differentiation, retention, and address the surging interest in alternative lending and microfinancing products.

• Digital Gifting Platforms: The proliferation of mobile devices and e-commerce has contributed to the continued growth of e-gifting. Online shopping might provide the ability to customize gift cards based on preferences, which can include messages, designs, and cryptocurrency. Prepaid gift cards are being used increasingly as alternatives to gifts or vouchers for birthdays, holidays, and corporate giveaways. These platforms are also expanding into B2B, enabling companies to send digital tokens of appreciation in bulk to clients or employees around the globe. The ability to integrate social media accounts captures loads of new possibilities for subscription-based e-gifting with instant delivery. In this regard, prepaid card providers stand to benefit from the increasing consumer demand, personalization, and convenience offered through e-gifting.

Prepaid Gift Card Market Category Wise Insights

By Offering Type

• General Purpose Reloadable Card: A General Purpose Reloadable (GPR) card is designed to function similarly to a debit card and is able to be reloaded with funds multiple times. In most instances, GPR cards are issued to consumers through prominent financial networks like Visa or Mastercard and are accepted the same way that these debit cards are accepted both online and in-store. The consumer typically uses the GPR cards for everyday purchases, online spree-ing, and paying bills, as well as to be a banking alternative. GPR cards have become popular for unbanked as well as underbanked consumers. GPR cards enable the user to control spending while giving the user real-time spending to help track spending and budgeting tools. GPR cards are influenced by digital banking trends as younger consumers and gig economy workers are seeking flexible, safe, and simple financial tools that do not require a traditional banking relationship. The demand for GPR cards appears to have risen in parallel with the rise of digital banking, as more consumers become unbanked or underbanked or simply choose to adopt new banking tools that are flexible.

• Gift Cards: Gift cards are the most popular type of prepaid cards. Gift cards are most commonly purchased as a gift or for a special occasion or other incentive. Gift cards could be closed-loop (retailers only) or open-loop (which can be used wherever there is a payment network). Gift cards continued to grow in popularity primarily because of the convenience, flexibility, and other consumer-centric general trends towards digital gifting. There also remain many companies using prepaid gift cards to promote their goods and services through Gift cards as part of loyalty programs, as part of a customer acquisition strategy, and other holiday incentives. Since e-commerce and mobile app usage among consumers has continued to increase, digital gift cards have exploded in acceptance, and quick and easy app-based purchasing with no delay through e-mail or mobile wallet. Gift cards are growing as the ability to easily create and customize gift cards increases, and changes in gift cards become much more theme-based. Gift cards appear to be a strong, functioning, and resilient prepaid card sector.

• Incentive/Payroll Card: Incentive and payroll cards, which are prepaid cards, are used by employers to pay wages, bonuses, or incentives directly to their employees. Incentive and payroll cards are new approaches to paying employees and can be particularly useful for employees without bank accounts. Payroll cards save employers time and cost by eliminating administrative costs for processing payroll. We see employers using incentive cards to reward employees via recognition programs and as customer loyalty rewards, too. Incentive cards can be set up as prepaid cards with a fixed value predetermined by the employer, and they can be branded or customized depending on the campaign or program. The prepaid card sub-segment of this market is seeing tremendous growth as businesses transition to cashless transactions and prepaid cards offer immediate payment methods and a more convenient solution for employers, especially in the gig and freelance economy.

• Others: Includes prepaid cards with various niche programs such as government benefit cards, student cards, transportation cards, and virtual cards with single use or controlled for a specific expense. These solutions typically have specific user groups or predefined payment use cases, e.g., distribution of welfare benefits, educational stipends, or transportation subsidies. With a rise in fintech innovation, these customized prepaid card options are expanding to address industry-specific needs. They are also increasingly integrated with mobile apps for balance checking and transaction history. As digital infrastructure grows, especially in emerging markets, these “other” prepaid card types are playing an essential role in promoting financial inclusion and operational efficiency in public and private sectors alike.

By Card Type

• Closed Loop Prepaid Card: Closed-loop prepaid cards are only able to be issued by and redeemable at designated retailers or service providers. Closed-loop prepaid cards are generally used for gifting, store credits, or promotional offers. Because closed loop cards are limited to certain brand(s) and chain(s), businesses can have greater control over how and where their dollars are spent, thereby encouraging repeat purchases and brand loyalty. Likely to be the most popular during holiday seasons and corporate gifting, the closed loop card is an important means of value promotion, as it reduces unintentional gifting while providing a predetermined assurance that funding will return to a known business establishment and/or brand. Closed loop cards are useful in retail and hospitality environments. While closed loop cards do limit consumer use of funds, they provide benefit to the retailer/service provider by having fees assessed during the transaction value of which averaged $0 for the closed loop model depending on distribution. Additionally, closed-loop prepaid cards provide greater protection against fraud, both at the time of purchase and disbursement of value. Additionally, digital closed-loop prepaid cards have seen life in the world of e-commerce due to the growth of commerce generally and allow both instant release and redemption.

• Open Loop Prepaid Card: Open-loop prepaid cards are typically issued on the networks of the major proprietary credit card brands (e.g. Visa, MC, AMEX) and can be used anywhere the logo of the card is accepted. These prepaid cards allow for maximum flexibility to users. Open loop prepaid cards are used very commonly for personal spending, travel, payroll, and gifting. When they are considered a reloadable product, they are heavily used by nonbanked and young consumers who are simply looking for an alternative to banking. Open Loop prepaid cards also provide additional security and facilitate consumer and brand access in real-time using salient technology such as contactless and mobile wallets. Open loop prepaid cards are also used by businesses and governments, as it is generally an easier and more efficient way to pass funding. As consumers look for more options in the payment channels available, Open Loop prepaid cards will continue to have a sizeable portion of the market.

By End User Industry

• Retail: The retail sector constitutes the largest user of prepaid gift cards. In particular, retailers have relied on gift cards like those in closed-loop systems, especially in the gift card gifting space. Retailers use gift cards for consumer gifting, as refunds, for promotional programs, and as a tool in loyalty programs. During busy shopping seasons for holidays, typically, gift cards are heavily promoted and presented and readily accepted by consumer customers in search of flexible gifts. Retailers also realize some benefit as they leverage unused card balances through a concept they define as “breakage,” and they encourage shopping visits to their stores. In a growing omnichannel shopping environment, they benefit from convenience-oriented gift cards, which now can effectively combine physical, digital, and virtual proposals or formats, and they begin to leverage the advantages through mobile apps, e-commerce stores, point of sale retail systems, etc. Retail innovation in prepaid cards, driven by retailers, includes personalization of the card experience, instant reload, a sale feature, and instant issue-exchangeabilities, and sales-building capabilities for retailers help drive engagement and sales.

• Healthcare: In the healthcare space, prepaid cards have often been remittance based for reimbursements (i.e. wellness contest prizes) or incentivizing healthy behaviour or making some level of savings available to an employee or customer for healthcare costs in the form of an account debit-based card. The prepaid gift card in this case fulfils a reimbursement service mandate for employers and public health programs, incentivizing behaviour from private insurance companies. Prepaid health cards enhance the efficiency of previously onerous plans or programs for reimbursement services and provide resources and access to patients via an established and direct line of funds without the complexity and inconvenience of writing/taking checks, or claims processes. Some are program-specific for HSA or FSA accounts and benefits. A growth in preventive health management programs and (strategies-based solutions) that show how behavioural triggers and prompts can help structure healthy (and less costly) behaviours, prepaid cards will increasingly enhance engagement, funding solutions, and accessibility to health in the health sector.

• Travel and Hospitality: Travel and hospitality prepaid cards offer a safe and convenient way to manage spending while traveling. These prepaid cards can be used for travel bookings, dining, local transportation, and in some instances, currency exchange (for example, open-loop, multi-currency prepaid cards are very convenient). Travel gift cards are also popular for vacations, travel-related hotel stays, and gifting experiences. For hospitality businesses, offering prepaid cards can attract and retain customers while facilitating repeat use. Hospitality prepaid cards can also mitigate the threats of fraud associated with traditional credit or debit cards in popular high traffic tourist destinations. With the return of travel following the pandemic and the growth of digital nomads, prepaid travel cards can be a useful offering for travellers with an expectation of more modern, mobile-first solutions.

• Others:  This category includes prepaid card use, across different sectors, including: education, telecommunications, utilities, and public services. In education, issuers hand out prepaid cards to students as food plans, bookstore purchases or scholarship funds. In telecommunications, prepaid cards are a prominent offering to enhance the use of mobile. In utilities, prepaid cards start to appear for utility, maybe for energy. Governments use prepaid cards for their welfare dispersants, tax refunds, and emergency relief funds. When it comes to these sector-specific cards, issuers put some parameters in place where limited use functionality is enforced in order to ensure that the funds are spent correctly. As the digital offer is around, financial services continue to grow, and these “Other” industries will be using prepaid solutions, since there is a point of clarity around efficiency of funds or the offer and more user satisfaction through the multiple use cases and user experiences.

Prepaid Gift Card Market Impact of Latest Tariff Policies

The imposition of new tariffs by the U.S. in 2025 has also considerably altered the dynamics of the global prepaid gift card market. The effective U.S. tariff rate averaged 2.5 % and has increased to a roughly estimated 17.8 %, while selected tariffs on Chinese imports increased even up to 145 %. These tariffs have resulted in higher prices for hardware-based solutions, like point of sale (POS) terminals and biometric scanners, which are necessary for prepaid gift card transactions.

Supply chain disruptions have also been a consequence, with companies shifting production to alternative locations like Vietnam or Mexico to mitigate the impact of tariffs. This restructuring has created longer lead times between new systems for deployment, which may slow adoption of technologies for prepaid gift cards.

Moreover, apart from tariffs that have increased the costs of imports, which can further reduce disposable income likely to reduce consumer spending on prepaid gift cards, many businesses that have been reliant on international trade have absorbed increased costs, which could have translated to reduced profits and reduced returns to shareholders.

In response to tariffs, companies are diversifying their supply chains, regional payment solutions, and use trade finance solutions. These actions are being implemented to mitigate the negative economic consequences of tariffs and continue providing market support for ongoing development of the global prepaid gift card market.

Report Scope

Prepaid Gift Card Market Regional Perspective

The prepaid gift card market can be divided across different regions such as North America, Europe, Asia-Pacific, and LAMEA. This is a cursory overview of each region:

• North America: North America, and particularly in terms of volume, is the largest and most developed market for prepaid gift cards and has a high level of consumer awareness and payment infrastructure, which includes ample retail penetration, as well as open-loop and closed-loop options for personal gifting, corporate gifting/awards, and welfare distributions. The prepaid market is continuing to perform well because of continual innovative efforts from fintech, acceptance of contactless payments, and general increases in e-commerce demand. Major players such as Visa, Mastercard, and Blackhawk Network are all operationally large across the continent. As the popularity of digital wallets rises alongside increased incentive programs for corporations, prepaid continues to provide steady growth potential as consumer demand increases for virtual and reloadable financial access.

• Europe: Europe is seeing continuous growth from the adoption of prepaid gift cards, primarily from the adoption of regulatory frameworks such as PSD2 and digital banking for consumers in applicable countries. Examples of countries with expanded adoption of gift cards for gifting personally and business incentives include the UK, Germany, France and Nordic countries. Demand for closed-loop options is high in retail, with open-loop options for travel and digital services strong amongst consumers. The European buyer is more focused on security and privacy, leaving prepaid options as a preferred alternative over conventional banking options. As consumers globalize onto cross-border shopping and loyalty programs increase, European markets are seeing increased attention for customization and personalization for their prepaid products for consumers, with a specific interest from millennial and gen z users.

• Asia-Pacific: The Asia-Pacific region is one of the fastest-growing markets for prepaid gift cards, as there is a relatively large unbanked population, mobile-first economies, and it is experiencing rapid digital transformation. Overall, countries like China, India, Japan, South Korea, etc. are leading the charge with their strong fintech ecosystems and government-led efforts surrounding financial inclusion. In addition, the rapid growth of mobile wallets (like Alipay, Paytm, etc.) and super apps (financial services that combine payments, gifts, shopping, and peer-to-peer payments) will also help accelerate prepaid gifting. Moreover, there is significant interest and potential for prepaid solutions in sectors like education, travel, and corporate. Overall, as smartphone penetration penetrates and e-commerce booms, the region becomes a magnet for global investment, driven by digital finance, and prepaid cards are key to bridging the gaps in these markets.

• LAMEA: LAMEA is a growing and relatively under-penetrated prepaid gift card market. In Latin America, we expect prepaid solutions to increase in adoption, supporting the unbanked and underbanked populations in those markets (especially, Brazil and Mexico) backed by mobile money platforms and digital remittance services. In the Middle East region, prepaid solutions are present in payroll disbursements, most often used for expatriate workers, and subsequently used for online shopping. Africa is evolving quickly but is still developing. With mobile-based finance, prepaid cards can be well-positioned to help provide access to financial inclusion. Prepaid cards are also starting to be accepted in Government aid programs, as well as in travel and consumer expenditures across LAMEA. Finally, within the region, many players are investing in infrastructure development and digital literacy.

Prepaid Gift Card Market Key Developments

In recent years, the prepaid gift card market has experienced several crucial changes as the players in the market strive to grow their geographical footprint and improve their product line and profits by using synergies.

• In March 2024, Visa entered into a strategic partnership with Western Union, aiming to strengthen the digital payments ecosystem. The collaboration includes card issuance, integration with Visa Direct, and the delivery of value-added services such as risk management products. Notably, Western Union customers in select markets will be able to receive Visa prepaid cards, enhancing financial inclusion and bridging the gap between physical cash services and digital payment solutions.

• In November 2024, Blackhawk Network introduced Visa- and Mastercard-branded e-gift cards that can be used both in-store and online. This launch responds to increasing consumer demand for QR code and tap-to-pay technology. The e-gift cards align with current trends in mobile and contactless payments, supporting digital commerce growth across multiple retail sectors.

• In May 2023, Visa and Arab Financial Services (AFS) introduced prepaid cards for businesses in Bahrain and Oman. The collaboration facilitates the digitization of merchant settlements and expands AFS’s merchant network with advanced digital credentials. This partnership supports regional efforts to enhance B2B payments and drive financial digitalization in the Gulf Cooperation Council (GCC).

• In November 2022, Visa expanded its prepaid card services with the rollout of innovative features such as instant issuance, animated digital card art, and facial biometric payments. One of the pilot programs featured cards with animated graphics of the FIFA World Cup mascot La’eeb, showcasing Visa’s investment in user personalization and engaging digital experiences. This initiative reflects Visa’s broader vision of next-generation digital identity and payment credentials.

These important changes facilitated the companies to widen their portfolios, to bolster their competitiveness, and to exploit the possibilities for growth available in the prepaid gift card market. This phenomenon is likely to persist since most companies are struggling to outperform their rivals in the market.

Prepaid Gift Card Market Competitive Landscape

The prepaid gift card market is highly competitive, with a large number of product providers globally. Some of the key players in the market include:

• Kaiku Finance LLC
• Green Dot Corporation
• Bank of America Corporation
• The PNC Financial Services Group Inc.
• P. Morgan Chase and Co.
• CAIXABANK S.A.
• DFS Services LLC
• The Points Guy LLC
• BlackHawk Network Holdings Inc.
• Travelex Foreign Coin Services Limited
• RBL Bank Ltd.
• PayPal Holdings Inc.
• Visa Inc.
• City Bank PLC
• NetSpend Corporation
• Mango Financial Inc.
• HRB Digital LLC.
• Western Union Holdings Inc.
• Mastercard
• American Express Company
• Others

These companies compete through a combination of product innovation, technological integration, geographical expansion, and strategic partnerships. Major players continuously enhance their digital capabilities by introducing app-based card management, virtual card issuance, and seamless mobile wallet compatibility. For example, PayPal and NetSpend have led the way in offering customizable virtual prepaid gift cards linked to user accounts for real-time use.

Mergers and acquisitions have also been pivotal. BlackHawk Network, a leader in branded payments, has acquired smaller fintech platforms to broaden its e-gifting and incentive distribution capabilities globally. Similarly, Visa and Mastercard have invested in partnerships with digital wallet providers and e-commerce platforms to expand their open-loop prepaid card offerings.

Additionally, local partnerships have become a vital strategy. For instance, RBL Bank in India has collaborated with multiple fintech companies to expand prepaid card access for small businesses and rural users. In Latin America, City Bank PLC has rolled out retailer-based prepaid cards to support mobile-first shopping among young consumers.

The rise of closed-loop ecosystems among retail giants and the expansion of open-loop infrastructure by global payment networks is shaping the future of the industry. Unlike the 5G telecom space, which relies on physical infrastructure deployment, the prepaid gift card market thrives on API integrations, digital UX design, and loyalty program integration.

The Prepaid Gift Card Market is segmented as follows:

By Offering Type

• General Purpose Reloadable Card
• Gift Cards
• Incentive/Payroll Card
• Others

By Card Type

• Closed Loop Prepaid Card
• Open Loop Prepaid Card

By End User Industry

• Retail
• Healthcare
• Travel and Hospitality
• Others

Regional Coverage:

North America

• U.S.
• Canada
• Mexico
• Rest of North America

Europe

• Germany
• France
• U.K.
• Russia
• Italy
• Spain
• Netherlands
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Taiwan
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America