Global Prepaid Card Market: Overview
The prepaid card refers to the payment cards with stored value. These cards have no link to the external bank account. These cards were initially introduced as a more effective replacement for paper-based gift certificates and food coupons initially. Now prepaid cards have evolved into a mainstream market. Also, it is evolving as a part of reward strategy or employee engagement in business entities. Prepaid cards have emerged as an alternative to cheques and cash, where customers and businesses use them as an electronic means of payment.
Report Scope:
Report Attribute | Details |
---|---|
Base Year | 2020 |
Historic Years | 2016 - 2020 |
Forecast Years | 2021 - 2028 |
Segments Covered | By Product Type, By Application, and By End Use |
Forecast Units | Value (USD Billion), and Volume (Units) |
Quantitative Units | Revenue in USD million/billion and CAGR from 2021 to 2028 |
Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
Number of Companies Covered | 10 companies with scope for including additional 15 companies upon request |
Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
Customization Scope | Avail customized purchase options to meet your exact research needs. |
Global Prepaid Card Market: Growth Factors
The global prepaid card market is likely to witness significant growth prospects during the forecast period due to the rise in demand for cash alternatives globally. Furthermore, the high penetration rate of internet services in both the underdeveloped and developing populations is further widening the scope of prepaid cards. In addition, prepaid cards are more in demand as funds can be easily added with the help of different avenues. However, the significant spike in unbanked and underbanked population is further anticipating the market to flourish over the forecast period. The governments of several regions are emphasizing facilitating distributing benefits and dispersing wages along with making other payments with the help of prepaid cards. However, this not only highlights their versatility but also presents the exponential potential of prepaid cards. Retailers are selling their cards to enhance customer loyalty and brand awareness, thereby prepaid cards have emerged as a key factor in expanding and retaining the customer base. Prepaid cards are also exhibiting a great scope in travel and tourism. These prepaid cards are good means of travel cards and have emerged as a convenient and safe alternative to check and cash while traveling, thereby contributing significantly towards the growth of the global prepaid card market. The emergence of e-commerce sales is also likely to promulgate the adoption rate of prepaid cards. However, the outbreak of the Covid-19 pandemic has positively impacted the growth of the global prepaid card market as the sudden pandemic outbreak encourages people to use a contactless cost-effective and secured cash alternative option. Thereby prepaid cards emerged as the convenient mode of payment that executes every transaction with more ease. Corporate centers are also tapping on the prepaid card potential to maintain their daily transactions. For instance, TechVentures launched 'Haappy'. It is a corporate expense card that is controlled by administrators remotely from a web interface on mobile. This card assists companies to approve expenses, setting limits on fund cards, and tracking down their daily expenses in real-time. Generally, these prepaid cards are being used as inexpensive, safe, and good banking substitutes that cater to financial transaction requirements.
Global Prepaid Card Market: Segmentation
The global prepaid card market can be segmented into card type end-user, offering, and region.
By card type, the market can be segmented into open loop and closed loop cards.
By end-user, the market can be segmented into government, corporate, and retail.
By offering, the market can be segmented into incentive government benefits for disbursement card gift cards, general-purpose cards, and others.
Global Prepaid Card Market: Regional analysis
North America accounts for the largest share in the global prepaid card market due to the significant increase in the adoption of prepaid cards by different organizations along with many government authorities. In addition, the growing popularity of prepaid cards in the region is further increasing its adoption rate.
Asia Pacific is likely to witness a significant growth rate in the forthcoming years due to the growing number of prepaid card applications in the corporates, institutes, retail establishments, and government.
Global Prepaid Card Market: Competitive Players
Some of the significant players in the global prepaid card market are PayPal Holdings, Inc., Mastercard, Mango Financial, Inc., Green Dot Corporation, Brink's Incorporated, BBVA USA Bancshares, INC., and American Express Company.
Global Prepaid Card Market: Regional Segment Analysis
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The global prepaid card market is likely to witness significant growth prospects during the forecast period due to the rise in demand for cash alternatives globally. Furthermore, the high penetration rate of internet services in both the underdeveloped and developing populations is further widening the scope of prepaid cards.
Some of the significant players in the global prepaid card market are PayPal Holdings, Inc., Mastercard, Mango Financial, Inc., Green Dot Corporation, Brink's Incorporated, BBVA USA Bancshares, INC., and American Express Company.
North America accounts for the largest share in the global prepaid card market due to the significant increase in the adoption of prepaid cards by different organizations along with many government authorities. In addition, the growing popularity of prepaid cards in the region is further increasing its adoption rate.
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