DUBLIN, Feb. 28, 2023 /PRNewswire/ — The “Prepaid Card Global Market Report 2023” report has been added to ResearchAndMarkets.com’s offering.
The global prepaid card market will grow from $15 billion in 2022 to $16.32 billion in 2023 at a compound annual growth rate (CAGR) of 8.8%. The prepaid card market is expected to grow to $21.7 billion in 2027 at a CAGR of 7.4%.
Major players in the prepaid card market are American Express Company, BBVA Compass Bancshares Inc., Green Dot Corporation, JPMorgan Chase & Co., Kaiku Finance LLC., Mango Financial Inc, NetSpend Holdings Inc, PayPal Holdings Inc, UniRush LLC, and Master Card Incorporated.
The prepaid cards market consists of revenues earned by entities that are engaged in storing, processing and transmitting prepaid card data. Prepaid cards may be open-loop or closed-loop. While an open-loop prepaid card can be used at any locations accepting cards, a closed-loop prepaid card can only be used at certain locations such as a specific store or a group of stores.
Revenue generated from the cards market include all processing and service fees levied by banks and financial institutions for processing card-based payments. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
Prepaid cards are preloaded payment cards issued by financial institutions that can be used to make both online and in-store payments. Once the amount loaded on the card is used, it may be disposed (non-reloadable prepaid card) or reloaded (reloadable prepaid card) by the cardholder.
The Asia Pacific was the largest region in the prepaid card market in 2022. Western Europe was the second largest market in the prepaid card market. The regions covered in the prepaid card market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The main types of prepaid cards are general-purpose reloadable cards, prepaid gift cards, government benefit cards, payroll cards, and other types. The general purpose Reloadable cards can be used as debit cards for retail purposes and are used for depositing online payments. The various card types are open-loop prepaid cards and closed-loop prepaid cards. The cards are used in retail establishments, corporate institutions, government establishments and other establishments.
Increasing the use of prepaid cards as a substitute for traditional bank cards is a key factor driving the growth of the prepaid card market. A prepaid card is not connected to a bank checking account or a draught account for a credit union share; instead, users invest money in advance deposited into the prepaid card account. According to the Reserve Bank of India, debit card payments in 2021 reached 412 crore.
Prepaid cards are similar to debit cards and permit the consumer to spend money up to the amount loaded on the card for making purchases, paying gas bills, shopping, and paying online bills. Therefore, increasing usage of prepaid cards is expected to propel the growth of the prepaid card market in the coming years.
The increasing incidents of fraudulent cases are expected to hamper the growth of the prepaid card market in the coming years. Card fraud losses are sustained on all credit, debit, prepaid general-purpose, and private-label payment cards distributed around the world by payment card issuers, retailers, purchasers of card purchases from retailers, and acquirers of card transactions at ATMs.
Major players operating in the industry are undertaking various strategic initiatives such as partnerships and collaborations, which are gaining significant popularity in the prepaid card market. Companies are collaborating with other market players to offer prepaid cards with flexible credit limits to attract a large consumer base for prepaid cards. With the launch of the prepaid payment card, MobiKwik becomes the first non-bank in India to issue cards.
In June 2022, Rewire, an Israel-based prepaid debit card provider, acquired Imagen for an undisclosed amount. The acquisition would complement the company’s offerings and expand its portfolio. Imagen is an Israel-based pre-paid card company providing pre-paid cards to immigrants.
A selection of companies mentioned in this report includes
- American Express Company
- BBVA Compass Bancshares Inc.
- Green Dot Corporation
- JPMorgan Chase & Co.
- Kaiku Finance LLC.
- Mango Financial Inc.
- NetSpend Holdings Inc.
- PayPal Holdings Inc.
- UniRush LLC
- Master Card Incorporated
- TSYS
- Ebay
- Visa Inc.
- The Western Union Company
Key Topics Covered:
1. Executive Summary
2. Prepaid Card Market Characteristics
3. Prepaid Card Market Trends And Strategies
4. Prepaid Card Market – Macro Economic Scenario
4.1 COVID-19 Impact On Prepaid Card Market
4.2 Ukraine-Russia War Impact On Prepaid Card Market
4.3 Impact Of High Inflation On Prepaid Card Market
5. Prepaid Card Market Size And Growth
5.1. Global Prepaid Card Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Prepaid Card Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Prepaid Card Market Segmentation
6.1. Global Prepaid Card Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- General-Purpose Reloadable Card
- Prepaid Gift Card
- Government Benefit Card
- Payroll Card
- Other Types
6.2. Global Prepaid Card Market, Segmentation By Card Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Open Loop Prepaid Card
- Closed Loop Prepaid Card
6.3. Global Prepaid Card Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Retail Establishments
- Corporate Institutions
- Government
- Other Applications
7. Prepaid Card Market Regional And Country Analysis
7.1. Global Prepaid Card Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Prepaid Card Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/b6diz9-card?w=5
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