Reliable Data You Can Trust
Reliable Data You Can Trust
A recent report published by Infinium Global Research on the prepaid
card market provides an in-depth analysis of segments and sub-segments in the
global as well as a regional prepaid card market. The study also highlights the
impact of drivers, restraints, and macro indicators on the global and regional
prepaid card market over the short term as well as long term. The report is a
comprehensive presentation of trends, forecasts, and dollar values of the global
prepaid card market. According to the report, the global prepaid card market is
projected to grow at a healthy CAGR over the forecast period of 2020-2026.
Prepaid card is dispensed by financial institutions and it has
been protected with a prepayment. The prepaid cards are used by countless
customer segments for numerous applications such as gifting, payroll
processing, consumer transit, and several others. Furthermore, prepaid
transactions have evolved from simple paper vouchers to multi-purpose prepaid
cards. Additionally, the current concern over the spread of coronavirus is also
expected to have a positive impact on the prepaid card market. The coronavirus
outbreak is foremost a human tragedy affecting millions of people globally. The
spreadable coronavirus, which broke out at the close of 2019, has led to a
medical emergency across the globe. The COVID-19 pandemic, amid an economic
slowdown, has severely affected several major sectors such as tourism, travel,
and retail. With the government considering slowly easing lockdown measures
going forward, customer spending will increase, which in turn will drive
payments revenue up.
Further, customers will shift from cash payments to digital
payments, particularly card payment or mobile wallets, to avoid exposure to
disease vectors like cash and POS terminals. As a result, the usage of digital
payments is projected to grow. This trend is anticipated to continue during the
approaching years, due to liquidity issues. Multipurpose prepaid cards are also
expected to gain traction among customers who do not have access to other forms
of electronic payments, for example, debit or credit cards.
An increase in demand for cash alternatives and the accessibility
of affordable and energy-efficient prepaid cards propels the growth of the
prepaid card market. Furthermore, an increase in the adoption of the
closed-loop prepaid card by travelers, retailers, and students boosts the
growth of the prepaid card market during the forecast period. Additionally,
developments in the e-commerce industry and an increase in the adoption of
prepaid cards owing to adding funds through numerous opportunities fuel the
growth of the prepaid card market over the projection period. On the other
hand, deficiency of standardization and prone to fraudulent attacks hinders the
growth of the market. Besides, an increase in unbanked and underbanked population
is projected to provide lucrative opportunities for the prepaid card market
growth.
Among the geographies, North America region is expected to hold
the largest share in the global prepaid card market as countries such as the
U.S. and Canada are the front-runners of the adoption of new technology. The
major key factors that drive the growth of the market in this region include the upsurge in the adoption of the prepaid cards by different workers and favorable
government regulations for prepaid cards. Furthermore, the Asia Pacific region
is anticipated to witness the highest growth rate during the forecast period
owing to the increase in the number of applications in retail establishments,
governments, and corporate institutions and increasing government support in
the developing countries of the Asia Pacific region.
The report on the global prepaid card market covers segments such as
card type, usage, and end-user. On the basis of card type, the sub-markets
include open loop prepaid card, and closed loop prepaid card. On the basis of
usage, the sub-markets include a general-purpose reloadable card, gift card,
government benefit/disbursement card, payroll card, and others. On the basis of
end-user, the sub-markets include retail establishments, corporate
institutions, government, and financial institutions & others.
The report provides profiles of the companies in the market such
as American Express Company, BBVA Compass Bancshares, Inc., Green Dot
Corporation, H&R Block Inc., JPMorgan Chase & Co., Kaiku Finance LLC.,
Mango Financial, Inc., NetSpend Holdings, Inc., PayPal Holdings, Inc., and
UniRush, LLC.
The report provides deep insights into the demand forecasts,
market trends, and micro and macro indicators. In addition, this report
provides insights into the factors that are driving and restraining the growth
in this market. Moreover, The IGR-Growth Matrix analysis given in the report
brings an insight into the investment areas that existing or new market players
can consider. The report provides insights into the market using analytical
tools such as Porter's five forces analysis and DRO analysis of the prepaid card
market. Moreover, the study highlights current market trends and provides
forecast from 2020-2026. We also have highlighted future trends in the market
that will affect the demand during the forecast period. Moreover, the
competitive analysis given in each regional market brings an insight into the
market share of the leading players.
Please Choose One of them.