Request Discount

Prepaid Card Market (Card Type - Open Loop Prepaid Card, and Closed Loop Prepaid Card; Usage - General-purpose Reloadable Card, Gift Card, Government Benefit/Disbursement Card, Payroll Card, and Others; End-user - Retail Establishments, Corporate Institutions, Government, and Financial Institutions & Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2026

  • Published : July, 2020

  • Rep Id : ICT1448

  • Category : Electronics, ICT and Semiconductors

  • Status : Published

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.

 

Market Insight

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.

 

Segment Covered

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.

 

Companies Profiled:

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.

 

Report Highlights:

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.


Other Reports in This Category
24 hour delivery through email
9923950043 Monday to Frieday 9am-7pm
looking for discount