DUBLIN, July 26, 2022 /PRNewswire/ — The “Global Prepaid Cards Market Report 2022” report has been added to from ResearchAndMarkets.com offer.
This report provides strategists, marketers, and senior management with the critical information they need to assess the global prepaid cards market as it emerges from the COVID-19 lockdown.
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The 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 Map incorporated.
The global prepaid card market is expected to grow from $13.79 billion in 2021 for $15.25 billion in 2022 at a compound annual growth rate (CAGR) of 10.6%. The market is expected to grow to reach $22.11 billion in 2026 at a compound annual growth rate (CAGR) of 9.7%.
The prepaid card market consists of the sale of prepaid card services by entities (organizations, individual merchants and partnerships) engaged in the storage, processing and transmission of payment card data. Prepaid cards are preloaded payment cards issued by financial institutions that can be used to make online and in-store payments. Once the amount loaded on the card has been used, it can be transferred (non-reloadable prepaid card) or recharged (reloadable prepaid card) by the cardholder. The prepaid card can be open-loop or closed-loop. While an open-loop prepaid card can be used at any location that accepts the card, a closed-loop prepaid card can only be used at certain locations, such as a specific store or group of stores. Only goods and services exchanged between entities or sold to final consumers are included.
The main types of prepaid cards are reloadable general purpose cards, prepaid gift cards, government benefit cards, payroll cards and other types. General purpose reloadable cards can be used as debit cards for retail purposes and are used to make online payments. The different types of cards are open loop prepaid cards and closed loop prepaid cards. The cards are used in retail establishments, businesses, government and other establishments.
Asia Pacific was the largest region in the prepaid card market in 2021. Western Europe was the second largest market in the prepaid card market. The regions covered in this report are Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle Eastand Africa.
The increase in the use of prepaid cards as a replacement for traditional bank cards is a key driver for the growth of the prepaid card market. A prepaid card is not connected to a bank current account or an account project for a cash share, instead users invest money deposited in advance into the prepaid card account. According to the 2019 Federal Reserve Payments Study, the number of prepaid debit card payments rose to 13.8 billion. Prepaid cards are similar to debit cards and allow the consumer to spend money up to the amount loaded on the card for shopping, gas bills, shopping and paying bills online. Hence, the increasing usage of prepaid cards is expected to propel the growth of the prepaid card market in the coming years.
Rising cases of fraud are expected to hamper the growth of the prepaid card market in the coming years. Fraud losses are incurred on all credit, debit, prepaid general purpose and private label payment cards distributed globally by payment card issuers, retailers, purchasers of card purchases from retailers and card transaction acquirers at ATMs. For example, according to the Aite Group, a company that provides insurance services in 2020, 47% of Americans have been victims of financial theft and found that the losses related to these identity theft cases cost $502.5 billion in 2019 and grew by 42% for nearly $712.4 billion in 2020 it was $721.3 billion in 2021. Hence, the increase in fraud incidents is restraining the growth of the prepaid market.
The major players operating in the industry are undertaking various strategic initiatives such as partnerships and collaborations which are gaining 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 a prepaid card. For example, in November 2020, MobiKwik has collaborated with the American Express (Amex) card network to introduce its first virtual prepaid payment card with a flexible credit limit. With the launch of the prepaid payment card, MobiKwik becomes the first non-bank in India to issue cards.
The countries covered by the prepaid cards market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South KoreaUK and UNITED STATES.
Main topics covered:
2. Characteristics of the prepaid card market
3. Prepaid Cards Market Trends and Strategies
4. Impact of COVID-19 on prepaid cards
5. Prepaid Cards Market Size and Growth
5.1. Global historic prepaid card market, 2016-2021, billion dollars
5.1.1. Market Drivers
5.1.2. Market Constraints
5.2. Global Prepaid Card Market Forecast, 2021-2026F, 2031F, Billion USD
5.2.1. Market Drivers
5.2.2. Market Constraints
6. Prepaid Cards Market Segmentation
6.1. Global Prepaid Cards Market, Segmentation by Type, History and Forecast, 2016-2021, 2021-2026F, 2031F, Billion USD
- General Purpose Reloadable Card
- Prepaid gift card
- Government benefit card
- Pay card
- Other types
6.2. Global prepaid card market, segmentation by card type, history and forecast, 2016-2021, 2021-2026F, 2031F, billions of dollars
- Open loop prepaid card
- Closed loop prepaid card
6.3. Global Prepaid Cards Market, Segmentation by Application, History and Forecast, 2016-2021, 2021-2026F, 2031F, USD Billion
- Retail establishments
- Corporate Institutions
- Other Apps
7. Regional and Country Analysis of Prepaid Cards Market
7.1. Global Prepaid Cards Market, Split by Region, Historical & Forecast, 2016-2021, 2021-2026F, 2031F, USD Billion
7.2. Global Prepaid Cards Market, Split by Country, Historical & Forecast, 2016-2021, 2021-2026F, 2031F, USD Billion
For more information on this report, visit https://www.researchandmarkets.com/r/mp0ytf
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