The new report by Expert Market Research titled, ‘Global Prepaid Card Market Price, Share, Size, Trends, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global prepaid card market, assessing the market based on its segments like card type, usage, industry, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2026)
- Historical Market Size (2020): USD 2115 Billion
- Forecast CAGR (2023-2028): 14.6%
- Forecast Market Size (2026): USD 4791 Billion
The growing acceptance and use of prepaid cards in retail and financial institutions, among other places, is driving the global prepaid card business. Because of the convenience component, consumers increasingly prefer cashless payments at retail businesses, which is assisting industry growth.
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Prepaid cards are convenient to use, which is why they are becoming more popular. Furthermore, the market is likely to benefit from key players’ continual efforts to offer better cashless payment solutions. Furthermore, the growing number of internet users and the continuous growth of the e-commerce industry are expected to help the market.
Prepaid Card Industry Definition and Major Segments
A prepaid card, like a debit or credit card, is a stored-value card that can be used to make purchases and pay bills. Prepaid cards are accepted everywhere and are backed by major card networks. Individuals can purchase such cards with money loaded on them and the ability to recharge or add more money to the card.
On the basis of card type, the market is segmented into:
- Closed Loop
- Open Loop
Based on usage, the industry is divided into:
- General-Purpose Reloadable Card
- Government Benefit/Disbursement Card
- Incentive/Payroll Card
Based on industry, the market is segmented into:
- Retail Establishments
- Corporate Institutions
- Financial Institutions and Others
Based on region, the market can be bifurcated into:
- North America
- The Asia Pacific
- Latin America
- The Middle East and Africa
Prepaid Card Market Trends
General-purpose reloadable cards are expected to account for a significant market share in terms of usage, owing to the rising adoption of this type of card for utility bill payments, online shopping, ticket bookings, and cash withdrawal, among other things. The significant growth of the retail sector in emerging economies worldwide as a result of the development of retail stores is expected to provide additional impetus to market growth during the forecast period.
North America accounts for a sizable portion of the industry. Increased awareness of the benefits of prepaid cards and favourable government regulations have fueled demand for prepaid cards in the region, particularly in countries such as the United States and Canada. Rapid technological advancements and the ease of payment methods are expected to aid market growth over the forecast period.
Key Market Players
The major players in the market are American Express Company, Banco Bilbao Vizcaya Argentaria S A, Green Dot Bank, Kaiku Finance LLC, Mango Financial Inc, JPMorgan Chase & Co., and Others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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