Prepaid Card Market- By Card Type (Single-Purpose and Multi-Purpose), By Usage (General-Purpose Reloadable (Gpr) Card, Gift Card, Government Benefits Card, Incentive Card, and Others), By Industry Vertical (Retail Establishments, Corporate Institutions, Government, and Financial Institutions & Others), By Channel (Online Retail Stores, Bricks & Mortar Stores, Fintech Companies, and Others), and By Region - Global Opportunity Analysis and Industry Forecast, 2020 – 2030

Prepaid Card Market accounted USD 2137.07 billion in 2020 and will register to grow at a CAGR of 14.5% during the forecast timeframe.The funds are connected directly to a card without any link through the bank account by using prepaid card. These payment cards are reloadable cards with money at pay points by customer and will allow access only that reloadable amount on card. These cards have no interest rates applied and mostly used for retailer stores, e-commerce, and others. Prepaid cards can be easily accessed by swiping them without any picture ID and PIN number. Now a day, the mode of transaction has revolutionized which is taken place through cards instead of cash. Prepaid cards are available to each one without consists credit rating, income. These cards manage the new way of money by substitution of the traditional bank account with having a similar function as credit and debit cards. Moreover, the popularity of this card is increased day by day on the basis of its emerging application and acceptance for various transactions such as travel, bill payment, retail spend, cash withdrawal, and P2P transfers are expected to propel the market growth in the future.

Market Segmentation:

Based on the card type, the global prepaid card market is bifurcated into single-purpose and multi-purpose. Depending on usage, the market is categorised as general-purpose reloadable (GPR) card, gift card, government benefits card, incentive card, and others. On the basis of industry vertical, the global market is segmented into retail establishments, corporate institutions, government, financial institutions & others. Based on distribution channel, the market is classified into online retail stores, bricks & mortar stores, fintech companies, and others. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.

Market Dynamics and Factors:

An increase in awareness about utilization of cards, huge Internet users, growth of E-commerce industry, and growth in demand for cashless are the major drivers for the growth of the global prepaid card market. Moreover, easy accessibility and flexibility of prepaid card in demand for its better services are some of the other factors which will drive the market during forecast time. Conversely, the lack of security is responsible to restrain the market growth.  Additionally, increasing support from private organization towards cashless transactions and increasing disposal income are also boosting the growth of market during the next coming years. On the rather hand, the expansion of new applications and growth of unbanked & under banked population are creating immense opportunities for the market growth during forecast timeframe. However, on-going global efforts aimed at decreasing fraud activity and standardization is considered to be the challenge for market in upcoming years.

Geographic Analysis:

Europe holds the largest revenue share in the global prepaid card market attributing increase in demand for cash alternatives and rise in the number of unbanked and under banked population. North America is expected to grow at significant rate in the growth of the market. Additionally, Asia pacific is anticipated to fastest growing regional market, owing to increasing utilization of prepaid card among population subsequent transactions have led to advancements of the payment ecosystem during the forecast time frame.  Moreover, an internet users has increased and thus increasing online transactions which further creates ample opportunities for the market. This card payments network is continuously grown by commercial and technological factor. The AirPay connected with MasterCard and Thanachart Bank to launch AirPay Card for encouraging the growth of e-payments in Thailand by increasing the convenience and security of online transactions, in November 2016 .Latin America and the Middle East & Africa region are projected to moderate growth of the market due to lack of awareness about the benefits of this card in these regions.

Competitive Scenario:

The key players of global prepaid card markets are The American Express Company., Visa Inc., Green Dot Corporation, MasterCard Incorporated, The Western Union Company, PayPal Holdings, Inc., Kaiku Finance, LLC, NetSpend Holding Inc., JP Morgan Chase & Co., and AccountNow Inc.

Prepaid Card Market Report Scope