Prepaid Card Market by Card (Single-purpose Prepaid Card and Multi-purpose Prepaid Card), by Usage (General-Purpose Reloadable Card, Gift Card, Government Benefits/Disbursement Card, Incentive/Payroll Card, and Others), by Industry Vertical (Retail E
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The Global Prepaid Card Market size was valued at USD 2.01 trillion in 2019 and is predicted to reach USD 18.47 trillion by 2030, with a CAGR of 22.5% from 2020-2030.
Prepaid Card is a payment method where the funds are directly linked to the specific card irrespective of the bank account, and are compatible with both open and closed loop networks. These cards are available for everyone, without requiring any rating, credit score or bank account and can be easily used at stores, in paying online bills, as well as in purchasing goods & commodities. Prepaid cards are substitutes to bank linked cards and are majorly utilized by population not having bank accounts or for those who cannot afford its maintenance charges.
2020 is the year where the whole world has united to fight the COVID-19 pandemic. Where the governments are requesting their citizens to go-cashless and use alternative payment methods, the use of plastic cards including prepaid cards are gaining momentum, thereby propagating the growth of global prepaid cards market.
Market Dynamics and Trends
The global prepaid card market is booming, owing to increasing influence towards plastic money, proliferating e-commerce sector, higher adoption of AI & IoT technologies, growing demand for cash alternatives, increasing trend to go-cashless, as well as growing number of unbanked and underbanked population, specifically in underdeveloped and developing countries.
Furthermore, benefits offered by prepaid cards such as hassle-free payment methods, better customer experience, and easy access to such cards, are the factors expected to supplement the prepaid card market growth throughout the forecast period.
However, increasing incidences of fraudulent, lack of standardization and security concerns, are the major limiting factors, that tend to hamper the growth of global prepaid card market.
Moreover, increasing adoption of cashless payment modes due to the prevailing COVID-19 pandemic, is vehemently rising the demand for plastic cards. This market scenario is expected to propagate the growth of global prepaid card market.
Market Segmentations and Scope of the Study:
The global prepaid card market share has been analyzed based on card type, usage, industry vertical, and geography.
Based on card type, the prepaid card market is segmented into single-purpose prepaid card and multi-purpose prepaid card. Based on usage, the prepaid card market is divided into general-purpose reloadable card, gift card, government benefits/disbursement card, incentive/payroll card, and others. Based on industry vertical, the prepaid card market is divided into retail establishments, corporate institutions, government, financial institutions, and others. Geographic breakdown and analysis of each of the previously mentioned segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.
Geographical Analysis
North America dominated the global prepaid card market, and is expected to maintain its dominance throughout the forecast period, accounting for the highest market share. This is attributed to higher adoption of prepaid cards, favourable regulatory standards supporting the use of prepaid cards, well-established BFSI sector and presence of key players in this region.
Asia Pacific region is expected to grow with the highest CAGR values in the global Prepaid card market throughout the forecast period, owing to increasing government initiatives encouraging cashless payments, as well as evolving retail, e-commerce, and corporate sectors in this region.
The prepaid card market, which is highly competitive and fragmented in nature, consists of various market players. Some of the major market players include American Express Company, Green Dot Corporation, Master Card Incorporated, JPMorgan Chase & Co., TSYS, Ebay, Visa, Inc., and The Western Union Company, among others.
To fight the COVID-19 pandemic, various market players had participated in philanthropic activities, contributing their part for saving the world from the novel corona virus. Below are some examples:
In March 2020, JP Morgan Chase, the giant ruling the prepaid card market, announced a $50 million global philanthropic investment to support immediate humanitarian challenges, long term economic impacts, as well as to help address the small businesses, non-profit partners, and underrepresented communities.
In April 2020, Health Information Sharing and Analysis Center (H-ISAC), one of the key players of prepaid card market, announced a partnership with Mastercard and RiskRecon, to provide complementary Cyber Security Rating Assessments to all healthcare organizations till December 2020, to help them in protecting their environment in the difficult times of COVID-19 pandemic.
In April 2020, the Western Union, one of the leading firms of prepaid card market, launched the ‘Worldwide Coronavirus Relief Drive,’ a global matching challenge, by pledging USD $1M to help fight COVID-19 pandemic. The combined funds pledged by Western Union and the Western Union Foundation match, sums up to USD 800,000.
In May 2020, Mastercard, one of the major players of the prepaid card market announced that it has entered a partnership with PepsiCo, by formation of a local community ‘Westchester Strong with Healthcare Heroes,’ by pledging $1 million in support of White Plains Hospital and its frontline medical workers to fight the novel corona virus, hence strengthening the response and recovery from COVID-19 pandemic.
KEY MARKET SEGMENTS:
Global Prepaid Card market – By Card Type
Single-purpose Prepaid Card
Multi-purpose Prepaid Card
Global Prepaid Card market – By Usage
General-Purpose Reloadable Card
Gift Card
Government Benefits/Disbursement Card
Incentive/Payroll Card
Others
Global Prepaid Card market – By Industry Vertical
Retail Establishments
Corporate Institutions
Government
Financial Institutions
Others
Global Prepaid Card market –By Geography
North America
U.S.
Canada
Mexico
Europe
UK
Germany
France
Italy
Rest of Europe
Asia-Pacific
China
India
Japan
Australia
Rest of Asia-Pacific
RoW
UAE
Saudi Arabia
South Africa
Brazil
Remaining Countries
Prepaid Card is a payment method where the funds are directly linked to the specific card irrespective of the bank account, and are compatible with both open and closed loop networks. These cards are available for everyone, without requiring any rating, credit score or bank account and can be easily used at stores, in paying online bills, as well as in purchasing goods & commodities. Prepaid cards are substitutes to bank linked cards and are majorly utilized by population not having bank accounts or for those who cannot afford its maintenance charges.
2020 is the year where the whole world has united to fight the COVID-19 pandemic. Where the governments are requesting their citizens to go-cashless and use alternative payment methods, the use of plastic cards including prepaid cards are gaining momentum, thereby propagating the growth of global prepaid cards market.
Market Dynamics and Trends
The global prepaid card market is booming, owing to increasing influence towards plastic money, proliferating e-commerce sector, higher adoption of AI & IoT technologies, growing demand for cash alternatives, increasing trend to go-cashless, as well as growing number of unbanked and underbanked population, specifically in underdeveloped and developing countries.
Furthermore, benefits offered by prepaid cards such as hassle-free payment methods, better customer experience, and easy access to such cards, are the factors expected to supplement the prepaid card market growth throughout the forecast period.
However, increasing incidences of fraudulent, lack of standardization and security concerns, are the major limiting factors, that tend to hamper the growth of global prepaid card market.
Moreover, increasing adoption of cashless payment modes due to the prevailing COVID-19 pandemic, is vehemently rising the demand for plastic cards. This market scenario is expected to propagate the growth of global prepaid card market.
Market Segmentations and Scope of the Study:
The global prepaid card market share has been analyzed based on card type, usage, industry vertical, and geography.
Based on card type, the prepaid card market is segmented into single-purpose prepaid card and multi-purpose prepaid card. Based on usage, the prepaid card market is divided into general-purpose reloadable card, gift card, government benefits/disbursement card, incentive/payroll card, and others. Based on industry vertical, the prepaid card market is divided into retail establishments, corporate institutions, government, financial institutions, and others. Geographic breakdown and analysis of each of the previously mentioned segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.
Geographical Analysis
North America dominated the global prepaid card market, and is expected to maintain its dominance throughout the forecast period, accounting for the highest market share. This is attributed to higher adoption of prepaid cards, favourable regulatory standards supporting the use of prepaid cards, well-established BFSI sector and presence of key players in this region.
Asia Pacific region is expected to grow with the highest CAGR values in the global Prepaid card market throughout the forecast period, owing to increasing government initiatives encouraging cashless payments, as well as evolving retail, e-commerce, and corporate sectors in this region.
Competitive Landscape
The prepaid card market, which is highly competitive and fragmented in nature, consists of various market players. Some of the major market players include American Express Company, Green Dot Corporation, Master Card Incorporated, JPMorgan Chase & Co., TSYS, Ebay, Visa, Inc., and The Western Union Company, among others.
To fight the COVID-19 pandemic, various market players had participated in philanthropic activities, contributing their part for saving the world from the novel corona virus. Below are some examples:
In March 2020, JP Morgan Chase, the giant ruling the prepaid card market, announced a $50 million global philanthropic investment to support immediate humanitarian challenges, long term economic impacts, as well as to help address the small businesses, non-profit partners, and underrepresented communities.
In April 2020, Health Information Sharing and Analysis Center (H-ISAC), one of the key players of prepaid card market, announced a partnership with Mastercard and RiskRecon, to provide complementary Cyber Security Rating Assessments to all healthcare organizations till December 2020, to help them in protecting their environment in the difficult times of COVID-19 pandemic.
In April 2020, the Western Union, one of the leading firms of prepaid card market, launched the ‘Worldwide Coronavirus Relief Drive,’ a global matching challenge, by pledging USD $1M to help fight COVID-19 pandemic. The combined funds pledged by Western Union and the Western Union Foundation match, sums up to USD 800,000.
In May 2020, Mastercard, one of the major players of the prepaid card market announced that it has entered a partnership with PepsiCo, by formation of a local community ‘Westchester Strong with Healthcare Heroes,’ by pledging $1 million in support of White Plains Hospital and its frontline medical workers to fight the novel corona virus, hence strengthening the response and recovery from COVID-19 pandemic.
KEY MARKET SEGMENTS:
Global Prepaid Card market – By Card Type
Single-purpose Prepaid Card
Multi-purpose Prepaid Card
Global Prepaid Card market – By Usage
General-Purpose Reloadable Card
Gift Card
Government Benefits/Disbursement Card
Incentive/Payroll Card
Others
Global Prepaid Card market – By Industry Vertical
Retail Establishments
Corporate Institutions
Government
Financial Institutions
Others
Global Prepaid Card market –By Geography
North America
U.S.
Canada
Mexico
Europe
UK
Germany
France
Italy
Rest of Europe
Asia-Pacific
China
India
Japan
Australia
Rest of Asia-Pacific
RoW
UAE
Saudi Arabia
South Africa
Brazil
Remaining Countries
Frequently Asked Questions
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
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The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.
Details
NMS-18644772
01-Nov-2020
299
01-Nov-2020
299
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