Prepaid Card Global Market Report 2022
DUBLIN, July 26, 2022 /PRNewswire/ -- The "Prepaid Card Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the global prepaid card market as it emerges from the COVID-19 shut down.
- Gain a truly global perspective with the most comprehensive report available on this market covering 12+ geographies
- Understand how the market is being affected by the coronavirus and how it is likely to emerge and grow as the impact of the virus abates
- Create regional and country strategies on the basis of local data and analysis
- Identify growth segments for investment
- Outperform competitors using forecast data and the drivers and trends shaping the market
- Understand customers based on the latest market research findings
- Benchmark performance against key competitors
- Utilize the relationships between key data sets for superior strategizing
- Suitable for supporting your internal and external presentations with reliable high quality data and analysis
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 Card Incorporated.
The global prepaid card market is expected to grow from $13.79 billion in 2021 to $15.25 billion in 2022 at a compound annual growth rate (CAGR) of 10.6%. The market is expected to grow to $22.11 billion in 2026 at a compound annual growth rate (CAGR) of 9.7%.
The prepaid card market consists of sales of prepaid card services by entities (organizations, sole traders, and partnerships) that are engaged in storing, processing, and transmitting payment card data. Prepaid cards are preloaded payment cards issued by financial institutions that can be used to make both online and in-store payments. Once the amount loaded on the card is used, it may be disposed of (non-reloadable prepaid card) or reloaded (reloadable prepaid card) by the cardholder. The prepaid card may be open-loop or closed-loop. While an open-loop prepaid card can be used at any location accepting card, a closed-loop prepaid card can only be used at certain locations such as a specific store or a group of stores. Only goods and services traded between entities or sold to end consumers are included.
The main types of prepaid cards are general-purpose reloadable cards, prepaid gift cards, government benefit cards, payroll cards, and other types. The general purpose Reloadable cards can be used as debit cards for retail purposes and are used for depositing online payments. The various card types are open-loop prepaid cards and closed-loop prepaid cards. The cards are used in retail establishments, corporate institutions, government, other establishments.
Asia Pacific was the largest region in the prepaid card market in 2021. Western Europe was the second largest market in prepaid card market. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Increasing the use of prepaid cards as a substitute for traditional bank cards is a key factor driving the growth of the prepaid card market. A prepaid card is not connected to a bank checking account or a draught account for a credit union share, instead, users invest money in advance deposited in the prepaid card account. According to the 2019 Federal Reserve Payments Study, the number of prepaid debit card payments increased to 13.8 billion. Prepaid cards are similar to debit cards and permit the consumer to spend money up to the amount loaded on the card for making purchases, gas bills, shopping, and paying online bills. Therefore, increasing usage of prepaid cards is expected to propel the growth of the prepaid card market in the coming years.
The increasing incidents of fraudulent cases are expected to hamper the growth of the prepaid card market in the coming years. Fraud losses are sustained on all credit, debit, prepaid general-purpose, and private label payment cards distributed around the world by payment card issuers, retailers, purchasers of card purchase from retailers, and acquirers of card transactions at ATMs. For instance, according to the Aite Group, a company that provides insurance services in 2020, 47% of the Americans experienced financial theft and found that losses from these identity theft cases cost $502.5
JUL 25, 2022, 13:15 ETMiddle East and Africa Online Payment Methods Industry to 2025 - Consumers Continue to Adopt Digital Payments, Overcoming Major Barriers
E-Commerce Transactions, in %, 2021Number of Mobile Wallets, in millions, H1 2020 & H1 20215.3. Nigeria Top 5 Online Payment Methods, in % of Total Payments, 2021Electronic Payment Transactions, incl. Number, in millions,
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