A prepaid card is a type of banking card that allows customers to spend money up to the amount loaded on the card. It is similar to a debit card and can be used to make purchases as well as pay online bills, gas, and shopping bills. These prepaid cards are general purpose reloadable (GPR) cards that are issued to people having limited access to banking account or who cannot afford the fees associated with keeping a bank account.

These cards can be used in both closed and open-loop networks. The market is expanding due to increased demand for cash alternatives and the availability of low-cost, energy-efficient prepaid cards. Furthermore, developments in the e-commerce industry and an increase in global forex prepaid card adoption as a result of adding funds through multiple channels fuel the growth of the global forex prepaid cards market.

The global forex prepaid cards market is segmented on the basis of card type, usage, end user and region. Based on card type, the market is divided into open loop prepaid card and closed loop prepaid card. In terms of usage, the market is categorized into general-purpose reloadable card, gift card, government benefit/disbursement card, payroll card, and others. On the basis of end user the market is divided into retail, corporate institutions, government, and financial institutions. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).

Key players operating in the global forex prepaid cards industry include UBS, Morgan Stanley, Bank of America Corporation., JPMorganChase & Co, Goldman Sachs, Royal Bank of Canada, Charles Schwab & Co, Citigroup Inc., Julius Baer Group, and CREDIT SUISSE GROUP. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global forex prepaid cards market.

Market Scope and Structure Analysis

COVID-19 Scenario Analysis

• In the wake of COVID-19 situation, the demand for forex prepaid cards is expected to grow for online payment to avoid physical interaction, which prevents the transmission of coronavirus.
• Moreover, the tradition to use prepaid cards has helped consumers & the financial industry to provide finances through online channels without spreading the disease. Therefore, these are becoming important factors promoting the global forex prepaid cards during the pandemic situation.

Top Impacting Factors

The rise in demand for cash alternatives and the availability of affordable & energy-efficient global forex prepaid cards drive the market growth.  However, the lack of standardization is expected to hamper the market. Contrarily, an increase in the unbanked and under-banked population is expected to provide lucrative opportunities for the global forex prepaid market.

Rise in Demand for cash Alternatives

Financial advisers are experiencing an increase in demand for cashless transactions from clients demanding low-risk investments with higher returns than traditional cash-based accounts. When compared to credit cards, prepaid cards reduce the risk of overspending because there is a spending limit imposed. These prepaid cards can be loaded quickly and easily through a variety of platforms, including bank account transfers, direct deposit, and cash. Furthermore, corporations are constantly demanding cash alternatives to manage their day-to-day transactions. For instance, VA Tech Ventures introduced “Happay,” a new corporate expense card that administrators can control remotely via a mobile or web interface. The company can also use this card to track expenses, fund cards, set limits, and approve expenses in real-time. All of these factors are expected to fuel global forex prepaid cards market growth.

Increase in Number of Internet Users and Developments in the E-Commerce Industry

The rapid growth of the e-commerce industry has compelled customers to use plastic money rather than hard cash in their wallets. According to several banks, the new-age segment has been one of the key factors driving credit, debit, and prepaid card sales globally. For example, the Dubai payments industry is undergoing significant change, with a large number of consumers abandoning their credit cards in favor of a new payment tool known as a “prepaid debit card” for online shopping, travel, or gifting. These cards can be used in place of credit and debit cards and are easily accessible to non-banked consumers. As a result, the dominance of global forex prepaid cards in the electronic payment industry is expected to grow, creating lucrative opportunities for the market in the upcoming years.

Key Benefits of the Report

• This study presents an analytical depiction of the global forex prepaid cards market forecast along with the current trends and future estimations to determine the imminent investment pockets.    
• The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the forex prepaid cards market share.     
• The current market is quantitatively analyzed from 2021 to 2030 to highlight the global forex prepaid cards market growth scenario.         
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the forex prepaid cards market analysis.    
• The report provides a detailed market analysis depending on the present and future competitive intensity of the market.

Questions Answered in the Global Forex Prepaid Cards Market Research Report

• Which are the leading players active in the global forex prepaid cards market size?
• What would be the detailed impact of COVID-19 on the global forex prepaid cards market trends?
• What are current trends that would influence the market in the next few years?
• What are the driving factors, restraints, and opportunities of the global forex prepaid cards market?
• What are the projections for the future that would help in taking further strategic steps?

 Key Market Segments