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2021
Prepaid Card Market

Prepaid Card Market

By Offering (General Purpose Card, Gift Card, Government Benefit/Disbursement Card, Incentive/Payroll Card, and Others), Card Type (Closed Loop Card, and Open Loop Card), and End User (Retail, Corporate, and Government/Public Sector): Global Opportunity Analysis and Industry Forecast, 2021-2030
Update Available On-Demand

Report Code: A01622
Pages: 247
Aug 2021 | 41760 Views
Author(s) : Monica Chhabra, Pramod Borasi , Vineet Kumar
Tables: 123
Charts: 68
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COVID-19

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Prepaid Card Market Outlook – 2030 

The global prepaid card market size was valued at $1.73 trillion in 2019, and is projected to reach $6.87 trillion by 2030, growing at a CAGR of 18.2% from 2021 to 2030. The prepaid card market is expected to exhibit high growth during the forecast period, owing to the convenience offered similar to that of a credit or debit card with the ability to allow the end user to set the spending limit according to the budget. Prepaid cards are a plastic alternative to carrying money around and are often called everyday cards. 

The covid-19 pandemic has created opportunities for digital and e-prepaid cards; thus protecting the interest of business and consumers.

Prepaid cards have taken the place of cash, cheques, and other payment cards where consumers or businesses want to use an electronic means of payment, without linking the payment to a credit or debit account. However, various fees and security issues are expected to restrain the market growth. These restraints are expected to have a reduced impact in the near future, owing to the increase in popularity of prepaid cards among teenagers and students.

Prepaid-Card-Market-2021-2030

The prepaid card industry is expected to exhibit robust growth during the forecast period. The key factors impacting the growth of the prepaid card market include rise in demand for cash alternatives, increase in number of internet users, and rise in adoption of prepaid cards due to adding funds through multiple avenues. Furthermore, lack of standardization hinders the growth of the market. Moreover, increase in unbanked and under banked population is expected to boost the market growth in the future. However, each of these factors is anticipated to have a definite impact on the overall prepaid card market growth during the forecast period.

The closed loop prepaid cards segment is expected to garner a significant share during the forecast period, owing to use by travelers as a temporary payment medium for facilitating currency exchange and instantly transferring money between cards. However, the open loop prepaid cards segment is expected to grow at the highest rate during the forecast period, as it is cost-effective and used for carrying out transactions from a particular company. Which offers various advantages such as low risk of frauds, easy accessibility, and low interest charges.

Region wise, the prepaid card market share was dominated by North America in 2019, and is expected to retain its position during the forecast period. The major factors that drive the growth of the market in this region include rise in adoption of prepaid card by different workers and favorable government regulations for prepaid cards. However, Asia-Pacific is expected to witness the highest growth rate during the forecast period due to increase in number of applications in retail establishments, governments, and corporate institutions and growing government support in the developing countries of Asia-Pacific.

Prepaid Card Market
By Offering

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General Purpose Card segment will secure the leading position during 2021 - 2030

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The report focuses on the growth prospects, restraints, and trends of the global prepaid card market share. The study provides Porter’s five forces analysis to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the global prepaid card market.

Prepaid Card Market
By Type

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Closed Loop Card segment will maintain the lead throughout the forecast period

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Segment Overview

The prepaid card industry is segmented on the basis of offering, card type, end user, and region. By offering, the market is categorized into general purpose card, gift card, government benefit/disbursement card, incentive/payroll card, and others. By card type, it is bifurcated into closed loop card, and open loop card. By end user, the market is analyzed across retail, corporate, government/public sector. By region, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.

Prepaid Card Market
By End User

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Retail segment will dominate the market throughout the forecast period

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Competitive Analysis

The key players profiled in the prepaid card market report are American Express Company, BBVA USA Bancshares Inc., Brink's Incorporated, Green Dot Corporation, H&R Block Inc., JPMorgan Chase & Co., Kaiku Finance LLC., Mango Financial Inc., MasterCard, and PayPal Holdings Inc. These key players have adopted various strategies, such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations, to increase their market penetration and strengthen their foothold in the industry.

Prepaid Card Market
By Region

2030
Asia-pacific 
North America
Europe
Lamea

Asia-Pacific region would exhibit the highest CAGR of 20.1% during 2021 - 2030

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COVID-19 Impact Analysis

The prepaid card market has witnessed significant growth in the past few years; however, due to the outbreak of the COVID-19 pandemic, the market is projected to witness a huge decline in 2020. This is attributed to increase in remote working and social distancing, which creates challenge for prepaid cards in retail, corporate, any other sector for shopping, travel, and cash flow. All these factors have completely reduced the usage of prepaid cards, vouchers, and others. It has been witnessed that different ways of working are bringing different ways of communicating. This presents a challenge for businesses to ensure that customers who are buying vouchers at this time are bringing instant revenue. 

For instance, in April 16, 2020, Instagram has officially announced the addition of its new prepaid card, and fundraiser tools for stories and profiles, which is expected to provide businesses with another way to generate income during the ongoing crisis. To overcome from these challenges, businesses are approaching toward e-commerce tools and offer discounts on vouchers, including free “add on” items to vouchers. These reasons are expected to boost the prepaid card market growth during the forecast period.

Top Impacting Factors

Rise in Demand For Cash Alternatives

Several studies have shown that advisers have witnessed surge in demand for cashless transactions from clients, looking for low-risk investments, and higher returns than traditional cash-based accounts. These prepaid cards minimize the risk of overspending as they have limit spending to no more than the card balance. In addition, it also provides facilities to load the card via multiple platforms in various ways including bank account transfers, direct deposit or cash, via online and in person, thus making prepaid card a vital option for various applications. 

Furthermore, corporates are also focused on new cash alternatives to manage their daily transactions. The card providers are offering convenient payment options. For instance, VA Tech Ventures introduced “Happay,” the new corporate expense card that can be remotely controlled by administrators from a mobile or web interface. This card also helps the company to track down expenses, fund card, set limits, and approve expenses in real time. All these factors are expected to boost the prepaid card market growth

Increase in Unbanked and Under Banked Population

High unbanked and under banked rates have been reported among the large number of groups such as lower-income households, less-educated households, younger households, and others. According to the Federal Deposit Insurance Corporation (FDIC) in 2018, 6.5% of the U.S. household were unbanked, which indicates that 8.4 million U.S. households are still left in the economy to operate without bank account. Generally, this population opts for prepaid cards as these cards are safe, inexpensive, and essential banking substitutes to cater to their financial transaction needs. 

For instance, the use of prepaid cards in LAC out of Mexico has been increased by 37% in 2018, due to that, the usual number of transactions has also been increased with an impressive growth rate of 58%. This spending pattern is one of the clear indicators that prepaid instruments have been become integrated into daily life among the aforementioned groups, and consumers are open to explore options for prepaid cards. As a result, the increase in adoption of prepaid cards among the unbanked population is expected to create lucrative opportunities for the players operating in the global prepaid card market.

Key Benefits For Stakeholders 

  • This study includes the prepaid card market analysis, prepaid card market trends, and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and prepaid card market opportunity.
  • The prepaid card market size is quantitatively analysed from 2019 to 2030 to highlight the financial competency of the industry.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the prepaid card market forecast.

Prepaid Card Market Key Segments

By Offering

  • General Purpose Card 
  • Gift Card
  • Government Benefit/Disbursement Card
  • Incentive/Payroll Card
  • Others

By Card Type

  • Closed Loop Card
  • Open Loop Card

By End User

  • Retail
  • Corporate
  • Government/Public Sector

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe 
    • UK
    • Germany
    • France
    • Netherlands
    • Spain
    • Italy
    • Nordic Countries
    • Rest of Europe
  • Asia-Pacific 
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • Rest of Asia-Pacific
  • LAMEA
    • Latin America 
    • Middle East 
    • Africa

Key Market Players

  • American Express Company
  • BBVA USA Bancshares, INC.
  • Brink's Incorporated
  • Green Dot Corporation
  • H&R Block Inc.
  • JPMorgan Chase & Co.
  • Kaiku Finance, LLC 
  • Mango Financial, Inc.
  • Mastercard 
  • PayPal Holdings, Inc.
 

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Prepaid card is a form of secured and stored value card. All purchases made with prepaid cards are checked for approval against existing funds. In addition, prepaid cards are less secure than debit cards, which can lead to payment fraud and loss of money. However, prepaid card providers are working on to increase prepaid card security and enhance their customer base. Furthermore, corporate institutions in North America and Europe use payroll card for disbursing salaries to their employees. These cards have gained popularity among organizations using large number of checks for payment.

The prepaid card market is expected to provide promising growth prospects throughout the forecast period, owing to rise in demand for cash alternatives, increase in number of internet users, developments in the e-commerce industry, and increase in adoption of prepaid cards because of adding funds through multiple avenues. The recent business scenario has witnessed an upsurge in usage of prepaid card across various industry verticals. Companies are now adopting efficient techniques to provide consumers with innovated and cost-efficient products.

Furthermore, increase in economic strength of developing nations such as China and India is expected to provide lucrative opportunities for the market growth. North America is expected to dominate the market during the forecast period. U.S. accounts for major share of the global prepaid card market share due to growth in digitalization, unbanked population, and enhanced mobile banking. Moreover, emerging countries in Asia-Pacific and Latin America are projected to offer significant growth opportunities during the forecast period. The global players are focusing toward product development and increasing their geographical presence, owing to growth in competition among local vendors, in terms of features, quality, and price.

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FREQUENTLY ASKED QUESTIONS?

A. The Prepaid Card Market is estimated to grow at a CAGR of 18.2% from 2021 to 2030.

A. The Prepaid Card Market is projected to reach $6.87 trillion by 2030.

A. To get the latest version of sample report

A. Rise in demand for cash alternatives, and increase in number of internet users etc. boost the Prepaid Card market growth.

A. The key players profiled in the report include American Express Company, BBVA USA Bancshares Inc., Brink's Incorporated, and many more.

A. On the basis of top growing big corporations, we select top 10 players.

A. The Prepaid Card Market is segmented on the basis of offering, card type, end user, and region.

A. The key growth strategies of Prepaid Card market players include product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations.

A. Incentive/Payroll Card segment would grow at a highest CAGR of 19.7% during the forecast period.

A. Asia-Pacific region will dominate the market by the end of 2030.

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