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The global demand for prepaid credit cards is witnessing significant growth and is projected to grow, owing to rise in penetration of cashless transactions. A prepaid credit card is a secured card issued by a bank or financial institution and branded by credit card companies. Its users are needed to front load these cards for payments. Most often, individuals use prepaid credit cards with a narrow credit record, or with a poor credit score. These cards provide periodic notices, thus allowing holders to submit monthly payments to bank credit to record payment history. Generally, banks may check credit score of the customers in order to issue prepaid credit cards.
The growth of prepaid card market is driven by increasing demand for cash less payments, convenience of use, and card-associated incentives. However, growing competition from other digital payment methods and favorable demand for cash in certain countries is expected to hinder the market growth. Furthermore, growing preference for cashless payments, digital and card approaches in emerging countries, such as India, Singapore, and China are expected to provide lucrative opportunities for the prepaid card market during the forecast period.
The global prepaid credit card market is segmented on the basis of card type, application, and region. In terms of card type, it is bifurcated into open loop and closed loop. Based on application, it is segmented into hotel payments, restaurant & coffee shop payments, grocery store payments, electricity & mobile bill payments, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report focuses on the growth prospects, restraints, and trends of the prepaid credit card market analysis. 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 prepaid credit card market.
Various companies are focused on providing digital prepaid card services in developing economies in order to attract huge customer base for prepaid credit cards. For instance, in June 2020, Grab Holdings, Inc., a Singapore-based multinational ride-hailing company in collaboration with partnership of Mastercard has introduced a new card to encourage cashless payments in Philippines.
The company is aimed to unlock trouble-free online payment and expanding its rewards environment to encourage cashless payments during pandemics such as COVID-19. Further, users can pay for anything digitally with the card attached to Grab’s prepaid wallet, which comprises 53 million global retailers accepting Mastercard. Similar services and numerous advantages such as smartphone premiums, and e-commerce security are driving the adoption of prepaid credit cards.
Prepaid payment cards and other digital payments have taken over conventional banking easily. This transformation has changed the payment scenario where consumers can use cash or their credit card to pay bills, order food, and shop. Many people consider making purchases through prepaid cards in the U.S. Advancement in preferences toward prepaid credit cards is heavily fueled by growing unbanked & under-banked population and rising demand for convenient & secure payments. Moreover, the emergence of COVID-19 pandemic has caused several companies to implement electronic payment systems or prepaid credit cards as a mode of payment, which is also driving the growth of a modern cashless system and reducing the contamination risks.
Key Benefits of the Report:
This study presents the analytical depiction of the global prepaid credit card industry 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 detailed analysis of the global prepaid credit card market share.
The current market is quantitatively analyzed to highlight the global prepaid credit card market growth scenario.
Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
The report provides a detailed global prepaid credit card market analysis based on competitive intensity and how the competition will take shape in the coming years.
Questions Answered in the Prepaid Credit Card Market Research Report:
Which leading market players are active in the prepaid credit card market?
How the current trends will influence the market in the next few years?
What are the driving factors, restraints, and opportunities in the market?
What are the projections for the future that will help in taking further strategic steps?
Key Market Segments
Key Market Players