0

Forex Prepaid Cards Market Expected to Reach $492.8 Billion by 2032—Allied Market Research

 
2022
Forex Prepaid Cards Market

Report Code : A14995

quote The rise in travel and tourism is one of the main factors that contribute to the need for forex prepaid cards among consumers, accelerating the growth of the forex prepaid cards market. quote

Kanhaiya Kathoke - Lead Analyst
BFSI at Allied Market Research

Get 20% Free Customization In This Report
Follow us on Social Media:       
 

According to a new report published by Allied Market Research, titled, “Forex Prepaid Cards Market, By Type (Single Currency Forex Card and Multi-Currency Forex Card), By End User (Retail, Corporate, Financial Institutions, Government, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032". The forex prepaid cards market was valued at $120.5 billion in 2022, and is estimated to reach $492.8 billion by 2032, growing at a CAGR of 15.3% from 2023 to 2032.

A foreign exchange card (also known as a travel card) is one of the most convenient, stable, and less expensive mediums for keeping foreign currencies and paying expenses in foreign places. A foreign exchange card is a prepaid card on which customers can load one or more foreign currencies to seamlessly transact or bill for their foreign travel.

Forex prepaid cards are financial tools designed for travelers or people trading in more than one currency. They work similarly to regular prepaid cards but are used specifically for foreign exchange transactions. Users pre-load these cards with funds in their domestic currency, allowing them to spend in different currencies overseas without incurring hefty conversion costs. These cards offer easy access to many currencies at favorable rates, making them a preference for handling expenses on global trips or transacting across borders.

The increase in globalization and cross-border transactions is accelerating the demand for forex prepaid cards, providing users with a convenient way to manage multiple currencies. The growth of travelers and expatriates looking for a cost-effective and stable way to access forex while avoiding fluctuating trading costs is also driving the adoption of foreign exchange prepaid cards. However, regulatory restrictions and compliance measures are restraining the growth of the market. Strict guidelines and different compliance requirements in different regions create challenging situations for market players to ensure compliance while maintaining user-friendly offerings. On the contrary, technological advancements in fintech open up new innovative features that attract a larger base of buyers. In addition, the growing use of online transactions and the increase in focus on prepaid forex cards among employee reward management groups are creating opportunities for forex prepaid cards market expansion. Moreover, the forex prepaid cards market trends include cashless transactions with the simplicity and security offered by forex prepaid cards presents a compelling opportunity for sustained market growth.

On the basis of end user, the corporate segment acquired a major share in 2022, as consumers go to different countries for vacations and business purposes for which they take forex cards for making any transactions. However, the government segment is the fastest-growing segment during the forecast period, as forex prepaid cards offer a convenient way for government agencies to manage and control expenses.

On the basis of region, North America dominated the forex prepaid cards market in 2022. This is attributed to the fact that as consumer travel spending increases, it is expected to open up a huge market in North America for banks and forex prepaid card issuers to work with travel companies and improve the consumer experience. Many issuers are AI-enabling customer onboarding to balance the need for these compliance requirements with growth in cardholder expectations for a quick and frictionless onboarding process. However, Asia-Pacific is considered to be the fastest-growing region in the forex prepaid cards market during the forecast period. This is attributed to the growing tourism industry and increasing disposable income in the region.

The COVID-19 pandemic had a slightly negative impact on the forex prepaid cards market growth since the nationwide lockdown imposed all over the world, resulted in a decrease in travel across countries. Furthermore, airlines and marine businesses were totally restricted during the pandemic, thus resulting in low demand for foreign currency exchange services and forex card prepaid services. Moreover, in the wake of the COVID-19 situation, the demand for forex prepaid cards increased due to growth in online payment to avoid physical interaction, which prevented the transmission of coronavirus. These were the major factors that impacted the forex prepaid cards market size during the COVID-19 pandemic.     

Key Findings of the Study

  • On the basis of type, the multi-currency forex card segment accounted for the highest forex prepaid cards market share, in terms of revenue in 2022.
  • On the basis of end user, the corporate segment attained the highest market share in 2022.
  • On the basis of region, North America generated the highest revenue in 2022.  

The key players operating in the forex prepaid cards market analysis include American Express Company, Axis Bank, HSBC Group, Revolut Ltd, Qantas Airways Limited, Mastercard, HDFC Bank Ltd., Thomascook.in, Travelex International Limited, and Wise Payments Limited. These players have adopted various strategies to increase their market penetration and strengthen their position in the forex prepaid cards industry.

Need More Information

pr-det-talk Talk to David (Europe)

pr-det-talk Talk to Sona Padman (Americas)

5933 NE Win Sivers Drive #205,
Portland, OR 97220 United States

pr-det-phone Toll Free: +1-800-792-5285

pr-det-phone UK: +44-845-528-1300

pr-det-phone Hong Kong: +852-301-84916

pr-det-phone India (Pune): +91 2066346060

pr-det-phone Fax: +1(855) 550-5975

pr-det-phone help@alliedmarketresearch.com

 

For Media Inquiries, Please Contact

Allied Market Research
Contact Toll Free: +1-800-792-5285
Drop us an email at
media@alliedmarketresearch.com

Looking for Customization?

 Customization Request

Have a Question?

 Speak with Analyst

Any Confusion?

 Inquire Before Buying

Have a glance of the Report

  Request Free Sample
 
 

First time buyer?
Check offers and discount on this report
To get this report

Click Here
 
 

quote Forex Prepaid Cards Market by Type (Single Currency Forex Card, Multi-Currency Forex Card), by End User (Retail, Corporate, Financial Institutions, Government, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032 quote

View Report
 
 

Avenue: Entire Library membership of Allied Market Research Reports at your disposal

  • Avenue is an innovative subscription-based online report database.
  • Avail an online access to the entire library of syndicated reports on more than 2,000 niche industries and company profiles on more than 12,000 firms across 11 domains.
  • A cost-effective model tailored for entrepreneurs, investors, and students & researchers at universities.
  • Request customizations, suggest new reports, and avail analyst support as per your requirements.
  • Get an access to the library of reports at any time from any device and anywhere.

 
 

WHY ALLIED MARKET RESEARCH?

INFLALLIBLE METHODOLOGY

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

ANALYST SUPPORT

For complete satisfaction

CUSTOMIZATION

On-demand customization of scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save time of readers

 

Featured Readings

 
rep-img

Published Date May 2024

Biometric Payment Market

Download Sample

Buy Full Version
"Forex Prepaid Cards Market"
Purchase Enquiry

Get fresh content delivered

Get insights on topics that are crucial for your business. Stay abreast of your interest areas.

Get Industry Data Alerts

Why Allied Market Research?

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of the scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save the time of readers