Prepaid Cards Global Market Outlook Report 2024 - Unbanked and Underbanked Consumers Evolving as a Potential Market

DUBLIN, March 28, 2024 /PRNewswire/ -- The "Prepaid Cards - Global Strategic Business Report" has been added to  ResearchAndMarkets.com's offering.

The global market for Prepaid Cards estimated at US$2 Trillion in the year 2023, is projected to reach a revised size of US$4.1 Trillion by 2030, growing at a CAGR of 9% over the analysis period 2023-2030.

Closed Loop Prepaid Cards, one of the segments analyzed in the report, is projected to record 8.8% CAGR and reach US$2.3 Trillion by the end of the analysis period. Growth in the Open Loop Prepaid Cards segment is estimated at 9.3% CAGR for the next 8-year period.

The Prepaid Cards market in the U.S. is estimated at US$726.5 Billion in the year 2023. China, the world's second largest economy, is forecast to reach a projected market size of US$648.7 Billion by the year 2030 trailing a CAGR of 12.3% over the analysis period 2023 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 7.1% and 8.7% respectively over the 2023-2030 period. Within Europe, Germany is forecast to grow at approximately 8.2% CAGR.

Key Market Trends & Drivers:

• Prepaid Cards: A Brighter Prospect in Cards amid Growing Digital Payments
• COVID-19 Catalyzes Adoption of Digital Payments
• Banks Go the Prepaid Way
• Unbanked and Underbanked Consumers: Evolving as a Potential Market
• Top Factors Cited as Barrier to Account Ownership: % of Adults Citing the Reason for Being Unbanked
• Urban Sprawl Encourages a Positive Tide
• Prepaid Eye the Upmarket
• Gaining Popularity among Millennials
• Consumer Shift from Cash to Card Based Purchase Transactions Propels Demand
• Robust Rise of e-Commerce & m-Commerce to Support Market Growth
• Pandemic Fast Forwards eCommerce Growth
• Market Gains from Increased Retailer Acceptance of Card Based Payments
• Virtual Prepaid Payment Cards: Next Generation of Prepaid
• Prepaid Cards Offer Stiff Competition to Debit Cards
• Prepaid Payroll Cards Expected to Witness Robust Growth
• Retailer Specific-Prepaid Cards Gain Popularity in Developed Markets
• Innovations Sustain Growth in Gift Cards Market
• Retailers Eye Gift Cards to Build Loyal Customers
• Growing Focus on Employee Rewards & Recognition to Spur Demand for Gift Cards
• Why Companies Bet on Employee Rewards & Recognition?
• Gift Cards: A Compelling Employee Reward Option
• Advantages of Gift Cards for Employee Rewards & Recognition Program
• Cohesive and Innovative Strategies: Key to Success of Gift Card Programs in Retail
• Ease of Handling Drives Use of Digital Gift Cards for Incentives and Rewards Applications
• Omni-channel Shopping is Here to Stay
• Prepaid Travel Cards Grab Eyeballs
• Fueled by High Uptake and Technological Progress, Prepaid Cards Hold Rosier Future
• Chip Technology Makes Way into Prepaid Cards for Enhanced Security
• Prepaid Cards Provides Hope for Better Travel Insurance Services

Challenges & Issues

• Dearth of Consumer Awareness: A Major Challenge
• High and Non-Standard Fees - A Major Hindrance to Growth
• Need for Regulatory Tabs
• Increasing Frauds and Abetting Criminal Activity - The Achilles' Heel of Prepaid Cards Business

Key Report Features

• Full access to influencer engagement stats
• Free access to digital archives & research platform. The proprietary platform is fully enabled to unlock creativity and market knowledge of domain experts worldwide in a cohesive and collaborative manner. The state-of-art tools bring world class market perspectives while protecting participants` privacy and identity. Numbers, statistics and market narrative in the report are based on fully curated insights shared by domain experts and influencers in this space.
• Opportunity to engage with interactive questionnaires that come with real-time data simulator tools & bespoke report generation capabilities
• Full client access to peer collaborative and interactive platform for cross-enterprise smart exchange of ideas
• Complimentary report updates for one year
• Competitor coverage with global market shares of major players
• Player market presence analysis (Strong/Active/Niche/Trivial) across multiple geographies
• Access to curated YouTube video transcripts of domain experts/influencer interviews, podcasts, press statements and event keynotes

The report covers 250+ key competitors in the industry.  

A selection of featured companies include:

• AT&T, Inc.
• Bank of America, N.A.
• ADP, Inc.
• Amadeus IT Group SA
• Axis Bank Ltd.
• American Express Company
• allpay Ltd.
• Bankable
• Allied Wallet
• AsiaPay Limited
• Axios Credit Bank
• Bitsa
• ABNB Federal Credit Union
• ANGEL Mastercard
• Allpoint Network

Key Topics Covered:

I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

• Prepaid Cards - Global Key Competitors Percentage Market Share in 2023 (E)
• Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2023 (E)
• A Prelude to Prepaid Cards
• Comparison between Credit Card, Debit Card and Prepaid Card
• Market Segments
• Types of Prepaid Cards
• Advantages and Disadvantages of Prepaid Cards
• Global Market Prospects & Outlook
• Addressing the Needs of the Unserved/Underserved: A Major Market Driver
• Improved Efficiencies and Transparency Drives Inclusion of Prepaid Cards in Commercial Programs
• Breaking Barriers to Ensure Broader Uptake of Digital Payments among Consumers
• Key Growth Factors
• Key Market Restraints
• Analysis by Geographic Region
• World Prepaid Cards Market by Region: Percentage Breakdown of Gross Value for Developed and Developing Regions (2024 & 2030)
• World Prepaid Cards Market - Geographic Regions Ranked by CAGR (Value) for 2024-2030: China, Asia-Pacific, Latin America, Canada, Middle East, USA, Europe, Japan and Africa
• Analysis by Segment
• World Prepaid Cards Market by Type (2024 & 2030): Percentage Breakdown of Gross Value for Closed Loop and Open Loop
• Competitive Scenario
• An Insight into the Prepaid Card Value Chain
• Prepaid Value Chain: Role and Revenue Driver by Category
• Evolving Prepaid Value Chain amidst Changing Environment
• Recent Market Activity
• Select Global Brands

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS

4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS

• United States
• Canada
• Japan
• China
• Europe
• France
• Germany
• Italy
• United Kingdom
• Spain
• Russia
• Rest of Europe
• Asia-Pacific
• Australia
• India
• South Korea
• Rest of Asia-Pacific
• Latin America
• Argentina
• Brazil
• Mexico
• Rest of Latin America
• Middle East
• Iran
• Israel
• Saudi Arabia
• United Arab Emirates
• Rest of Middle East
• Africa

IV. COMPETITION

For more information about this report visit https://www.researchandmarkets.com/r/8gzxkn

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]
 
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
 
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

Logo - https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg

SOURCE Research and Markets