United States, Canada, and U.K. Prepaid Markets Report 2019: Compare the Market Size, Taxonomy, and Regulatory Structure of Three Desired Prepaid Debit Card Markets
DUBLIN, Sept. 9, 2019 /PRNewswire/ -- The "U.S., Canada, and U.K. Prepaid Markets: Similarities and Differences" report has been added to ResearchAndMarkets.com's offering.
U.S., Canada, and U.K. Prepaid Markets: Similarities and Differences provides a comparison of these markets including market size, taxonomy, regulations, and key players.
Additionally, the report looks at the regulatory environments for prepaid debit cards, which are continually changing especially in Canada and the United Kingdom as regulators learn the nuances of the card market and where the risk lies. While some controls are necessary, prepaid programs face risks at both the state/providence and federal level provoking continual compliance concerns.
The prepaid debit card market is unique in that there are many product offerings under prepaid debit cards that are not widely known under that designation. People are more likely to know them as a gift, payroll, incentive, travel, or general-purpose reloadable (GPR) cards. Each country has its own set of products that function primarily the same but with major differences in the regulatory requirements. It's valuable to players in the prepaid market to see how each country is evolving in this space, the author of the report commented.
Highlights of the report include:
- Canada is the smallest of the three markets at $4.3 billion, followed by the United Kingdom at $39 billion; the United States is largest at $665 billion.
- Each of the three offers opportunities. Canada has significant room for growth, the United Kingdom is quickly embracing e-money licenses which allow fintechs to operate more like banks, and the United States prepaid market, although mature, continues to reinvent itself through new product offerings and additional robust features when compared to the other counties.
- The three taxonomies in the report show the growth difference in product offerings. The U.S. has the largest array of offerings with 11 categories, and 23 market segments. Canada has 3 categories and 17 segments, and the U.K. has 3 categories and 17 segments.
- Regulations are expected to have an impact on the prepaid segment in Canada and the U.K. Controls are decreasing the usage of anonymous prepaid cards, and strong customer authentication (full registration of the card) will be required to have full access to all features and functionality.
Key Topics Covered:
Executive Summary
Introduction
Methodology for Measuring the Market
- Sales
- Transactions
- Loads
The United States, a Mature Prepaid Debit Card Market
- Taxonomy of U.S. Prepaid Cards
- U.S. Open-Loop Market Size
- U.S. Closed-Loop Market Size
- Regulations/Compliance
Canada's Growing Prepaid Market
- Canadian Open-Loop Prepaid Market Size
- Regulation and Compliance
The U.K. Prepaid Card Market in Perspective
- Gift Card and Voucher Sales in the U.K.
- Regulatory Pressure on U.K. Prepaid Cards
- Prepaid Card Constructs
Comparing U.S., Canada, and U.K. Prepaid Market
Key Player in the U.S., Canada, and the U.K. Prepaid Markets
Conclusion
References
Companies Mentioned
- Bank of Canada
- Bank of Montreal
- Barclays
- Berkeley Payments
- Blackhawk
- Canadian Imperial Bank of Commerce (CIBC)
- City Services Benefits Card (CSBC)
- Clydesdale Bank
- Co-operative Bank
- Consumer Financial Protection Bureau (CFPB)
- Contis Group
- Desjardins
- Discover
- Federal Deposit Insurance Corporation (FDIC)
- Financial Crimes Enforcement (FinCEN)
- Greendot
- Halifax
- HSBC
- InComm
- Industrial and Commerce Bank of China
- KEB Hana Bank of Canada
- Laurentian Bank
- Lloyds
- Lloyds Banking Group (Bank of Scotland
- Ltd
- Mastercard
- National Bank
- National Gift Corporation (NGC)
- Nationwide
- Netspend
- North West
- Ontario Disability Support Program
- PaySafe Group
- Peoples Trust Company
- Prepaid Financial Services (PFS)
- PrePay Solutions
- PSI-Pay
- Rapid Payroll
- RBC Royal Bank
- RBS Group (NatWest
- Royal Bank of Scotland
- Santander
- Scotiabank
- TD Canada Trust
- Toronto Employment and Social Services (TESS)
- TSB
- UK Gift Card and Voucher Association (UKGCVA)
- Ulster Bank
- US Bank
- Vancity Community Investment Bank
- Virgin Money
- Visa
- Wirecard
- Yorkshire Bank
For more information about this report visit https://www.researchandmarkets.com/r/c3mlde
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