United States Prepaid Card and Digital Wallet Market Report 2022: Digital Wallet Providers are Focusing on Launching Virtual Prepaid Cards
DUBLIN, Feb. 7, 2022 /PRNewswire/ -- The "United States Prepaid Card and Digital Wallet Business and Investment Opportunities Databook - Market Size and Forecast, Consumer Attitude & Behaviour, Retail Spend" report has been added to ResearchAndMarkets.com's offering.
The prepaid card market (value terms) in the United States increased at a CAGR of 8.6% during 2017-2021. Over the forecast period of 2022 to 2026, the market is expected to record a CAGR of 11.1%, increasing from US$542.26 billion in 2022 to reach US$826.96 billion by 2026.
In the United States, the prepaid cards market witnessed innovative prepaid cards solutions for businesses such as the travel industry, real estate market, corporates, and also for immigrants. Moreover, with digitization, the publisher estimates, these prepaid card solutions will be highly accepted in the market, and this might provide impetus to the overall growth of the prepaid card market in the United States.
Moreover, during 2021, government initiatives also provided momentum to the prepaid market growth. For instance, In July 2021, New York City government had announced a US$100 incentive for anyone who gets their vaccination done at a city-run site. For those who will receive the first dose of vaccine, a US$100 digital prepaid card will be emailed to them.
Digital wallet providers are focusing on launching virtual prepaid cards
With the higher adoption of digital payments in the country, digital wallet providers are introducing virtual prepaid card solutions to attract more customers.
In May 2021, a payments platform, Paysafe, has announced to launch of the virtual version of Skrill Visa Prepaid Card through its Skrill USA digital wallet.
The prepaid card provides digital payments solution, can be activated instantly, and the cardholder can spend their Skrill balance online wherever Visa is accepted.
Moreover, Skrill Visa Prepaid Card enables the customer to earn points for each payment made under the Skrill Knect loyalty program. Here, the customer can redeem the points for cash above the 5,000 Knect-point and also for other rewards.
Digital banking providers are raising funds to expand their remittance business in the United States
It is observed that there is a high number of migrant communities in the United States who face challenges of opening bank accounts. Therefore, digital banking providers are developing financial solutions to attract these consumer segment.
In June 2021, Majority, a digital banking platform aimed at immigrant communities, raised $19 million in its seed funding. Valar Ventures led the financial round while Avid Ventures, Heartcore Capital, and several Nordic fintech unicorn founders participated in it.
The digital bank provides an FDIC-insured bank account, a Visa prepaid card, access to 50,000 in-network ATMs across the country together with remittance services, all for the subscription of US$5 per month.
The customers of the bank will be able to send remittances to Nigeria, Ghana, Kenya, and Senegal without any fees.
Global payments and card providers are introducing virtual travel cards
While digitization has entered almost all the sectors, the travel industry was lagging behind. So, global payments providers are developing digital solutions to optimize supplier payments and cash flow management for the travel industry.
In December 2021, Nium, global payments and card issuance company, developed virtual card issuing solutions for travel businesses to make payments to their suppliers.
The Nium virtual card will help online travel agencies, travel management companies, travel tour operators, and corporations better manage to spend and increase productivity.
These B2B travel cards are single-use, have card limits, attachment, and matching of booking references to payments with a unique card for individual booking, scheduled card loads, etc.
The publisher expects the virtual card will further help digitize their supply chain, internal processes, helping the travel businesses increase efficiency. Since the pandemic has stagnated the travel industry, travel businesses may find it essential to improve their productivity with this innovative solution.
Scope
United States Digital Wallet Market Size and Forecast
- Transaction Value Trend Analysis
- Transaction Volume Trend Analysis
- Average Value per Transaction
United States Digital Wallet Market Size and Forecast by Key Segments
- Retail Shopping (Value, Volume, Avg. Value)
- Travel (Value, Volume, Avg. Value)
- Entertainment and Gaming (Value, Volume, Avg. Value)
- Restaurant (Value, Volume, Avg. Value)
- Recharge and Bill Payment (Value, Volume, Avg. Value)
United States Prepaid Card Industry Market Attractiveness
- Load Value Trend Analysis
- Transaction Value Trend Analysis
- Transaction Volume Trend Analysis
- Average Value per Transaction
- Number of Cards
Market Share Analysis by Functional Attributes - Open Loop vs. Closed Loop, 2016 - 2025
Market Share Analysis by Prepaid Card Categories
United States Open Loop Prepaid Card Future Growth Dynamics, 2016 - 2025
- Transaction Value Trend Analysis
- Transaction Volume Trend Analysis
- Average Value per Transaction
- Number of Cards
United States Closed Loop Prepaid Card Future Growth Dynamics, 2016 - 2025
- Transaction Value Trend Analysis
- Transaction Volume Trend Analysis
- Average Value per Transaction
- Number of Cards
United States Prepaid Card Consumer Usage Trends
- By Age Group
- By Income Group
- By Gender
United States General Purpose Prepaid Card Market Size and Forecast
United States Gift Card Market Size and Forecast
Gift Card Market Size and Forecast by Functional Attribute
- By Open Loop Gift Card
- By Closed Loop Gift Card
- By Retail Consumer Segment
- By Corporate Consumer Segment
Gift Card Market Share Analysis by Retail Categories
Gift Card Market Share Analysis by Gifting Occasion
Gift Card Market Share Analysis by Purchase Location
United States Entertainment and Gaming Prepaid Card Market Size and Forecast
United States Teen and Campus Prepaid Card Market Size and Forecast
Teen and Campus Prepaid Card Market Size and Forecast by Functional Attribute
- By Open Loop Teen and Campus Prepaid Card
- By Closed Loop Teen and Campus Prepaid Card
United States Business and Administrative Expense Prepaid Card Market Size and Forecast
- By Small Scale Business Segment
- By Mid-Tier Business Segment
- By Enterprise Business Segment
- By Government Segment
United States Payroll Prepaid Card Market Size and Forecast
- By Small Scale Business Segment
- By Mid-Tier Business Segment
- By Enterprise Business Segment
- By Government Segment
United States Meal Prepaid Card Market Size and Forecast
- By Small Scale Business Segment
- By Mid-Tier Business Segment
- By Enterprise Business Segment
- By Government Segment
United States Travel Forex Prepaid Card Market Size and Forecast
- By Retail
- By Small Scale Business Segment
- By Mid-Tier Business Segment
- By Enterprise Business Segment
- By Government Segment
United States Transit and Tolls Prepaid Card Market Size and Forecast
United States Healthcare and Wellness Prepaid Card Market Size and Forecast
United States Social Security and Other Government Benefit Programs Prepaid Card Market Size and Forecast
United States Fuel Prepaid Cards Market Size and Forecast
United States Utilities, and Other Prepaid Cards Market Size and Forecast
For more information about this report visit https://www.researchandmarkets.com/r/n3qow8
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