Prepaid Card Global Market Report 2021: COVID-19 Impact and Recovery to 2030 - ResearchAndMarkets.com
The "Prepaid Card Global Market Report 2021: COVID-19 Impact and Recovery to 2030" report has been added to ResearchAndMarkets.com's offering.
Major players in the prepaid card market are American Express (News - Alert) Company, BBVA Compass Bancshares Inc., Green Dot Corporation, JPMorgan Chase & Co., Kaiku Finance LLC., Mango Financial Inc, NetSpend Holdings Inc, PayPal (News - Alert) Holdings Inc, UniRush LLC, and Master Card Incorporated.
The global prepaid card market is expected to grow from $12.99 billion in 2020 to $13.87 billion in 2021 at a compound annual growth rate (CAGR) of 6.8%.
The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges.
The market is expected to reach $21.22 billion in 2025 at a CAGR of 11.2%.
Major players operating in the industry are undertaking various strategic initiatives such as partnerships and collaborations which are gaining significant popularity in the prepaid card market. Companies are collaborating with other market players to offer prepaid cards with flexible credit limits to attract a large consumer base for a prepaid card.
For instance, in November 2020, MobiKwik collaborated with American Express (Amex) card network to introduce its first virtual prepaid payments card with a flexible credit limit. With the launch of the prepaid payment card, MobiKwik becomes the first non-bank in India to issue cards.
The prepaid card market covered in this report is segmented by type into general-purpose reloadable card, prepaid gift card, government benefit card, payroll card, others, by card type into an open-loop prepaid card, closed-loop prepaid card, by application into retail establishments, corporate institutions, government, others.
In March 2019, Prepaid Financial Services Limited, a London-based financial services company acquired a physical prepaid card portfolio of Barclycard in the UK for an undisclosed amount. This acquisition will enable Prepaid Financial Services Limited to offer an enhanced service to existing and future Payroll and Corporate clients. Barclaycard is a UK-based financial services company that helps consumers, retailers, and businesses to make and take payments flexibly, and to access short-term credit and point of sale finance.
Increasing use of prepaid cards as a substitute for traditional bank cards is a key factor driving the growth of the prepaid card market. A prepaid card is not connected to a bank checking account or a draught account for a credit union share, instead, users invest money in advance deposited in the prepaid card account. According to the 2019 Federal Reserve Payments Study, the number of prepaid debit card payments increased to 13.8 billion with a value of $0.38 trillion in 2018.
Prepaid cards are similar to debit cards and permit the consumer to spend money up to the amount loaded on the card for making purchases, gas bills, shopping, and paying online bills. Therefore, increasing usage of prepaid cards is expected to propel the growth of the prepaid card market in the coming years.
The increasing incidents of fraudulent cases are expected to hamper the growth of the prepaid card market in the coming years. Fraud losses are sustained on all credit, debit, prepaid general-purpose, and private label payment card distributed around the world by payment card issuers, retailers, purchasers of card purchase from retailers, and acquirers of card transactions at ATMs.
For instance, global fraud losses totaled $27.85 billion in 2018 and are expected to grow to $35.67 billion in five years and $40.63 billion in 10 years. Therefore, the increasing incidents of fraud restraints the growth of the prepaid market.
Key Topics Covered:
1. Executive Summary
2. Prepaid Card Market Characteristics
3. Prepaid Card Market Trends and Strategies
4. Impact of COVID-19 on Prepaid Card
5. Prepaid Card Market Size and Growth
5.1. Global Prepaid Card Historic Market, 2015-2020, $ Billion
5.2. Global Prepaid Card Forecast Market, 2020-2025F, 2030F, $ Billion
6. Prepaid Card Market Segmentation
6.1. Global Prepaid Card Market, Segmentation by Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
6.2. Global Prepaid Card Market, Segmentation by Card Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
6.3. Global Prepaid Card Market, Segmentation by Application, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7. Prepaid Card Market Regional and Country Analysis
7.1. Global Prepaid Card Market, Split by Region, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7.2. Global Prepaid Card Market, Split by Country, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
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