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Europe Prepaid Card and Digital Wallet Markets and Investment Opportunities Report 2023: A $395.93 Billion Market by 2027 - New Players are Seeking to Enter the Market with New Product LaunchesDUBLIN, March 22, 2023 /PRNewswire/ -- The "Europe Prepaid Card and Digital Wallet Business and Investment Opportunities Databook - Market Size and Forecast, Consumer Attitude & Behaviour, Retail Spend - Q1 2023 Update" report has been added to ResearchAndMarkets.com's offering. The prepaid card market (value terms) in Europe increased at a CAGR of 7.6% during 2018-2022. Over the forecast period of 2023 to 2027, the market is expected to record a CAGR of 9.1%, increasing from US$251.53 billion in 2022 to reach US$395.93 billion by 2027. The prepaid card ecosystem has recorded consistent growth over the last three to four years across Europe. Driven by increasing shifts to online shopping channels and internet penetration rates, prepaid payment instruments have become the preferred payment choice for most consumers. Providers are also raising capital to expand their operations in more European markets, to capitalize on the growing trend of digital payments in the region. Overall, the publisher maintains a robust growth outlook for the prepaid card industry in Europe over the next three to four years. Germany has the highest share of digital payment transactions for in-store shopping across Europe Along with the growing market share in the online shopping space, the share of digital wallet transactions is also growing in the offline category, with more and more shoppers using the payment method for offline purchases. Across Europe, the trend is increasing. However, it is Germany that is leading the other European countries. According to a report from PYMNTS, 20% of all in-store transactions are completed using digital wallets in Germany. On the other hand, 44% of the overall domestic online transactions are completed using digital wallets. Of the various digital wallets that are available, Germans prefer PayPal, which accounts for 37% of all online transactions in the country. This shows that Germany represents a huge growth potential market for PayPal to further pursue its super app strategy. Along with Germany, the preference for digital wallets is also growing among Italians. France is also experiencing growth in digital wallet adoption among consumers. With these trends expected to further continue, the publisher expects the prepaid card industry to record strong growth over the next three to four years. Payments firms are funding round to further accelerate their expansion in the European region With the European prepaid card market becoming increasingly competitive, firms are seeking to raise capital from venture capital and private equity firms, thereby assisting them to expand their product portfolio and geographic expansion. In September 2022, Satispay, one of the leading mobile payments providers, announced that the firm had raised €320 million, at a more than €1 billion valuation. Currently, the firm is serving 3,000,000 users and 200,000 merchants. With the fresh capital, it plans to expand its product portfolio, while also expanding its geographical footprint. In October 2022, GoHenry, a teen-focused prepaid card provider, also announced that the firm had raised US$55 million in a funding round to further drive its growth and geographical expansion. In 2022, GoHenry also acquired Pixpay, a similar fintech firm, to build its presence in European markets such as France and Spain, where Pixpay is the leading player in the segment. As the competition continues to grow in the European prepaid card industry, the publisher expects more firms to raise fuding rounds. This will further drive innovation in the region, thereby assisting the industry's growth. New players are seeking to enter the European prepaid card market with new product launches in 2023 The European prepaid card market offers a high and lucrative growth potential. With the industry projected to record strong growth over the next five years, more and more players are seeking to enter the market with new product launches. In November 2022, Amadeus, the travel technology firm, announced that it is planning to launch a new payments-focused business in the region. The first of its product offering is expected to be a virtual prepaid card. The goal of the new business entity, Outpayce, is to provide clients with a seamless travel payments experience. The firm has already applied for an eMoney license and is awaiting approval from the Bank of Spain. With the approval expected to be granted early in 2023, the entry of Amadeus in the European prepaid card industry will further drive competition in the industry from the short to medium-term perspective. A Bundled Offering Combining One Regional and 15 Country Reports:
Scope for Each Report Digital Wallet Market Size and Forecast
Digital Wallet Market Size and Forecast by Key Segments
Prepaid Card Industry Market Attractiveness
Market Share Analysis by Functional Attributes - Open Loop vs. Closed Loop
Closed Loop Prepaid Card Future Growth Dynamics
General Purpose Prepaid Card Market Size and Forecast
Entertainment and Gaming Prepaid Card Market Size and Forecast
Business and Administrative Expense Prepaid Card Market Size and Forecast
Payroll Prepaid Card Market Size and Forecast
Meal Prepaid Card Market Size and Forecast
Travel Forex Prepaid Card Market Size and Forecast
Transit and Tolls Prepaid Card Market Size and Forecast About ResearchAndMarkets.com Media Contact: Research and Markets For E.S.T Office Hours Call +1-917-300-0470 U.S. Fax: 646-607-1904 Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg SOURCE Research and Markets |