Increase in demand for prepaid cards in remittances, surge in need for cash alternatives, and increase in unbanked and underbanked population drive the global prepaid card market. The open-loop card segment is expected to register the highest CAGR of 19.3% during the forecast period. The market across North America held the largest share in 2020, accounting for more than two-fifths of the market.
According to the report published by Allied Market Research, the global prepaid card market generated $1.73 trillion in 2019, and is projected to reach $6.87 trillion by 2030, growing at a CAGR of 18.2% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
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Pramod Borasi, a Senior Research Analyst, BFSI at Allied Market Research, stated, “The closed loop prepaid card segment accounted for the maximum share in 2020, and is anticipated to grow with a significant growth rate during the forecast period, owing to the process of redeeming credit points that lead to higher consumer retention rate.”
- The Covid-19 pandemic increased the remote working and strict regulations regarding social distancing created several challenges for retail and corporate sectors for shopping, cash flow, and travel. These factors reduced the use of prepaid cards and vouchers.
- However, several organizations approached new e-commerce tools and offered discounts on vouchers such as free add-on items to vouchers.
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Scope of the Report: –
|Revenue forecast in 2030||$6.87 trillion|
|Growth rate||CAGR of 18.2% from 2021 to 2030|
|Forecast period||2021 to 2030|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Regional scope||North America, Europe, Asia Pacific, Latin America, MEA|
|Country scope||U.S., Canada, Germany, U.K., France, Italy, Spain, Japan, China, India, South Korea, Australia, Brazil, Mexico, South Africa, Saudi Arabia|
|Key companies profiled||American Express Company, BBVA USA Bancshares Inc., Brink’s Incorporated, Green Dot Corporation, H&R Block Inc., JPMorgan Chase & Co., Kaiku Finance LLC., Mango Financial Inc., MasterCard, and PayPal Holdings Inc. Access Table PDF|
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The report offers detailed segmentation of the global prepaid card market based on offering, card type, end user, and region.
Based on offering, the report is divided into general-purpose cards, gift cards, government benefit/disbursement cards, incentive/payroll cards, and others. The general purpose card segment held the lion’s share in 2019, accounting for nearly two-fifths of the market. However, the incentive/payroll card segment is projected to manifest the highest CAGR of 19.7% from 2021 to 2030.
On the basis of card type, the report is classified into closed loop card and open-loop card. The open-loop card segment is expected to register the highest CAGR of 19.3% during the forecast period. However, the closed-loop card segment dominated the market in 2019, contributing to nearly three-thirds of the market.
The global prepaid card market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the largest share in 2020, accounting for more than two-fifths of the market. However, the market across Asia-Pacific is anticipated to portray the highest CAGR of 20.1% during the forecast period.
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The global prepaid card market includes an in-depth analysis of the prime market players such as American Express Company, Brink’s Incorporated, BBVA USA Bancshares Inc., H&R Block Inc., Green Dot Corporation, Kaiku Finance LLC., JPMorgan Chase & Co., MasterCard, Mango Financial Inc., and PayPal Holdings Inc.
Key Benefits For Stakeholders
- This study includes the prepaid card market analysis, prepaid card market trends, and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and prepaid card market opportunity.
- The prepaid card market size is quantitatively analysed from 2019 to 2030 to highlight the financial competency of the industry.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the prepaid card market forecast.
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About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to offer business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.
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