Prepaid Cards Global Market Report 2023: Unbanked and Underbanked Consumers Present Opportunities for Expansion

Dublin, Feb. 27, 2023 (GLOBE NEWSWIRE) -- The "Prepaid Cards: Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.

Global Prepaid Cards Market to Reach $4.1 Trillion by 2030

In the changed post COVID-19 business landscape, the global market for Prepaid Cards estimated at US$1.9 Trillion in the year 2022, is projected to reach a revised size of US$4.1 Trillion by 2030, growing at a CAGR of 10.2% over the analysis period 2022-2030. Closed Loop, one of the segments analyzed in the report, is projected to record 10% CAGR and reach US$2.3 Trillion by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the Open Loop segment is readjusted to a revised 10.6% CAGR for the next 8-year period.

The U.S. Market is Estimated at $665.7 Billion, While China is Forecast to Grow at 14% CAGR

The Prepaid Cards market in the U.S. is estimated at US$665.7 Billion in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$648.7 Billion by the year 2030 trailing a CAGR of 14% over the analysis period 2022 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 8.1% and 9.9% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 9.3% CAGR.

Select Competitors (Total 259 Featured) -

• American Express Company
• Blackhawk Network Holdings, Inc.
• Caxton FX Limited
• Edenred S.A.
• Green Dot Corporation
• MasterCard, Inc.
• MetaBank, Inc.
• Mint Technology Corporation
• Recharge.com Enterprise B.V.
• The Bancorp Bank
• The Western Union Company
• Travelex Group Limited
• Visa, Inc.
• Wal-Mart Stores, Inc.
• WEX, Inc.

Looking Ahead to 2023

The global economy is at a critical crossroads with a number of interlocking challenges and crises running in parallel. The uncertainty around how Russia`s war on Ukraine will play out this year and the war`s role in creating global instability means that the trouble on the inflation front is not over yet. Food and fuel inflation will remain a persistent economic problem. Higher retail inflation will impact consumer confidence and spending. As governments combat inflation by raising interest rates, new job creation will slowdown and impact economic activity and growth. Lower capital expenditure is in the offing as companies go slow on investments, held back by inflation worries and weaker demand. With slower growth and high inflation, developed markets seem primed to enter into a recession.

Key Topics Covered:

I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS

• Prepaid Cards: A Brighter Prospect in Cards amid Growing Digital Payments
• COVID-19 Catalyzes Adoption of Digital Payments
• Banks Go the Prepaid Way
• Unbanked and Underbanked Consumers: Evolving as a Potential Market
• Urban Sprawl Encourages a Positive Tide
• Prepaid Eye the Upmarket
• Gaining Popularity among Millennials
• Consumer Shift from Cash to Card Based Purchase Transactions Propels Demand
• Robust Rise of e-Commerce & m-Commerce to Support Market Growth
• Pandemic Fast Forwards eCommerce Growth
• Market Gains from Increased Retailer Acceptance of Card Based Payments
• Virtual Prepaid Payment Cards: Next Generation of Prepaid
• Prepaid Cards Offer Stiff Competition to Debit Cards
• Prepaid Payroll Cards Expected to Witness Robust Growth
• Retailer Specific-Prepaid Cards Gain Popularity in Developed Markets
• Impact of Pandemic on Retail & Restaurant Industries: What's the New Normal?
• Innovations Sustain Growth in Gift Cards Market
• Retailers Eye Gift Cards to Build Loyal Customers
• Growing Focus on Employee Rewards & Recognition to Spur Demand for Gift Cards
• Why Companies Bet on Employee Rewards & Recognition?
• Gift Cards: A Compelling Employee Reward Option
• Advantages of Gift Cards for Employee Rewards & Recognition Program
• Cohesive and Innovative Strategies: Key to Success of Gift Card Programs in Retail
• Ease of Handling Drives Use of Digital Gift Cards for Incentives and Rewards Applications
• Gift-Giving Etiquette Ingrained Into Our Culture Provides the Cornerstone for the Growth of the Gift Card Industry
• Omni-channel Shopping is Here to Stay
• Prepaid Travel Cards Grab Eyeballs
• Fueled by High Uptake and Technological Progress, Prepaid Cards Hold Rosier Future
• Chip Technology Makes Way into Prepaid Cards for Enhanced Security
• Prepaid Cards Provides Hope for Better Travel Insurance Services
• Challenges & Issues
• Dearth of Consumer Awareness: A Major Challenge
• High and Non-Standard Fees - A Major Hindrance to Growth
• Need for Regulatory Tabs
• Increasing Frauds and Abetting Criminal Activity - The Achilles' Heel of Prepaid Cards Business

4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS

IV. COMPETITION

A selection of companies mentioned in this report includes

• American Express Company
• Blackhawk Network Holdings, Inc.
• Caxton FX Limited
• Edenred S.A.
• Green Dot Corporation
• MasterCard, Inc.
• MetaBank, Inc.
• Mint Technology Corporation
• Recharge.com Enterprise B.V.
• The Bancorp Bank
• The Western Union Company
• Travelex Group Limited
• Visa, Inc.
• Wal-Mart Stores, Inc.
• WEX, Inc.

For more information about this report visit https://www.researchandmarkets.com/r/rt8w16

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• Global Market for Prepaid Cards