Newark, Sept. 26, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the prepaid card market will grow from USD 2081.11 Billion in 2022 to USD 9348.24 Billion by 2032. The prepaid card market is experiencing increased demand due to the rising use of prepaid cards among millennials and students. Furthermore, the growing number of card providers has widened consumer options.
Request to Download Sample Research Report – https://www.thebrainyinsights.com/enquiry/sample-request/13717
Key Insight of the Prepaid Card Market
North America region to account for the largest market size during the forecast period.
North America will have the most major prepaid card market share during the forecast period. The factors supporting the growth of the regional prepaid card market include the growth of end-user industries in countries such as the U.S., Canada and Mexico. Many regional corporations are now focusing on making alternatives to cash payments. Government agencies are promoting the use of prepaid cards as it help in maintaining a database of the transactions.
The closed loop segment is expected to augment the market during the forecast period.
The card type segment is divided into closed loop and open loop. The closed loop segment is expected to augment the market during the forecast period. Any electronic payment card that one company may only use is called a closed-loop payment card. It can only be used at a certain store or business.
The gift card segment is expected to grow at the highest CAGR during the forecast period.
The offering segment is divided into gift cards, general purpose cards, incentive cards, disbursement cards and others. The gift card segment is expected to augment the market during the forecast period. Merchants can increase recurring business and client spending by tying rewards and incentives to gift cards, such as giving customers a discount on their products when they pay with a gift card. Customers may also be persuaded to upgrade their gift cards after using rewards and incentives.
The corporate segment is expected to augment the market during the forecast period.
The end-users segment is divided into financial institutions, retail, corporate, and government. The corporate segment is expected to augment the market during the forecast period. Employers may control the card's spending restrictions, keep track of employee expenditures, and get thorough transaction reports using business prepaid cards.
Report Coverage Details
Report Coverage | Details |
Forecast Period | 2023-2032 |
Base Year | 2022 |
Market Size in 2022 | USD 2081.11 Billion |
Market Size in 2032 | USD 9348.24 Billion |
CAGR | 16.21% |
No. of Pages in Report | 232 |
Segments Covered | Card Type, Offering and End-users |
Drivers | Increasing use of prepaid cards |
Opportunities | High fees |
Restraints | Rising number of cashless transactions |
Procure Complete Research Report - https://www.thebrainyinsights.com/report/prepaid-card-market-13717
Market Dynamics
Driver: Increasing use of prepaid gift cards
Prepaid card use to improve legacy services grew swiftly, with retailers selling gift cards as early as the 1980s. The advantages of this technique were obvious: businesses could guarantee future revenue, and consumers had an additional gift option. The general-use prepaid card industry arose due to the popularity of the gift card; customers like the pay-now-buy-later method, and even governments developed due to the prepaid card's emergence. Organizations or companies may issue gift cards as prizes or gifts. They may also be distributed as part of a promotion campaign by merchants and marketers to attract the recipient to come in or return to the store. Stores often sell closed-loop gift cards, which allow the cardholder to purchase anything from that specific retailer.
Restraint: Category-based usability
Prepaid cards can only be used for the section mentioned, limiting their usage for some consumers. As it contains minimal detail, prepaid cards can only purchase products and services at specific locations. This factor is restricting the growth of the prepaid card market.
Opportunity: Growing number of fintech organizations
The growing number of Fintech organizations provides lucrative opportunities for the prepaid card market. The innovative finance technology offering general prepaid cards is well positioned to continue disrupting the global digital payments market, with a greater emphasis on user safety and spend management. Fintechs will continue to attract new customers by providing new methods of regulating expenditure and purchasing anonymously online. As a result, retailers who wish to take advantage of the immense potential in the prepaid card industry would be well to begin selling their cards online.
Challenges: Lack of standardization
The prepaid card market faces several issues, including maintaining competitive product pricing, the need for more standardization, and strengthening security. If a customer is thinking about purchasing a prepaid card in a store, they should be able to see a standardized fee chart to make an informed decision. There are various standardization obstacles to overcome when using prepaid cards.
Interested to Procure the Research Report? Inquire Before Buying - https://www.thebrainyinsights.com/enquiry/buying-inquiry/13717
Some of the major players operating in the prepaid card market are:
• American Express Company
• Visa, Inc.
• Kaiku Finance, LLC
• MasterCard Inc.
• Mango Financial, Inc.
• Citigroup
• Total System Services, Inc.
• BBVA Compass Bancshares, Inc.
• The PNC Financial Services Group, Inc.
• H&R Block Inc.
• Green Dot Corporation
• JPMorgan Chase & Co.
• PayPal Holdings, Inc.
• NetSpend Holdings, Inc
• UniRush, LLC
Key Segments Cover in the Market:
By Card Type:
• Closed Loop
• Open Loop
By Offering:
• Gift Card
• General Purpose Card
• Incentive Card
• Disbursement Card
• Others
By End-users:
• Financial Institutions
• Retail
• Corporate
• Government
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
Have Any Query? Ask Our Experts: https://www.thebrainyinsights.com/enquiry/speak-to-analyst/13717
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
Contact Us
Avinash D
Head of Business Development
Phone: +1-315-215-1633
Email: sales@thebrainyinsights.com
Web: www.thebrainyinsights.com
![](https://ml.globenewswire.com/media/Nzc3NzliYzktMjRkNS00NGFhLTkyZjUtMWFjNTJhMjFjM2M0LTEyNDQ0Njc=/tiny/Brainy-Insights-Pvt-Ltd-.png)