Industry

Prepaid Card Market Research Depth Study, Analysis, Growth, Trends, Forecast 2033

The Prepaid Card Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Prepaid Card Global Market Report 2024, The prepaid card market size has grown rapidly in recent years. It will grow from $21.98 billion in 2023 to $25.12 billion in 2024 at a compound annual growth rate (CAGR) of 14.3%. The growth in the historic period can be attributed to regulatory landscape, consumer behavior and preferences, economic conditions, financial inclusion initiatives, partnerships and collaborations.

The prepaid card market size is expected to see rapid growth in the next few years. It will grow to $41.57 billion in 2028 at a compound annual growth rate (CAGR) of 13.4%. The growth in the forecast period can be attributed to anticipated regulatory changes, evolving consumer preferences, economic outlook, financial inclusion initiatives, strategic partnerships. Major trends in the forecast period include enhanced security features, green and sustainable practices, inclusion and accessibility, digital wallet integration, regulatory compliance.

Increasing the 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 into the prepaid card account. According to the Reserve Bank of India, debit card payments in 2021 reached 412 crores. 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, paying 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 forecast period.

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The prepaid card market covered in this report is segmented –

1) By Type: General-Purpose Reloadable Card, Prepaid Gift Card, Government Benefit Card, Payroll Card, Other Types

2) By Card Type: Open Loop Prepaid Card, Closed Loop Prepaid Card

3) By Application: Retail Establishments, Corporate Institutions, Government, Other Applications

Major companies operating in the prepaid card market are innovating new products, such as Neokred to increase their profitability in the market. Neokred is a payments infrastructure enabler that aids businesses in smoothly launching their banking solutions. For instance, in July 2023, Giverly, a US-based social impact fintech startup, launched Neokred. The card, which is co-branded with Visa and Transcorp International, is a charity payback platform that turns online purchases into gratuitous contributions that have real impact on some of the most important humanitarian issues. The card is intended to change the way people give to charities and give to charities, providing each organization a real effect.

The prepaid card market report table of contents includes:
1. Executive Summary