The Prepaid Card Global Market Report 2023 by The Business Research Company, provides prepaid card market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Prepaid Card Global Market Report 2023, the global prepaid card market size will grow from $15 billion in 2022 to $16.32 billion in 2023 at a compound annual growth rate (CAGR) of 8.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the global prepaid card is expected to grow to $21.7 billion in 2027 at a CAGR of 7.4%.
A significant driver behind the growth of the prepaid card market is the increasing adoption of prepaid cards as an alternative to traditional bank cards. Unlike traditional cards linked to a bank account, prepaid cards operate independently, with users preloading funds into the card account. In 2021, debit card payments in India reached 412 crore, as reported by the Reserve Bank of India. Prepaid cards, akin to debit cards, empower consumers to spend within the preloaded amount for various transactions, including purchases, bill payments, and online shopping. This surge in prepaid card usage is anticipated to propel the market’s expansion in the foreseeable future.
However, the growth of the prepaid card market is expected to face challenges due to the rising incidence of fraudulent cases. Fraudulent activities impact credit, debit, prepaid, and private-label payment cards globally, leading to losses for issuers, retailers, card purchasers, and ATM acquirers. According to the Aite Group, a provider of insurance services, 47% of Americans experienced financial theft in 2020.
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The prepaid card market 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 players operating in the industry are undertaking various strategic initiatives such as partnerships and collaborations, which are gaining significant popularity in the prepaid card market. Companies are collaborating with other market players to offer prepaid cards with flexible credit limits to attract a large consumer base for prepaid cards. For instance, in November 2020, MobiKwik collaborated with the American Express (Amex) card network to introduce its first virtual prepaid payment card with a flexible credit limit. With the launch of the prepaid payment card, MobiKwik becomes the first non-bank in India to issue cards.
Top Major Players
American Express Company,
BBVA Compass Bancshares Inc.,
Green Dot Corporation,
JPMorgan Chase & Co.,
Kaiku Finance LLC.
The prepaid card market report table of contents includes:
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List Of Tables :
Table 1: Global Historic Market Growth, 2017-2022, $ Billion
Table 2: Global Forecast Market Growth, 2022-2027F, 2032F, $ Billion
Table 3: Global Prepaid Card Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
Table 4: Global Prepaid Card Market, Segmentation By Card Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
Table 5: Global Prepaid Card Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
………..
Table 46: American Express Company Financial Performance
Table 47: BBVA Compass Bancshares Inc. Financial Performance
Table 48: Green Dot Corporation Financial Performance
Table 49: JPMorgan Chase & Co. Financial Performance
Table 50: Kaiku Finance LLC. Financial Performance
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