Prepaid Card Market by Card Type (Single-purpose prepaid card, and Multi-purpose prepaid card), Usage (General-Purpose Reloadable Card, Gift Card, Government Benefits/Disbursement Card, Incentive/Payroll Card), Industry Vertical (Retail Establishments, Co

Higher preference of prepaid cards to bank account cards has attributed to cost-effectiveness and flexibility. Moreover, increase in awareness and convenience of these cards enhance the adoption of prepaid cards. Furthermore, emerging applications & acceptance of these prepaid cards for various transactions and increasing popularity among individuals traveling abroad are expected to boost the market growth in the future

Prepaid Card Market is projected to grow at a CAGR of 22.7% from 2016 to 2022. The market accounted for $896 billion, and is expected to reach $3,653 billion by 2022. The base year considered for the study is 2015, and the forecast period is 2016-2022.

Download PDF Report Sample @ https://www.alliedmarketresearch.com/request-sample/1952?utm_source=OPR

A prepaid card is a payment card where funds are connected directly to a card without being linked to a bank account. Prepaid cards are available to everyone, regardless of credit rating, income, or whether someone holds a bank account. These cards are a substitute to traditional bank accounts, and are a new way of managing money. These cards are widely used in retailer stores, e-commerce, and others. These were primarily introduced to cater to the unbanked population and individuals with limited access to bank services.

The global prepaid card market is driven by factors such as an increase in awareness and ease-of-access to prepaid cards, a large number of Internet users, the boom in the E-commerce industry, and growth in demand for cash alternatives. These factors have increased adoption of prepaid cards in corporate institutions, government, financial Institutions, & others. However, lack of security hampers the market growth. Nonetheless, the emergence of new applications and growth of unbanked and underbanked population are expected to provide lucrative opportunities to the market.

The global prepaid card market is segmented on the basis of card type, usage, industry vertical, and geography. Based on the card type, the market is classified into the single-purpose prepaid card and multi-purpose prepaid card. In 2015, the single-purpose prepaid card segment dominated the global market in terms of revenue, and is expected to maintain this trend throughout the forecast period, owing to its easy accessibility and flexibility.

Based on usage, the general purpose reloadable card segment dominated the global market in terms of revenue, and is expected to maintain this trend throughout the forecast period. However, the gift card segment is expected to witness significant growth in the years to come owing to increase in demand for electronic payment.

Get Customized Report @ https://www.alliedmarketresearch.com/request-for-customization/1952?utm_source=OPR

Based on industry vertical, the retail establishment segment offers lucrative scope to industry players, and are expected to exhibit significant growth as compared to the other segments. The market is analyzed based on four regions, namely North America, Europe, Asia-Pacific, and LAMEA. Europe accounted for the largest revenue share in the global market, owing to the increase in demand for cash alternatives and rise in the number of unbanked and underbanked population.

The major players profiled in this report include American Express Company, Visa Inc. Mastercard Incorporated, PayPal Holdings, Inc., Kaiku Finance, LLC., The Western Union Company, Green Dot Corporation, NetSpend Holding Inc., JP Morgan Chase & Co., and AccountNow Inc. to The major players profiled in this report include Green Dot Corporation, NetSpend Holdings, Inc., H&R Block Inc., American Express Company, JPMorgan Chase & Co., PayPal Holdings, Inc., BBVA Compass Bancshares, Inc., Mango Financial, Inc., UniRush, LLC, and Kaiku Finance LLC.

Analyst Review:

The global prepaid card market has been gaining prominence in the recent years, owing to increase in awareness and convenience of their usage as these cards are not linked to the bank accounts of individuals. This eliminates the need for overdraft charges paid to banks by individuals. However, prepaid cards users cannot borrow the money, rather can only use the amount that is loaded into their cards. The acceptance of these cards was higher in developing economies than the developed countries.

Single-purpose prepaid card spending gained impetus in 2015, which in turn increased the adoption of prepaid cards in industry verticals such as retail establishment, corporate institutions, government, and others. In addition, developments in electronic payment and smart cards have propelled the market growth. For instance, in 2016, American Express launched Amex for Developers, a new portal providing a single point of access to company APIs and developer resources in categories such as payment services, customized experiences, data intelligence, and fraud prevention.

Market players have focused on developing innovative strategies for the adoption of prepaid cards in corporate institutions and government for ease of accessibility. Prepaid cards were introduced to aim at cater to the unbanked population who have limited access to bank accounts. However, the demand for these cards has increased in the recent years among traditional banking users, owing to increase in awareness and ease of access.

Rapid expansion of the e-commerce industry has compelled customers to use plastic money rather than cash. As stated by several banks, the new-age segment is one of the key factors driving sales transaction through credit, debit, and prepaid cards, globally. However, these advanced payment methods are prone to hacking, as these cards do not have security measures to prevent payment frauds. North America is the major revenue contributor in the global market, followed by Europe. The prepaid card markets in Asia-Pacific and LAMEA regions are expected to grow significantly during the forecast period.

Access Full Summery @ https://www.alliedmarketresearch.com/prepaid-card-market?utm_source=OPR

About Us

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 provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll Free (USA/Canada):
+1-800-792-5285, +1-503-894-6022, +1-503-446-1141
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1?855?550-5975
help@alliedmarketresearch.com
Web: https://www.alliedmarketresearch.com

This release was published on openPR.