Prepaid Card Market Expected to Reach $3,653 Billion, Globally, by 2022

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.

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.

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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.

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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.

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.

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Comprehensive competitive analyses and profiles of major market players, including 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. are provided in this report. Presently, the players in the global prepaid card market have adopted product launch and acquisition to expand their customer base and increase their market shares.

Key Benefits:

• The study provides an in-depth analysis of the global prepaid card market to elucidate the prominent investment pockets.
• Current trends and future estimations have been outlined to determine the overall attractiveness, and single out profitable trends to gain a stronger foothold in the market.
• The report provides information regarding key drivers, restraints, and opportunities along with their impact analyses.
• The market is analyzed based on various regions, namely North America, Europe, Asia-Pacific, and LAMEA.

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