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Prepaid Card Market is expected to thrive at impressive CAGR of 22.7% from 2016 to 2022 | key players-The American Express Company., Visa Inc., MasterCard Incorporated, PayPal Holdings, Kaiku Finance, LLC., The Western Union Company, Green Dot Corporation

08-23-2019 08:45 AM CET | IT, New Media & Software

Press release from: premium market insights

Prepaid Card Market is expected to thrive at impressive CAGR

Prepaid card is a payment card where funds are connected directly to a card without any link through the bank account. The global prepaid card market is anticipated to register a CAGR of 22.7% from 2016 to 2022 to attain a market size of around $3,653 billion by 2022.

In the recent years, the mode of payment has revolutionized, as number of transactions have taken place through cards instead of cash. Prepaid cards are available to everyone, regardless of credit rating, income, or whether or not someone holds a bank account. They are a substitute to a traditional bank account and are a new way to manage money. They function in a similar manner to credit and debit cards; thus, the user can also use them abroad.

However, various types of fees associated with the prepaid card transaction and lack of security measures as compared to credit or debit cards are major restraints for the market growth. Moreover, emerging applications & acceptance of these prepaid cards for various transactions and their increasing popularity during traveling abroad are expected to boost the market growth in the future.

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Major companies profiled in the report include The 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.

The global prepaid card market is segmented based on card type, usage, industry vertical, and geography. On the basis of card type, the market is divided into single-purpose prepaid card and multi-purpose prepaid card. Based on the usage, it is divided into general-purpose reloadable card, gift card, government benefits/disbursement card, incentive/payroll card, and others. Industry verticals covered in the study include retail establishments, corporate institutions, government, and financial institutions & others. Geographically, it is analyzed across North America (U.S., Mexico, and Canada), Europe (Germany, UK, France, and Rest of Europe), Asia-Pacific (Japan, South Korea, China, India and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).

Other developing and emerging regions, such as Asia-Pacific, Latin America, and Africa, are expected to grow during the forecast period, owing to increase in demand for electronic payment and growth of unbanked & underbanked population. Countries such as Japan, China, and India dominated the global prepaid card market in the Asia-Pacific region during 2015-2016. India is one of the emerging markets in the Asia-Pacific prepaid card market, accounting for 8.0% of the Asia-Pacific prepaid card market. It is estimated to register the highest CAGR of around 37.2% from 2016 to 2022

Key Findings of the Prepaid Card Market

In 2014, the single-purpose card segment dominated the global prepaid card market in terms of revenue, and is projected to grow at a CAGR of 21.6% during the forecast period
The general purpose reloadable card segment dominated the global prepaid card market, accounting for about 37.7% share in 2014.
The retail establishment segment is expected to exhibit the fastest growth during the forecast period.
China is the major shareholder in the Asia-Pacific prepaid card market, accounting for about 69.0% share.

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Table of Contents

Chapter 1: Introduction

Chapter 2: Executive Summary

Chapter 3: Market Overview

Chapter 4 Prepaid Card Market by Card Type

Chapter 5 Prepaid Card Market by Usage

Chapter 6 Prepaid Card Market by Industry Vertical

Chapter 7 Prepaid Card Market, By Geography

Chapter 8 Company Profiles

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