Prepaid Card Market Business Status, Industry Trends and Precise Outlook 2021-2030

The Global Prepaid Card Market size was valued at USD 2.01 trillion in 2019 and is predicted to reach USD 18.47 trillion by 2030, with a CAGR of 22.5% from 2020-2030.

Prepaid Card is a payment method where the funds are directly linked to the specific card irrespective of the bank account, and are compatible with both open and closed loop networks. These cards are available for everyone, without requiring any rating, credit score or bank account and can be easily used at stores, in paying online bills, as well as in purchasing goods & commodities. Prepaid cards are substitutes to bank linked cards and are majorly utilized by population not having bank accounts or for those who cannot afford its maintenance charges.

2020 is the year where the whole world has united to fight the COVID-19 pandemic. Where the governments are requesting their citizens to go-cashless and use alternative payment methods, the use of plastic cards including prepaid cards are gaining momentum, thereby propagating the growth of global prepaid cards market.

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Top Companies: American Express Company, Green Dot Corporation, Master Card Incorporated, JPMorgan Chase & Co., TSYS, Ebay, Visa, Inc., and The Western Union Company

Market Dynamics and Trends

The global prepaid card market is booming, owing to increasing influence towards plastic money, proliferating e-commerce sector, higher adoption of AI & IoT technologies, growing demand for cash alternatives, increasing trend to go-cashless, as well as growing number of unbanked and underbanked population, specifically in underdeveloped and developing countries.

Furthermore, benefits offered by prepaid cards such as hassle-free payment methods, better customer experience, and easy access to such cards, are the factors expected to supplement the prepaid card market growth throughout the forecast period.

However, increasing incidences of fraudulent, lack of standardization and security concerns, are the major limiting factors, that tend to hamper the growth of global prepaid card market.

Moreover, increasing adoption of cashless payment modes due to the prevailing COVID-19 pandemic, is vehemently rising the demand for plastic cards. This market scenario is expected to propagate the growth of global prepaid card market.

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Market Segmentations and Scope of the Study:

The global prepaid card market share has been analyzed based on card type, usage, industry vertical, and geography.

Based on card type, the prepaid card market is segmented into single-purpose prepaid card and multi-purpose prepaid card. Based on usage, the prepaid card market is divided into general-purpose reloadable card, gift card, government benefits/disbursement card, incentive/payroll card, and others. Based on industry vertical, the prepaid card market is divided into retail establishments, corporate institutions, government, financial institutions, and others. Geographic breakdown and analysis of each of the previously mentioned segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

North America dominated the global prepaid card market, and is expected to maintain its dominance throughout the forecast period, accounting for the highest market share. This is attributed to higher adoption of prepaid cards, favourable regulatory standards supporting the use of prepaid cards, well-established BFSI sector and presence of key players in this region.

Asia Pacific region is expected to grow with the highest CAGR values in the global Prepaid card market throughout the forecast period, owing to increasing government initiatives encouraging cashless payments, as well as evolving retail, e-commerce, and corporate sectors in this region.

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