Prepaid Card Market by Global Size, Growth, Trends and Demand 2021 to 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.

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Competitive Landscape

The prepaid card market, which is highly competitive and fragmented in nature, consists of various market players. Some of the major market players include American Express Company, Green Dot Corporation, Master Card Incorporated, JPMorgan Chase & Co., TSYS, Ebay, Visa, Inc., and The Western Union Company, among others.

To fight the COVID-19 pandemic, various market players had participated in philanthropic activities, contributing their part for saving the world from the novel corona virus. Below are some examples:

In March 2020, JP Morgan Chase, the giant ruling the prepaid card market, announced a $50 million global philanthropic investment to support immediate humanitarian challenges, long term economic impacts, as well as to help address the small businesses, non-profit partners, and underrepresented communities.

In April 2020, Health Information Sharing and Analysis Center (H-ISAC), one of the key players of prepaid card market, announced a partnership with Mastercard and RiskRecon, to provide complementary Cyber Security Rating Assessments to all healthcare organizations till December 2020, to help them in protecting their environment in the difficult times of COVID-19 pandemic.

In April 2020, the Western Union, one of the leading firms of prepaid card market, launched the ‘Worldwide Coronavirus Relief Drive,’ a global matching challenge, by pledging USD $1M to help fight COVID-19 pandemic. The combined funds pledged by Western Union and the Western Union Foundation match, sums up to USD 800,000.

In May 2020, Mastercard, one of the major players of the prepaid card market announced that it has entered a partnership with PepsiCo, by formation of a local community ‘Westchester Strong with Healthcare Heroes,’ by pledging $1 million in support of White Plains Hospital and its frontline medical workers to fight the novel corona virus, hence strengthening the response and recovery from COVID-19 pandemic.

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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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