Increase in demand for prepaid cards in remittances, surge in need for cash alternatives, and increase in unbanked and underbanked population drive the global prepaid card market. North America held the largest share in 2020, accounting for more than two-fifths of the market. The Covid-19 pandemic increased the remote working and strict regulations regarding social distancing created several challenges for retail and corporate sectors for shopping, cash flow, and travel.
Portland,OR, Sept. 20, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global prepaid card market was pegged at $1.73 trillion in 2019, and is expected to reach $6.87 trillion by 2030, growing at a CAGR of 18.2% from 2021 to 2030.
Increase in demand for prepaid cards in remittances, surge in need for cash alternatives, and increase in unbanked and underbanked population drive the global prepaid card market. However, security issues and privacy concerns hinder the market growth. On the contrary, increase in demand for prepaid cards from various developing countries would unlock new opportunities for the market players in the future.
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The Covid-19 pandemic increased the remote working and strict regulations regarding social distancing created several challenges for retail and corporate sectors for shopping, cash flow, and travel. These factors reduced the use of prepaid cards and vouchers.
However, several organizations approached new e-commerce tools and offered discounts on vouchers such as free add-on items to vouchers.
The report segments the global prepaid card market on the basis of offering, card type, end user, and region. Based on offering, the report is divided into general-purpose cards, gift cards, government benefit/disbursement cards, incentive/payroll cards, and others. The general purpose card segment held the lion’s share in 2019, accounting for nearly two-fifths of the market. However, the incentive/payroll card segment is projected to manifest the highest CAGR of 19.7% from 2021 to 2030.
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On the basis of card type, the report is classified into closed loop card and open-loop card. The open-loop card segment is expected to register the highest CAGR of 19.3% during the forecast period. However, the closed-loop card segment dominated the market in 2019, contributing to nearly three-thirds of the market.
The global prepaid card market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the largest share in 2020, accounting for more than two-fifths of the market. However, the market across Asia-Pacific is anticipated to portray the highest CAGR of 20.1% during the forecast period.
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The global prepaid card market includes an in-depth analysis of the prime market players such as American Express Company, Brink's Incorporated, BBVA USA Bancshares Inc., H&R Block Inc., Green Dot Corporation, Kaiku Finance LLC., JPMorgan Chase & Co., MasterCard, Mango Financial Inc., and PayPal Holdings Inc.
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