The global prepaid card market is anticipated to record a high CAGR during the fore-cast period due to the rapid growth being witnessed for some time. Prepaid card is a card for payments widely used by the consumer where the money is deposited in that card even without connecting to a bank account. Shopping cards, compensation cards, transportation cards, healthcare cards, etc. are included as the types of these prepaid cards. These cards are an alternative for the traditional bank accounts, which are useful in managing money and safer when compared to carrying cash protected by the PIN code. These are the primary reasons for the growth of their market value. Also, rising demand for prepaid cards as a substitute for traditional bank cards and some convenient features such as increasing preference they are flexible and valuable, safe especially while travelling overseas, easy tracking by using the software application and web-based programs, easy reloading of funds, and helps to avoid debt are further fuelling the prepaid card market.
Recent developments
• JPMorgan Chase & Co is planning to merge its Marquee Blockchain Unit with the ConsesSys which is a Brooklyn-based start-up.
• Account Now, Inc., a franchise of Green Dot Corporation is going to acquire nFinanSe Inc., an innovative financial services company.
Market drivers and restraints
Increasing demand for prepaid cards instead of traditional bank cards coupled with the growing usage of prepaid cards as it is secure, convenient way of payment, safe while traveling, theft protected, easy to use, and can be used globally are significant factors that are driving the growth of the global prepaid card market.
Moreover, the rising trend of using prepaid cards in retail stores, financial institutions, and commercial sectors, is making consumers adopt them, which is another factor that is anticipated to drive the growth of the target market.
However, stringent procedures to retain a prepaid card when lost or stolen and from the lack of security while using them are the significant challenges that are hindering the growth of the global prepaid card market.
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Report Segmented as
Prepaid Card Market: By Category
• General Purpose Reloadable (GPR) Cards
• Government Benefit Cards
• Payroll Cards
• Prepaid Debit Cards
• Gift Cards
• Fuel Cards
• Prepaid Incentive Cards
• Other Prepaid Cards
Prepaid Card Market: By Type
• Closed Loop
• Open Loop
Prepaid Card Market: By Channel
• Online Retail Stores
• Bricks and Mortar Stores
• Fintech Companies
• Others
Prepaid Card Market: By End-User
• Business (Large, Small & Medium Enterprise)
• Government
• Individual/Personal
Geographical Analysis
• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa
In the regional analysis of the global prepaid card market, Europe is the leading region in terms of revenue. The growth of the target market in the Europe region is attributed to the rising demand for alternatives to the cash among various industries and the increasing number of internet users in the area.
Key market players
• Visa, Inc.
• American Express Company
• MasterCard Inc.
• Kaiku Finance, LLC
• Mango Financial, Inc.
• Total System Services, Inc.
• Citigroup
• The PNC Financial Services Group, Inc.
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