Dublin, Oct. 06, 2021 (GLOBE NEWSWIRE) -- The "Global Prepaid Cards Business and Investment Opportunities - Market Size and Forecast (2016-2025)" report has been added to ResearchAndMarkets.com's offering.
Despite the global coronavirus pandemic, key segments of the prepaid card industry continued to expand, providing simpler, safer, and accessible ways of making purchases. Consequently, the value proposition of the prepaid card industry has emerged strongly, which is expected to drive future growth.
Notably, a significant part of the growth in the global prepaid card segment is expected to come from the unbanked population. Over the next four to eight quarters, B2B prepaid card segment is expected to be a high-growth area globally.
Prepaid payment instruments focusing on retail, corporates, and government segments are also anticipated to record high growth as compared to general-purpose prepaid cards. One of the key segments, where a significant value can be unlocked over the short to medium term is the government disbursement through prepaid payment instruments.
For instance, when the CARES Act money was disbursed in the United States, the government needed an efficient payment solution to get the money out to the people who needed it quickly. Notably, prepaid cards were much more efficient for the US Government as compared to paper checks. A similar trend was noted across key economies in Europe and the Asia Pacific as well.
Prepaid cards for disbursement of financial aid by government institutions:
Globally, the adoption of prepaid payment instruments for distributing funds for social benefits such as child support and unemployment benefits has been increasing.
However, the need for flexibility and speed that emerged during the global pandemic highlighted their real potential for delivering other kinds of funds to citizens, especially the unbanked population.
Many governments around the world are disbursing aid packages through prepaid payment instruments, as they allow the distribution of aid more quickly and securely.
In 2020, millions of Americans received stimulus payments through prepaid cards. Government authorities transferred US$1,400 in prepaid cards as part of unemployment benefits. In other countries, stimulus payments and unemployment benefits have been recurring since the coronavirus outbreak. Consequently, resulting in the growth of the global prepaid card industry during the pandemic-hit year.
Open banking API supporting growth of prepaid card market:
Prepaid card providers are partnering with banks to enable open banking payments for consumers. The open banking platform is expected to increase the appeal of the prepaid card while allowing companies to meet the ever-changing demands of existing customers and attract new consumers. For instance,
In December 2020, two leading MasterCard prepaid card providers, K Wearables and Their Perfect Gift, partnered with Nuapay. This strategic partnership with Nuapay will allow both K Wearables and Their Perfect Gift to reduce processing costs. Notably, the partnership has also simplified the gift card buying process for consumers.
For instance, under the partnership, the open banking payment system of Nuapay will be integrated into Their Perfect Gift online checkout, allowing consumers to purchase the gift card of their choosing without a credit or debit card. Similarly, for K Wearables, the partnership will allow customers to top up their K Wearables prepaid card using the open banking payments system offered by Nuapay.
Scope:
Prepaid Card Industry Market Attractiveness
- Load Value Trend Analysis
- Transaction Value Trend Analysis
- Transaction Volume Trend Analysis
- Average Value per Transaction
- Number of Cards
Market Share Analysis by Functional Attributes - Open Loop vs. Closed Loop, 2016 - 2025
Market Share Analysis by Prepaid Card Categories
Open Loop Prepaid Card Future Growth Dynamics, 2016 - 2025
- Transaction Value Trend Analysis
- Transaction Volume Trend Analysis
- Average Value per Transaction
- Number of Cards
Closed Loop Prepaid Card Future Growth Dynamics, 2016 - 2025
- Transaction Value Trend Analysis
- Transaction Volume Trend Analysis
- Average Value per Transaction
- Number of Cards
Prepaid Card Consumer Usage Trends
- By Age Group
- By Income Group
- By Gender
General Purpose Prepaid Card Market Size and Forecast
Gift Card Market Size and Forecast by Functional Attribute
- By Open Loop Gift Card
- By Closed Loop Gift Card
Gift Card Market Size and Forecast by Consumer Segments
- By Retail Consumer Segment
- By Corporate Consumer Segment
Gift Card Market Share Analysis by Retail Categories
Gift Card Market Share Analysis by Gifting Occasion
Gift Card Market Share Analysis by Purchase Location
Entertainment and Gaming Prepaid Card Market Size and Forecast
Teen and Campus Prepaid Card Market Size and Forecast by Functional Attribute
- By Open Loop Teen and Campus Prepaid Card
- By Closed Loop Teen and Campus Prepaid Card
Business and Administrative Expense Prepaid Card Market Size and Forecast by Consumer Segments
- By Small Scale Business Segment
- By Mid-Tier Business Segment
- By Enterprise Business Segment
- By Government Segment
Payroll Prepaid Card Market Size and Forecast by Consumer Segments
- By Small Scale Business Segment
- By Mid-Tier Business Segment
- By Enterprise Business Segment
- By Government Segment
Meal Prepaid Card Market Size and Forecast by Consumer Segments
- By Small Scale Business Segment
- By Mid-Tier Business Segment
- By Enterprise Business Segment
- By Government Segment
Travel Forex Prepaid Card Market Size and Forecast by Consumer Segments
- By Retail
- By Small Scale Business Segment
- By Mid-Tier Business Segment
- By Enterprise Business Segment
- By Government Segment
Transit and Tolls Prepaid Card Market Size and Forecast
Healthcare and Wellness Prepaid Card Market Size and Forecast
Social Security and Other Government Benefit Programs Prepaid Card Market Size and Forecast
Fuel Prepaid Cards Market Size and Forecast
Utilities, and Other Prepaid Cards Market Size and Forecast
For more information about this report visit https://www.researchandmarkets.com/r/q1ueyg
