Dublin, March 07, 2022 (GLOBE NEWSWIRE) -- The "Global Prepaid Card and Digital Wallet Business and Investment Opportunities Databook - Market Size and Forecast, Consumer Attitude & Behaviour, Retail Spend" report has been added to ResearchAndMarkets.com's offering.
The global prepaid card market (value terms) increased at a CAGR of 9.2% during 2017-2021. Over the forecast period of 2022 to 2026, the market is expected to record a CAGR of 11.5%, increasing from US$1533.37 billion in 2022 to reach US$2370.75 billion by 2026.
Globally, the demand for prepaid cards surged significantly in the last four to six quarters. Moreover, emerging fintech companies are driving digital and mobile wallet innovation. According to the Q4 2021 Global Prepaid Cards Market Survey, 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.
In 2021, the demand for prepaid cards increased significantly in the Asia-Pacific region. Fintech companies in emerging markets attracted significant investments to expand their product portfolios and foray into new markets. The region's key digital wallets gained substantial market share in the last four to six quarters primarily due to rising adoption and technological advancements. Moreover, with the strong growth of the e-commerce market in this region and the demand for cashless payment methods, the publisher expects the prepaid card segment to benefit significantly.
Digital wallets are building partnerships to launch prepaid cards in the Asian market. With higher demand for digital payments across online and brick-and-mortar stores in the country, digital wallet providers are launching innovative prepaid card solutions in order to capture more market share.
FinTech companies are raising funds to integrate social banking with prepaid card programs in Europe. As more and more consumers in the country demand innovative prepaid payment instruments and digital banking services, new startups are emerging and raising funding rounds in the United Kingdom to compete with more established players.
In the United States, the prepaid cards market witnessed innovative prepaid cards solutions for businesses such as the travel industry, real estate market, corporates, and also for immigrants. Moreover, with digitization, the publisher estimates, these prepaid card solutions will be highly accepted in the market, and this might provide impetus to the overall growth of the prepaid card market in the United States.
This report provides a detailed data centric analysis of prepaid payment instruments, covering spend through prepaid cards and digital wallets across retail and corporate consumer segments. In addition, it provides a snapshot of consumer behaviour and retail spend dynamics. With over 100 KPIs at country level, this report provides comprehensive understanding of prepaid card and digital wallet card market dynamics.
- Market dynamics: Provides a comprehensive view on size and structure, industry dynamics, market trends, consumer attitude and behaviour, and competitive landscape in prepaid card and digital wallet industry.
- Digital wallet segments: Provides value, volume and average value per transaction across 5 key spend categories in digital wallet. This includes retail, travel, entertainment and gaming, restaurant, and recharge and bill payment.
- Open loop and closed loop prepaid cards: market estimates and forecasts to assess opportunities 13 open loop and closed loop prepaid market segments. Details four essential KPIs - number of cards in circulation, number of transactions, load value, and value of transactions.
- Consumer attitude and behaviour: Drawing from proprietary survey results, this report identifies and interprets key prepaid KPIs, including spend by age, gender, and income level.
- Retail spend: Breaks down retail spend across 11 categories to provide detailed insights on consumer behaviour and changing dynamics of prepaid card spend.
Companies Mentioned
- The Warehouse Group
- Briscoe Group
- Woolworths New Zealand
- Farmers Trading Company
- Foodstuffs
- Smiths City
- Macpac
For more information about this report visit https://www.researchandmarkets.com/r/1ab8jz
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