Dublin, March 10, 2022 (GLOBE NEWSWIRE) -- The "Asia Pacific 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.
Asia Pacific prepaid card market (value terms) in increased at a CAGR of 9.8% during 2017-2021. Over the forecast period of 2022 to 2026, the market is expected to record a CAGR of 12.0%, increasing from US$598.83 billion in 2022 to reach US$940.98 billion by 2026.
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 Indian 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.
- In November 2021, Indian digital wallet company, Mobikwik, has collaborated with the National Payments Corporation of India (NPCI) and Axis Bank for the introduction of MobiKwik RuPay Prepaid Card.
- This prepaid card, together with the wallet, will provide the customers' access to more than 40 million merchants across many countries, including MobiKwik merchant network.
- The prepaid cards will reflect up to ?2 lakh (~US$2,690) balance from the wallet balance.
- The customers of prepaid card users will get a ?30,000 credit (~US$400) in their wallet as they will automatically qualify for MobiKwik Zip, which is the buy now pay later product of the digital wallet.
Central Bank of China introduced digital yuan wallet app
China will continue the digitization process through the release of the wallet app.
- In January 2022, The People's Bank of China (PBOC) launched a digital yuan wallet app on various app stores.
- The app will help the bank to carry out trials of digital wallets, exchanges, and circulation services through digital currency.
- Moreover, the app was developed by PBOC's Digital Currency Institute, which also developed the national digital currency.
Global technology providers are launching crypto linked prepaid cards to expand their market in China
In China, demand for crypto-based prepaid cards increased many folds in the last four quarters. With rising market attractiveness, global technology providers are launching crypto-based prepaid cards solutions to attract consumers in China.
- In December 2021, Mastercard, has partnered with Hong Kong-based crypto finance firm Amber Group to launch cryptocurrency-linked prepaid cards for both individuals and businesses.
- The partnership will help the users to convert Bitcoin and other digital currencies into fiat currency.
- Moreover, the cardholders can use these prepaid cards to make transactions in online platforms as well as physical retail outlets with merchants wherever Mastercard payments are accepted.
Japanese prepaid card companies integrate with mobile wallet companies to attract more consumers
With the younger generation getting attracted towards digital payments, the Japanese prepaid companies are plunging into partnerships with mobile wallet companies to increase acceptability among consumers, thereby increasing the customer base in the country.
- In October 2021, Japanese prepaid cards WAON and nanaco launched Apple Pay in these prepaid cards to integrate e-Money systems into the fold. Initially, these prepaid cards were used by Google Pay users, but from this partnership, Aeon's WAON and Seven & i Holdings' nanaco is now available to iPhone and Apple Watch users also.
- Moreover, the company will allow users to directly transfer plastic cards to wallets in iOS 15, a feature available specific to this platform. This is helpful for those who prefer recharging with cash instead of wallet-stored credit card. Also, WAON and nanaco will allow adding new cards directly to the wallet, and this can be done without the creation of an account.
- The Japanese WAON card users get a facility of the "e-Money" option in the Wallet app. The addition of the card will provide the users' facilities such as viewing of the transaction history, auto-recharging provision of cards, earning double card points, etc.
Scope
Digital Wallet Market Size and Forecast
- Transaction Value Trend Analysis
- Transaction Volume Trend Analysis
- Average Value per Transaction
Digital Wallet Market Size and Forecast by Key Segments
- Retail Shopping (Value, Volume, Avg. Value)
- Travel (Value, Volume, Avg. Value)
- Entertainment and Gaming (Value, Volume, Avg. Value)
- Restaurant (Value, Volume, Avg. Value)
- Recharge and Bill Payment (Value, Volume, Avg. Value)
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
General Purpose Prepaid Card Market Size and Forecast
Gift Card Market Size and Forecast
Gift Card Market Size and Forecast by Functional Attribute
- By Open Loop Gift Card
- By Closed Loop Gift Card
- 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
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 Small Scale Business Segment
- By Mid-Tier Business Segment
- By Enterprise Business Segment
- By Government Segment
Payroll Prepaid Card Market Size and Forecast
- 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 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 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
Companies Mentioned
- Shufersal Ltd
- Super-Pharm (Israel) Ltd
- Rami Levi Shivuk Hashikma
- Yeynot Bitan Ltd
- Hamashbir 365 Holdings Ltd
- Dor Alon Israel Ltd
- Inter Ikea Systems BV
- Shoprite Holdings Ltd
- Pick 'n' Pay Stores Ltd
- Internationale Spar Centrale BV
- Wal-Mart Stores Inc
- Woolworths Holdings Ltd (South Africa)
- BIM Birlesik Magazacilik AS
- Migros Tic AS
- LC Waikiki Magazacilik Hizemetleri Tic AS
- Koc Holding AS
- Teknosa Ic ve Dis Ticaret AS
- Carrefour SA
- A101 Yeni Magazacilik AS
- Yildiz Holding AS
- Consumer Co-operative Union (CCU)
- Landmark Group
- Emke Group
- Damas International Ltd
- T Choithram & Sons
- Sharaf DG LLC
- Savola Group
- Saudi Co For Hardware (SACO)
- Jarir Marketing Co
- United Electronics Co
- Inditex, Industria de Diseno Textil SA
For more information about this report visit https://www.researchandmarkets.com/r/59tlv6
