Dublin, Dec. 21, 2021 (GLOBE NEWSWIRE) -- The "Prepaid Card Market By Offering, Card Type, and End User: Global Opportunity Analysis and Industry Forecast, 2021-2030" report has been added to ResearchAndMarkets.com's offering.
This study includes the prepaid card market analysis, prepaid card market trends, and future estimations to determine the imminent investment pockets. The report presents information related to key drivers, restraints, and prepaid card market opportunity. The prepaid card market size is quantitatively analyzed from 2019 to 2030 to highlight the financial competency of the industry. Porter's five forces analysis illustrates the potency of buyers & suppliers in the prepaid card market.
Market Dynamics
- Drivers
- Rise in Demand for Prepaid Cards in Remittances
- Rise in Demand for Cash Alternatives
- Increase in Unbanked and Under Banked Population
- Restraint
- Security Issues and Privacy Concerns
- Opportunity
- Surge in Demand of Prepaid Cards from Various Developing Countries
- COVID-19 Impact Analysis
- Impact on Market Size
- Consumer Trends, Preferences, and Budget Impact
- Change in Consumer Trends, Preferences, and Budget Impact due to COVID-19
- Economic Impact
- Key Player Strategies to Tackle Negative Impact
- Opportunity Window
Prepaid transactions have transitioned from simple paper vouchers to multi-purpose prepaid cards. This trend is expected to continue during the forthcoming years, owing to liquidity issues. Multipurpose prepaid cards are gaining traction among consumers who do not have access to other forms of electronic payments such as debit or credit cards.
Moreover, rise in demand for cash alternatives and availability of affordable and energy-efficient prepaid cards drive the growth of the prepaid card market. In addition, developments in the e-commerce industry and increase in adoption of prepaid cards because of adding funds through multiple avenues fuel the growth of the market.
However, lack of standardization and fraudulent attacks hamper the growth of the market. Furthermore, increase in unbanked and underbanked population is expected to provide lucrative opportunities for the growth of the prepaid card industry. According to the Federal Deposit Insurance Corporation (FDIC) in 2018, 6.5% of the U.S. households were unbanked, which indicates that 8.4 million U.S. households are still left in the economy to operate without bank account. Generally, this population opts for prepaid cards as these cards are safe, inexpensive, and essential banking substitutes to cater to their financial transaction needs.
Rise in demand for cash alternatives, increase in number of internet users, and rise in adoption of prepaid cards due to adding funds through multiple avenues are the major factors that drive the growth of the global prepaid card market. Moreover, lack of standardization hamper the growth of the market. Furthermore, increase in unbanked and under banked population is expected to provide lucrative opportunities for the market expansion during the forecast period.
Competitive Insights
The key players profiled in the market report are American Express Company, BBVA USA BANCSHARES, INC., BRINK'S Incorporated, Green Dot Corporation, H&R Block Inc., JPMorgan Chase & Co., Kaiku Finance LLC., Mango Financial, Inc., MasterCard, and PayPal Holdings, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Key Segments Analyzed
- By Offering
- General Purpose Card
- Gift Card
- Government Benefit/Disbursement Card
- Incentive/Payroll Card
- Others
- By Card Type
- Closed Loop Card
- Open Loop Card
- By End-user
- Retail
- Corporate
- Government/Public Sector
- By Region
- North America
- Europe
- Asia-Pacific
- LAMEA
For more information about this report visit https://www.researchandmarkets.com/r/4occ98
