Prepaid Card Market Overview
A prepaid card is used to pay for things. It is also called a prepaid debit card, or a stored-value card. Prepaid card reduces the risk of overspending as compared to credit cards. These prepaid cards can load easily through many platforms in various ways including bank account transfers, direct deposit, or cash both online and in person. In addition, corporates are also looking more for cash alternatives for the daily transaction. Prepaid cards offer unbanked consumers to access important payment services. All these factors are expected to fuel the market growth.
Financial institutions are allowing the use of prepaid credit cards in automated teller machines (ATM) and point of sale (POS) terminals. Prepaid credit card abolishes the fee and interest associated with normal credit cards. Prepaid credit cards are available in different forms in the market depending upon the type of application. The huge acceptance of internet technology in the banking sector is expected to boost the demand for cashless transactions among banking customers. The banking sector is trying to overcome issues like the use of traditional banking products such as cheques and demand drafts by offering prepaid credit cards. This is one of the major reasons facilitating market development.
The increasing development of the e-commerce industry has forced customers to use plastic money instead of keeping cash. A large number of consumers are using a prepaid debit card for online shopping, traveling, or gifting. Thus, this is expected to increase the demand for prepaid cards in the electronic payment industry.
On the other hand, lack of standardization may hamper the growth of the market. The Growing awareness about the utilization of cards is opening new growth opportunities for the market. Furthermore, increasing support from private organizations for the cashless transaction is booting the prepaid card market in the forthcoming years.
Prepaid Card Market Segment Overview
The closed-loop prepaid card segment has significant market growth. This is due to the increasing adaptation of closed-loop prepaid card by travelers, retailers, and students. Additionally, the open-loop prepaid card is also used mostly due to its various features such as the low risk of fraud, easy accessibility, and low-interest charges. Gift card are the most commonly used for purchasing items in the market through POS terminal or online shopping. A payroll card is another type of prepaid credit card which is used to pay salaries, incentives, and reimbursements to employees. In addition, the financial institutions are now providing forex, traveling, and reward card according to the customer’s requirement. Furthermore, the rising demand for cash alternatives and accessibility of affordable and energy-efficient prepaid cards drive the growth of the global prepaid card market.
Prepaid Card Market Regional Overview
Based on region, North America has dominated the prepaid card market in 2019 and is expected to hold its position during the forecast period. The major reasons that drive the growth of the market are the rising adaptation of prepaid card and favorable government rules and regulations for prepaid card. However, the market of the Asia Pacific is projected to grow at the fastest rate owing to an increase in applications for retail institutions, governments, and corporate institutions and supportive government policies in Asia-Pacific countries.
Prepaid Card Market Competitor overview
Major players operating in the industry are focusing on various strategic initiatives such as partnerships and collaborations which are gaining significant popularity in the prepaid card market.
Ø For instance, in November 2020, MobiKwik collaborated with American Express (Amex) card network to introduce its first virtual prepaid payments card with a flexible credit limit. With the launching of the prepaid payment card, MobiKwik becomes the first non-bank in India to issue cards.
Ø In March 2019, Prepaid Financial Services Limited, a London-based financial services company acquired a physical prepaid card portfolio of Barclaycard in the UK for an undisclosed amount. This acquisition will allow Prepaid Financial Services Limited to offer the best service to existing and future Payroll and Corporate clients.
Prepaid Card Market, Key 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.
· BBVA Compass Bancshares, Inc.
· Green Dot Corporation
· H&R Block Inc.
· JPMorgan Chase & Co.
· NetSpend Holdings, Inc.
· PayPal Holdings, Inc.
· UniRush, LLC.
Prepaid Card Market Segmentation
Prepaid Card Market, By Card Type
· Open Loop Prepaid Card
· Closed Loop Prepaid Card
Prepaid Card Market, By Usage
· General-purpose Reloadable Card
· Gift Card
· Government Benefit/Disbursement card
· Payroll Card
· Others
Prepaid Card Market, By End User
· Retail Establishments
· Corporate Institutions
· Government
· Financial Institutions & Others
Prepaid Card market, By Region
A prepaid card is used to pay for things. It is also called a prepaid debit card, or a stored-value card. Prepaid card reduces the risk of overspending as compared to credit cards. These prepaid cards can load easily through many platforms in various ways including bank account transfers, direct deposit, or cash both online and in person. In addition, corporates are also looking more for cash alternatives for the daily transaction. Prepaid cards offer unbanked consumers to access important payment services. All these factors are expected to fuel the market growth.
Financial institutions are allowing the use of prepaid credit cards in automated teller machines (ATM) and point of sale (POS) terminals. Prepaid credit card abolishes the fee and interest associated with normal credit cards. Prepaid credit cards are available in different forms in the market depending upon the type of application. The huge acceptance of internet technology in the banking sector is expected to boost the demand for cashless transactions among banking customers. The banking sector is trying to overcome issues like the use of traditional banking products such as cheques and demand drafts by offering prepaid credit cards. This is one of the major reasons facilitating market development.
The increasing development of the e-commerce industry has forced customers to use plastic money instead of keeping cash. A large number of consumers are using a prepaid debit card for online shopping, traveling, or gifting. Thus, this is expected to increase the demand for prepaid cards in the electronic payment industry.
On the other hand, lack of standardization may hamper the growth of the market. The Growing awareness about the utilization of cards is opening new growth opportunities for the market. Furthermore, increasing support from private organizations for the cashless transaction is booting the prepaid card market in the forthcoming years.
Prepaid Card Market Segment Overview
The closed-loop prepaid card segment has significant market growth. This is due to the increasing adaptation of closed-loop prepaid card by travelers, retailers, and students. Additionally, the open-loop prepaid card is also used mostly due to its various features such as the low risk of fraud, easy accessibility, and low-interest charges. Gift card are the most commonly used for purchasing items in the market through POS terminal or online shopping. A payroll card is another type of prepaid credit card which is used to pay salaries, incentives, and reimbursements to employees. In addition, the financial institutions are now providing forex, traveling, and reward card according to the customer’s requirement. Furthermore, the rising demand for cash alternatives and accessibility of affordable and energy-efficient prepaid cards drive the growth of the global prepaid card market.
Prepaid Card Market Regional Overview
Based on region, North America has dominated the prepaid card market in 2019 and is expected to hold its position during the forecast period. The major reasons that drive the growth of the market are the rising adaptation of prepaid card and favorable government rules and regulations for prepaid card. However, the market of the Asia Pacific is projected to grow at the fastest rate owing to an increase in applications for retail institutions, governments, and corporate institutions and supportive government policies in Asia-Pacific countries.
Prepaid Card Market Competitor overview
Major players operating in the industry are focusing on various strategic initiatives such as partnerships and collaborations which are gaining significant popularity in the prepaid card market.
Ø For instance, in November 2020, MobiKwik collaborated with American Express (Amex) card network to introduce its first virtual prepaid payments card with a flexible credit limit. With the launching of the prepaid payment card, MobiKwik becomes the first non-bank in India to issue cards.
Ø In March 2019, Prepaid Financial Services Limited, a London-based financial services company acquired a physical prepaid card portfolio of Barclaycard in the UK for an undisclosed amount. This acquisition will allow Prepaid Financial Services Limited to offer the best service to existing and future Payroll and Corporate clients.
Prepaid Card Market, Key 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.
· BBVA Compass Bancshares, Inc.
· Green Dot Corporation
· H&R Block Inc.
· JPMorgan Chase & Co.
· NetSpend Holdings, Inc.
· PayPal Holdings, Inc.
· UniRush, LLC.
Prepaid Card Market Segmentation
Prepaid Card Market, By Card Type
· Open Loop Prepaid Card
· Closed Loop Prepaid Card
Prepaid Card Market, By Usage
· General-purpose Reloadable Card
· Gift Card
· Government Benefit/Disbursement card
· Payroll Card
· Others
Prepaid Card Market, By End User
· Retail Establishments
· Corporate Institutions
· Government
· Financial Institutions & Others
Prepaid Card market, By Region
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East and Africa
- GCC
- South Africa
- Rest of Middle East and Africa
1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
4. Key Insights
- 4.1. Key Emerging Trends – For Major Countries
- 4.2. Latest Technological Advancement
- 4.3. Regulatory Landscape
- 4.4. Industry SWOT Analysis
- 4.5. Porters Five Forces Analysis
5. Global Prepaid Card Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 5.1. Key Findings / Summary
- 5.2. Market Analysis, Insights and Forecast – By Card Type
- 5.2.1. Open Loop Prepaid Card
- 5.2.2. Closed Loop Prepaid Card
- 5.3. Market Analysis, Insights and Forecast – By Usage
- 5.3.1. General-purpose Reloadable Card
- 5.3.2. Gift Card
- 5.3.3. Government Benefit/Disbursement card
- 5.3.4. Payroll Card
- 5.3.5. Others
- 5.4. Market Analysis, Insights and Forecast – By End User
- 5.4.1. Retail Establishments
- 5.4.2. Corporate Institutions
- 5.4.3. Government
- 5.4.4. Financial Institutions & Others
- 5.5. Market Analysis, Insights and Forecast – By Region
- 5.5.1. North America
- 5.5.2. Latin America
- 5.5.3. Europe
- 5.5.4. Asia Pacific
- 5.5.5. Middle East and Africa
6. North America Prepaid Card Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 6.1. Key Findings / Summary
- 6.2. Market Analysis, Insights and Forecast – By Card Type
- 6.2.1. Open Loop Prepaid Card
- 6.2.2. Closed Loop Prepaid Card
- 6.3. Market Analysis, Insights and Forecast – By Usage
- 6.3.1. General-purpose Reloadable Card
- 6.3.2. Gift Card
- 6.3.3. Government Benefit/Disbursement card
- 6.3.4. Payroll Card
- 6.3.5. Others
- 6.4. Market Analysis, Insights and Forecast – By End User
- 6.4.1. Retail Establishments
- 6.4.2. Corporate Institutions
- 6.4.3. Government
- 6.4.4. Financial Institutions & Others
- 6.5. Market Analysis, Insights and Forecast – By Country
- 6.5.1. U.S.
- 6.5.2. Canada
7. Latin America Prepaid Card Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 7.1. Key Findings / Summary
- 7.2. Market Analysis, Insights and Forecast – By Card Type
- 7.2.1. Open Loop Prepaid Card
- 7.2.2. Closed Loop Prepaid Card
- 7.3. Market Analysis, Insights and Forecast – By Usage
- 7.3.1. General-purpose Reloadable Card
- 7.3.2. Gift Card
- 7.3.3. Government Benefit/Disbursement card
- 7.3.4. Payroll Card
- 7.3.5. Others
- 7.4. Market Analysis, Insights and Forecast – By End User
- 7.4.1. Retail Establishments
- 7.4.2. Corporate Institutions
- 7.4.3. Government
- 7.4.4. Financial Institutions & Others
- 7.5. Insights and Forecast – By Country
- 7.5.1. Brazil
- 7.5.2. Mexico
- 7.5.3. Rest of Latin America
8. Europe Prepaid Card Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 8.1. Key Findings / Summary
- 8.2. Market Analysis, Insights and Forecast – By Card Type
- 8.2.1. Open Loop Prepaid Card
- 8.2.2. Closed Loop Prepaid Card
- 8.3. Market Analysis, Insights and Forecast – By Usage
- 8.3.1. General-purpose Reloadable Card
- 8.3.2. Gift Card
- 8.3.3. Government Benefit/Disbursement card
- 8.3.4. Payroll Card
- 8.3.5. Others
- 8.4. Market Analysis, Insights and Forecast – By End User
- 8.4.1. Retail Establishments
- 8.4.2. Corporate Institutions
- 8.4.3. Government
- 8.4.4. Financial Institutions & Others
- 8.5. Market Analysis, Insights and Forecast – By Country
- 8.5.1. UK
- 8.5.2. Germany
- 8.5.3. France
- 8.5.4. Italy
- 8.5.5. Spain
- 8.5.6. Russia
- 8.5.7. Rest of Europe
9. Asia Pacific Prepaid Card Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 9.1. Key Findings / Summary
- 9.2. Market Analysis, Insights and Forecast – By Card Type
- 9.2.1. Open Loop Prepaid Card
- 9.2.2. Closed Loop Prepaid Card
- 9.3. Market Analysis, Insights and Forecast – By Usage
- 9.3.1. General-purpose Reloadable Card
- 9.3.2. Gift Card
- 9.3.3. Government Benefit/Disbursement card
- 9.3.4. Payroll Card
- 9.3.5. Others
- 9.4. Market Analysis, Insights and Forecast – By End User
- 9.4.1. Retail Establishments
- 9.4.2. Corporate Institutions
- 9.4.3. Government
- 9.4.4. Financial Institutions & Others
- 9.5. Market Analysis, Insights and Forecast – By Country
- 9.5.1. China
- 9.5.2. India
- 9.5.3. Japan
- 9.5.4. Australia
- 9.5.5. South East Asia
- 9.5.6. Rest of Asia Pacific
10. Middle East & Africa Prepaid Card Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 10.1. Key Findings / Summary
- 10.2. Market Analysis, Insights and Forecast – By Card Type
- 10.2.1. Open Loop Prepaid Card
- 10.2.2. Closed Loop Prepaid Card
- 10.3. Market Analysis, Insights and Forecast – By Usage
- 10.3.1. General-purpose Reloadable Card
- 10.3.2. Gift Card
- 10.3.3. Government Benefit/Disbursement card
- 10.3.4. Payroll Card
- 10.3.5. Others
- 10.4. Market Analysis, Insights and Forecast – By End User
- 10.4.1. Retail Establishments
- 10.4.2. Corporate Institutions
- 10.4.3. Government
- 10.4.4. Financial Institutions & Others
- 10.5. Market Analysis, Insights and Forecast – By Country
- 10.5.1. GCC
- 10.5.2. South Africa
- 10.5.3. Rest of Middle East & Africa
11. Competitive Analysis
- 11.1. Company Market Share Analysis, 2018
- 11.2. Key Industry Developments
- 11.3. Company Profile
- 11.4. Visa, Inc.
- 11.4.1. Business Overview
- 11.4.2. Segment 1 & Service Offering
- 11.4.3. Overall Revenue
- 11.4.4. Geographic Presence
- 11.4.5. Recent Development
- 11.5. American Express Company
- 11.6. MasterCard Inc.
- 11.7. Kaiku Finance, LLC.
- 11.8. Mango Financial, Inc.
- 11.9. Total System Services, Inc.
- 11.10. Citigroup
- 11.11. The PNC Financial Services Group, Inc.
- 11.12. BBVA Compass Bancshares, Inc.
- 11.13. Green Dot Corporation
- 11.14. H&R Block Inc.
- 11.15. JPMorgan Chase & Co.
- 11.16. NetSpend Holdings, Inc.
- 11.17. PayPal Holdings, Inc.
Research Process
Data Library Research are conducted by industry experts who offer insight on industry structure, market segmentations technology assessment and competitive landscape (CL), and penetration, as well as on emerging trends. Their analysis is based on primary interviews (~ 80%) and secondary research (~ 20%) as well as years of professional expertise in their respective industries. Adding to this, by analysing historical trends and current market positions, our analysts predict where the market will be headed for the next five years. Furthermore, the varying trends of segment & categories geographically presented are also studied and the estimated based on the primary & secondary research.
In this particular report from the supply side Data Library Research has conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and SOFT) of the companies that active & prominent as well as the midsized organization
FIGURE 1: DLR RESEARH PROCESS
Extensive primary research was conducted to gain a deeper insight of the market and industry performance. The analysis is based on both primary and secondary research as well as years of professional expertise in the respective industries.
In addition to analysing current and historical trends, our analysts predict where the market is headed over the next five years.
It varies by segment for these categories geographically presented in the list of market tables. Speaking about this particular report we have conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and many more) of the major players active in the market.
Secondary ResearchSecondary research was mainly used to collect and identify information useful for the extensive, technical, market-oriented, and Friend’s study of the Global Extra Neutral Alcohol. It was also used to obtain key information about major players, market classification and segmentation according to the industry trends, geographical markets, and developments related to the market and technology perspectives. For this study, analysts have gathered information from various credible sources, such as annual reports, sec filings, journals, white papers, SOFT presentations, and company web sites.
Market Size EstimationBoth, top-down and bottom-up approaches were used to estimate and validate the size of the Global market and to estimate the size of various other dependent submarkets in the overall Extra Neutral Alcohol. The key players in the market were identified through secondary research and their market contributions in the respective geographies were determined through primary and secondary research.
Forecast Model
