Global Prepaid Card Market Report 2021 - Opportunities And Strategies, Market Forecast And Trends

22 Sep, 2021

The prepaid card market consists of sales of prepaid card services by entities (organizations, sole traders, and partnerships) that are engaged in storing, processing, and transmitting payment card data. Prepaid cards are preloaded payment cards issued by financial institutions that can be used to make both online and in-store payments. Once the amount loaded on the card is used, it may be disposed of (non-reloadable prepaid card) or reloaded (reloadable prepaid card) by the cardholder. The prepaid card may be open-loop or closed-loop. While an open-loop prepaid card can be used at any location accepting card, a closed-loop prepaid card can only be used at certain locations such as a specific store or a group of stores. Only goods and services traded between entities or sold to end consumers are included.

Global Prepaid Card Market Size And Drivers:

The global prepaid card market is expected to grow from $12.99 billion in 2020 to $13.87 billion in 2021 at a compound annual growth rate (CAGR) of 6.8%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $21.22 billion in 2025 at a CAGR of 11.2%. Increasing use of prepaid cards as a substitute for traditional bank cards is a key factor driving the growth of the prepaid card market.

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Trends In The Global Prepaid Card Market

Major players operating in the industry are undertaking various strategic initiatives such as partnerships and collaborations which are gaining significant popularity in the prepaid card market. Companies are collaborating with other market players to offer prepaid cards with flexible credit limits to attract a large consumer base for a prepaid card. 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 launch of the prepaid payment card, MobiKwik becomes the first non-bank in India to issue cards.

Global Prepaid Card Market Segments:
The global prepaid card market is further segmented –
By Type: General-Purpose Reloadable Card, Prepaid Gift Card, Government Benefit Card, Payroll Card, Others
By Card Type: Open Loop Prepaid Card, Closed Loop Prepaid Card
By Application: Retail Establishments, Corporate Institutions, Government, Others
By Geography: The global prepaid card market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.

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Prepaid Card Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides prepaid card market overviews, analyzes and forecasts market size and growth for the global prepaid card market, prepaid card market share, prepaid card market players, prepaid card market segments and geographies, prepaid card market’s leading competitors’ revenues, profiles and market shares. The prepaid card market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.