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Prepaid Card Market to Reach $14.4 Trillion, Globally, by 2032 at 19.5% CAGR: Allied Market Research

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The prepaid card market is driven by rise in demand for prepaid cards in remittances, rise in demand for cash alternatives, and increase in unbanked and underbanked population.

PORTLAND, Ore., Sept. 19, 2023 /PRNewswire/ — Allied Market Research published a report, titled,Prepaid Card Market by Offering (General Purpose Reloadable Card, Gift Cards, Government Benefit/Disbursement Card, Incentive/Payroll Card, and Others), Card Type (Closed Loop Prepaid Card and Open Loop Prepaid Card), and End User (Retail Establishments, Corporate, and Government/Public Sector): Global Opportunity Analysis and Industry Forecast, 2023–2032″. According to the report, the global prepaid card industry generated $2.5 trillion in 2022 and is anticipated to generate $14.4 trillion by 2032, witnessing a CAGR of 19.5% from 2023 to 2032. 

Request PDF Brochure: https://www.alliedmarketresearch.com/request-sample/1952

The prepaid cards are widely available, often requiring only basic identification, making them accessible to a broader demographic. In addition, prepaid cards appeal to international travelers who seek a secure and flexible way to manage their funds abroad. They offer currency conversion and security benefits.

Prime determinants of growth

The growth of the prepaid card market is driven by several key determinants that include convenience which plays a pivotal role. Prepaid cards offer users a hassle-free alternative to traditional banking, allowing them to make purchases, pay bills, and manage finances without the need for a bank account. This convenience appeals to a broad spectrum of consumers, including the unbanked and underbanked populations, fostering market expansion. In addition, prepaid cards offer financial security and control. Users can load a specific amount onto the card, thereby avoiding overspending and debt accumulation. This financial discipline attracts individuals seeking to manage their finances responsibly, further stimulating the growth of this market.

Report coverage & details:

Report Coverage

Details

Forecast Period

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2023–2032

Base Year

2022

Market Size in 2022

$2491.63 billion

Market Size in 2032

$ 14,376.17 billion

CAGR

19.5 %

No. of Pages in Report

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263

Segments Covered

Offering, Card Type, End User, and Region.

Drivers

Rise in demand for prepaid cards in remittances

Rise in demand for cash alternatives

Increase in unbanked and underbanked population

Opportunities

Surge in demand for prepaid cards from various developing countries

Restraints

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Security issues and privacy concerns

Increase in penetration of digital payment technologies

Covid-19 Scenario

  • The COVID-19 pandemic significantly influenced consumer trends and preferences within the prepaid card market. As lockdowns and social distancing measures took hold, there was a notable shift toward online shopping and contactless payments, prompting consumers to seek convenient and secure payment options. This change in behavior led to an increased demand for prepaid cards, which offer flexibility and control over spending.
  • During the COVID-19 pandemic, key players in the prepaid card market swiftly adopted strategic measures to mitigate the adverse impacts on the industry. One prominent strategy was a rapid shift toward digital transformation. Recognizing the increasing demand for online transactions, providers prioritized the enhancement of their digital infrastructure.

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The general purpose reloadable card segment to maintain its leadership status throughout the forecast period

Based on offering, the general purpose reloadable card segment held the highest market share in 2022, accounting for nearly two-fifths of the global prepaid card  HYPERLINK “https://www.alliedmarketresearch.com/press-release/prepaid-card-market.html“industry revenue, and is estimated to maintain its leadership status throughout the forecast period, this was attributed to the rise in trend of online shopping coupled with increase in penetration of e-commerce platforms foster the demand for more flexible payment options, which, in turn, contributes toward the growth of the prepaid card market. In addition, these cards are gaining traction as a way to manage budgets and avoid overspending, attracting consumers looking for financial control. However, the incentive/payroll card segment is projected to manifest the highest CAGR of 23.2% from 2023 to 2032, owing to the rise in use of e-commerce digital payments/wallets makes it convenient for consumers to track, manage, and redeem gift cards which is ultimately driving the market globally, which is expected to positively impact market growth.

The closed loop prepaid card segment to maintain its leadership status throughout the forecast period 

Based on card type, the closed loop prepaid card segment held the highest market share in 2022, accounting for nearly three-fifths of the global prepaid card market revenue, owing to the benefits such as providing an opportunity for businesses to make money on the products purchased using the prepaid card, free activation for the user, and others drive the adoption of closed loop prepaid cards. The closed loop gift cards constitute a major part of the prepaid industry. This is expected to create numerous opportunities for this market. However, the open loop prepaid card segment is projected to manifest the highest CAGR of 21.3% from 2022 to 2032, owing to the increase in adoption of open loop cards, digital cards, and virtual gift cards are expected to accelerate new innovations in the payments industry; thus, providing numerous opportunities for the growth of this segment.

The retail establishments segment to maintain its leadership status throughout the forecast period 

Based on end user, the retail establishments segment held the highest market share in 2022, accounting for more than half of the global prepaid card market revenue. This is attributed to the increase in adoption of closed-loop prepaid cards in the retail industry, owing to retailers learning new ways to make use of their branded currencies in omnichannel commerce, presents a major opportunity for the market. However, the corporate segment is projected to manifest the highest CAGR of 22.0% from 2022 to 2032. These cards provide benefits such as increased sales, improved employee performance, a rise in loyalty, and others, which boost the growth of the market in this sector.

North America to maintain its dominance by 2032

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Based on region, North America held the highest market share in terms of revenue in 2022, The rise of digital banking and fintech innovations has further shaped the market landscape in both countries. Many providers now offer mobile apps and online platforms that enable customers to manage their prepaid cards digitally, check balances, and monitor transactions in real-time. This aligns with the growing preference for digital payments and contactless transactions, accelerated by the COVID-19 pandemic.  However, the Asia-Pacific region is expected to witness the fastest CAGR of 21.9% from 2023 to 2032 and is likely to dominate the market during the forecast period, due to large unbanked and underbanked population. Governments and financial institutions are recognizing prepaid cards as a means to enhance financial inclusion by offering basic banking services and enabling access to e-commerce platforms. In addition, gift cards and travel-focused prepaid cards are gaining traction as disposable income increases. Furthermore, regulatory landscapes in APAC countries vary, impacting the growth trajectory of the prepaid card market.

Leading Market Players: –

  • American Express Company
  • Green Dot Corporation
  • JPMorgan Chase And Co.
  • Kaiku Finance LLC
  • Mango Financial, Inc.
  • Mastercard
  • NetSpend Corporation
  • PayPal Holdings, Inc.
  • Travelex Foreign Coin Services Limited
  • Visa Inc.

The report provides a detailed analysis of these key players in the global Prepaid card market. These players have adopted different strategies such as expansion, merger, and product launches to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

Want to Access the Statistical Data and Graphs, Key Players’ Strategies: https://www.alliedmarketresearch.com/prepaid-card-market/purchase-options

Key Benefits for Stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the prepaid card market forecast from 2022 to 2032 to identify the prevailing prepaid card market opportunity.
  • Market research is offered along with information related to key drivers, restraints, and opportunities.
  • Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the prepaid card market segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global prepaid card market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the prepaid card market players.
  • The report includes an analysis of the regional as well as global prepaid card market trends, key players, market segments, application areas, and market growth strategies.

Prepaid Card Market Key Segments:

By Offering:

  • Gift Cards
  • Government Benefit/Disbursement Card
  • Incentive/Payroll Card
  • General Purpose Reloadable Card
  • Others

By Card Type:

  • Closed Loop Prepaid Card
  • Open Loop Prepaid Card

By End User:

  • Retail Establishments
  • Corporate
  • Government/Public sector

By Region:

  • North America (U.S., Canada)
  • Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
  • Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
  • LAMEA (Latin America, Middle East, Africa)

Similar Reports We Have on BFSI Industry:

Dual Interface Payment Card Market by Type (Plastic, Metal), by End User (Retail, Transportation, Healthcare, Hospitality and Tourism, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032

Digital Business Card Market by Platform (Android, iOS, Windows), by User Type (Business User, Enterprise User): Global Opportunity Analysis and Industry Forecast, 2023-2032

EMV Smart Cards Market by Type (Debit Card, Credit Card), by Brand (Visa, MasterCard, Others), by Application (Food & Groceries, Health & Pharmacy, Restaurants & Bars, Consumer Electronics, Media & Entertainment, Travel & Tourism, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031

Forex Cards Market by Type (Multi-currency Forex Card, Single Currency Forex Card), by Industry Vertical (Hospitality, Consumer Goods, Education, Others), by End User (Businesses, Individuals): Global Opportunity Analysis and Industry Forecast, 2021-2031

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About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports Insights” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact:

David Correa
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.

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Toll Free: +1-800-792-5285

UK: +44-845-528-1300

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Fax: +1-800-792-5285
[email protected] 
Web: www.alliedmarketresearch.com
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Hyundai Motor and Škoda Group to Collaborate on Hydrogen Advancement and Energy Efficient Solutions for Mobility

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  • Hyundai Motor Company and Škoda Group sign a Memorandum of Understanding (MOU) during the Korea-Czech Business Summit in Prague
  • Both parties to cooperate in establishing a hydrogen economy and realizing a sustainable future mobility ecosystem
  • Škoda Group to explore hydrogen mobility expansion by adopting Hyundai’s hydrogen fuel cell systems and technologies

SEOUL, South Korea and PRAGUE, Sept. 20, 2024 /PRNewswire/ — Hyundai Motor Company and Škoda Group have signed a Memorandum of Understanding (MOU) to commence collaboration on establishing a hydrogen mobility ecosystem.

The signing ceremony, which took place at the Korea-Czech Republic Business Summit in Prague, was attended by Ken Ramírez, Executive Vice President and Head of Global Commercial Vehicle and Hydrogen Business at Hyundai Motor Company, and Petr Novotný, CEO of Škoda Group.

The MOU covers study on adoption of hydrogen fuel cell systems and technologies, study on adoption of energy efficient solutions for mobility projects and products, and exploring hydrogen ecosystem and value chain opportunities beyond mobility.

“Our partnership with Škoda Group aims to accelerate hydrogen adoption, which would contribute to the advancement of hydrogen technology and carbon neutrality across global markets, including the Czech Republic,” said Executive Vice President Ramírez. “Together with Škoda Group, we strive to lead the rapidly growing hydrogen businesses by creating positive synergies between our fuel cell technology and Škoda Group’s mobility products and projects.”

“We believe that hydrogen, alongside energy-efficient solutions, will play an essential role in transforming mobility for a more sustainable future. Our collaboration with Hyundai Motor Company aims at enabling us to look beyond national borders and explore wider markets where these technologies can have a larger impact. By working together, we can bring innovative, eco-friendly solutions to the global mobility ecosystem, advancing cleaner energy in the areas where it’s needed most,” said Petr Novotný, CEO of Škoda Group.

Both parties share the view that hydrogen will be a key pillar for a sustainable society, starting with mobility. As part of the MOU, the parties will explore the possibility that Hyundai would share its fuel cell system and technology, contributing to the acceleration of eco-friendly mobility across global markets where Škoda Group operates, including the Czech Republic.

Hyundai Motor Company and Škoda Group will also conduct feasibility studies for fuel cell system applications for diverse utilization beyond mobility. Leveraging its global expertise and insights in operating various hydrogen applications in both mobility and energy sectors, Hyundai is poised to play a pivotal role in aiding the energy transition.

Hyundai Motor Group is committed to building a hydrogen society under its hydrogen value chain business brand HTWO, which encompasses the Group’s businesses and affiliates, enabling each stage of the entire hydrogen value chain.

Hyundai Motor Manufacturing Czech (HMMC) in Nošovice, established in 2008, has an annual manufacturing capacity of 350,000 vehicles. Considered one of the most modern car manufacturers in Europe, the manufacturing plant was also the largest foreign investment in the Czech Republic.

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Banking as a Service Market to Reach $22.6 billion, Globally, by 2032 at 19.3% CAGR: Allied Market Research

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An increase in the use of digital transformation technology in banks, along with streamlining financial services drives the growth of the market. In addition, the rise in the adoption of banking & financial sectors across the globe fuels the growth of the market.  

PORTLAND, Ore., Sept. 20, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Banking as a Service Market by Component (Platform and Service), Type (API-based Bank-as-a-service and Cloud-based Bank-as-a-service) and End User (Banks, FinTech Corporations/NBFC and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032“. According to the report, the “banking as a service market” was valued at $4 billion in 2022, and is projected to reach $22.6 billion by 2032, growing at a CAGR of 19.3% from 2023 to 2032. 

Get Your Sample Report & TOC Today: https://www.alliedmarketresearch.com/request-sample/A14258

An increase in the use of digital transformation technology in banks, along with streamlining financial services drives the growth of the market. In addition, the rise in the adoption of banking & financial sectors across the globe fuels the growth of the market. Moreover, continuous technological innovations as well as a rise in internet and mobile penetration are expected to provide lucrative opportunities for the growth of the market during the forecast period. On the contrary, the increase in cyber-attacks and the high cost of adoption limits the growth of the banking as a service market. 

The platform segment held the highest market share in 2022.  

By component, the platform segment dominated the market in 2022, this dominance is driven by the increasing demand for integrated banking solutions that allow financial institutions and fintech companies to offer a wide range of banking services through a single, scalable platform. These platforms enable seamless integration of various financial services such as payments, lending, and account management into third-party applications, making them highly valuable in the rapidly evolving digital banking ecosystem. However, the service segment is expected to witness the largest CAGR of 21.4%, this growth is driven by the increasing need for consulting, integration, and support services that help financial institutions and fintech companies effectively implement and manage BaaS platforms. As more businesses adopt digital banking solutions, the demand for specialized services to ensure seamless platform integration, regulatory compliance, and ongoing technical support is rising. 

The banks segment held the highest market share in 2022. 

By end user, the banks segment accounted for the largest share in 2022. This dominance is due to banks extensive infrastructure and established networks that facilitate international transactions. Their broad range of services, including secure handling of funds, comprehensive financial offerings, and strong regulatory compliance, contribute to their leading position in the banking as a service market. However, the others segment is expected to witness the largest CAGR of 20.4%. In the rapidly evolving Banking-as-a-Service (BaaS) market, several government initiatives and investment firms are poised to witness significant growth.  The regulatory frameworks not only foster innovation but also create a conducive environment for BaaS growth. Similarly, investment firms like Accel Partners, Sequoia Capital, and Andreessen Horowitz are heavily investing in fintech and BaaS platforms, fueling their growth and development.

Purchase This Comprehensive Report (PDF with Insights, Charts, Tables, and Figures) @
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Regional Insights: The Europe region held the highest market share in 2022.  

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By region, the banking as a service market was dominated by Europe in 2022. This dominance is largely attributed to the region’s early adoption of open banking regulations, such as the revised payment services directive (PSD2), which has fostered collaboration between traditional banks and fintech companies. Europe’s regulatory environment encourages innovation and competition in financial services, making it a leading market for BaaS platforms.  

Key Industry Developments 

  • In May 2024, Fintech unicorn Zeta launched a digital credit-as-a-service product for its enterprise customers, primarily banks. The product is based on the credit lines on the UPI scheme that the Reserve Bank of India rolled out in September to reduce the cost of financial services and allow users to access pre-approved credit through their UPI-linked accounts.
  • In May 2024, AppTech Payments Corp. launched InstaCash, which utilizes the BaaS for virtual accounts, debit and credit cards, and high-interest-yielding financial products.
  • In September 2023, Konsentus partnered with Brankas to enable financial institutions, central banks, and regulators to accelerate their open finance journeys. The integrated technology solutions will deliver ease of use, security, and cost-efficiency for those setting up or participating in open ecosystems.

Get More Information Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/A14258

Players: –

  • Solaris SE
  • Bnkbl Ltd
  • Treasury Prime
  • Block Inc.
  • MatchMove Pay Pte Ltd
  • ClearBank Ltd
  • Stripe Inc.
  • Green Dot Corporation
  • Starling Bank
  • Banco Bilbao Vizcaya Argentaria
  • S.A.

Key Benefits for Stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the banking-as-a-service market analysis from 2022 to 2032 to identify the prevailing banking-as-a-service market opportunities.
  • Market research is offered along with information related to key drivers, restraints, and opportunities.
  • Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the banking-as-a-service market segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional as well as global banking-as-a-service market trends, key players, market segments, application areas, and market growth strategies.

Access Your Customized Sample Report & TOC Now: https://www.alliedmarketresearch.com/request-for-customization/A14258 

Banking-as-a-Service Market Key Segments:

By Component

  • Platform
  • Service

By Type

  • API-based Bank-as-a-service
  • Cloud-based Bank-as-a-service

By End User

  • Banks
  • FinTech Corporations/NBFC
  • Others

By Region

  • North America (U.S., Canada)
  • Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
  • Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
  • LAMEA (Latin America, Middle East, Africa)

Trending Reports in BFSI Industry (Book Now with 10% Discount + Covid-19 scenario):

U.S. Banking-as-a-Service Market Size, Share, Competitive Landscape and Trend Analysis Report, by Component, by Type, by End User: Opportunity Analysis and Industry Forecast, 2022-2032

UK Banking-as-a-Service Market Size, Share, Competitive Landscape and Trend Analysis Report, by Component, by Type, by End User: Opportunity Analysis and Industry Forecast, 2022-2032

API Banking Market Size, Share, Competitive Landscape and Trend Analysis Report, by Component, by Deployment, by Enterprise Size: Global Opportunity Analysis and Industry Forecast, 2023-2032

AI in Banking Market Size, Share, Competitive Landscape and Trend Analysis Report, by Component, Enterprise Size, Applications and Technology: Global Opportunity Analysis and Industry Forecast, 2021-2030

Neo and Challenger Bank Market Size, Share, Competitive Landscape and Trend Analysis Report, by Service Type and End User: Global Opportunity Analysis and Industry Forecast, 2020-2027

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About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports Insights” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact:
David Correa
1209 Orange Street,
Corporation Trust Center,
Wilmington,
New Castle,
Delaware 19801 USA.
Int’l: +1-503-894-6022
Toll Free: +1-800-792-5285
UK: +44-845-528-1300
India (Pune): +91-20-66346060
Fax: +1-800-792-5285
[email protected]
BFSI Blog

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Bybit P2P Taps Into Select Markets With Welcome Offers

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DUBAI, UAE, Sept. 20, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, welcomes new users aboard in select markets with P2P coupons valued at up to $20.

From now to Oct. 13, eligible users may unlock P2P coupons worth up to $20 by fulfilling one or both of the following tasks:

  • First-time deposit: new users who make a deposit of $100 or more in any assets on Bybit P2P for the first time within 7 days of registering on Bybit may receive a P2P coupon for $10.
  • First trade: users who complete their first trade on Bybit’s Spot or Derivatives on any trading pair achieving a minimum trading volume of $100 may qualify for $10 in P2P coupons.

P2P on Bybit is an intuitive peer-to-peer trading platform for both takers and makers. Offering comprehensive benefits for the community, Bybit P2P provides a wide array of supportive initiatives for users, including the P2P Hiring Program for long-term merchants and Advertiser Programs for top performing P2P advertisers and verified advertisers, helping users achieve their goals.

Winners may use P2P coupons for all fiat currencies supported on Bybit P2P, an ultra user-friendly marketplace that offers mainstream coins including ETH, BTC, USDT and USDC at zero transaction fees for takers.

The coupons are offered on a first-come-first serve basis. This promotion is available for eligible users in selected regions only. Find out more: [Selected Countries Only] P2P Coupons Worth $20 for You!

#Bybit / #TheCryptoArk

About Bybit

Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 40 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.

For more details about Bybit, please visit Bybit Press
For media inquiries, please contact: [email protected]
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