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Forex Prepaid Cards Market to Reach $492.80 Billion, Globally, by 2032 at 15.3% CAGR: Allied Market Research
Increase in international travel & cross-border transactions, the rise in popularity of online shopping, and the growth in awareness among consumers regarding the benefits of forex prepaid cards drive the growth of the forex prepaid cards market.
WILMINGTON, Del., Feb. 1, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Forex Prepaid Cards Market by Type (Single Currency Forex Card and Multi-Currency Forex Card) and End User (Retail, Corporate, Financial Institutions, Government, and Others): Opportunity Analysis and Industry Forecast, 2022-2032″. According to the report, the global forex prepaid cards industry generated $120.5 billion in 2022 and is anticipated to generate $492.80 billion by 2032, witnessing a CAGR of 15.3% from 2023 to 2032.
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- 125 – Tables
- 47 – Charts
- 252 – Pages
Prime determinants of growth
The forex prepaid cards market is accelerated by the growth in trend of cross-border transactions brought about by the globalization of travel and businesses. This has created the requirement for convenient and secure payment solutions, which forex prepaid cards are able to fulfill. Furthermore, the increase in the popularity of online purchasing has increased the need for prepaid cards as a convenient payment option for overseas transactions. The increased awareness regarding the benefits of forex prepaid cards, which include better exchange rates and fewer foreign exchange fees, has further bolstered the growth of the market. On the contrary, emerging economies have a huge untapped market for FX prepaid card providers due to the rise in use of smartphones and internet access in these countries.
Report coverage & details:
|
Report Coverage |
Details |
|
Forecast Period |
2022–2032  |
|
Base Year |
2022 |
|
Market Size in 2022 |
$120.5 billion |
|
Market Size in 2032 |
$492.80 billion |
|
CAGR |
15.3 % |
|
Segments Covered |
Type, end user, and region. |
|
Drivers |
Growth in international travel Rise in popularity of online shopping |
|
Opportunities |
Increase in penetration of smartphones and internet access Rise in demand for cash alternatives |
|
Restraint |
Forex card charges ATM withdrawal fees |
The multi-currency forex card segment to maintain its leadership status throughout the forecast period
On the basis of type, the multi-currency forex card segment held the highest market share in 2022, accounting for nearly three-fourths of the global forex prepaid cards market revenue and is projected to manifest the highest CAGR of 16.4% from 2023 to 2032. This is attributed to the fact that a multicurrency forex card simplifies payment and makes travel hassle-free. In addition, a multi-currency forex card usually gets a better exchange rate than other options such as cash or traveler’s check (TC). In addition to better rates, users stand to benefit from features such as waived off ATM access fee withdrawals, zero cross-currency charges, and lower transaction charges than international credit or debit cards, with a host of exclusive discounts.
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The corporate segment to maintain its leadership status throughout the forecast period
On the basis of end user, the corporate segment held the highest market share in 2022, accounting for more than one-third of the global forex prepaid cards market revenue and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the fact that consumers go to different countries for vacations and business purposes for which they take forex cards for making any transactions. However, the government segment is projected to manifest the highest CAGR of 19.3% from 2023 to 2032. This is attributed to the fact that forex prepaid cards offer a convenient way for government agencies to manage and control expenses.
North America to maintain its dominance by 2032
On the basis of region, North America held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global forex prepaid cards market revenue and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the fact that as consumer travel spending increases, it is expected to open up a huge market in North America for banks and forex prepaid card issuers to work with travel companies and improve the consumer experience. Many issuers have AI-enabled customer onboarding to balance the need for these compliance requirements with growth in cardholder expectations for a quick and frictionless onboarding process. However, Asia-Pacific is expected to witness the fastest CAGR of 19.3% from 2023 to 2032. This is attributed to the growth in tourism industry and increasing disposable income in the region.
Leading Market Players: –
- American Express Company
- Axis Bank
- HSBC Group
- Revolut Ltd
- Qantas Airways Limited
- Mastercard
- HDFC Bank Ltd.
- Thomascook.in
- Travelex International Limited
- Wise Payments Limited
The report provides a detailed analysis of these key players of the global forex prepaid cards market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others 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.
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Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the forex prepaid cards market analysis from 2022 to 2032 to identify the prevailing forex prepaid cards market opportunity.
- Market research is offered along with information related to key drivers, restraints, and opportunities.
- The 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 forex prepaid cards market segmentation assists to determine the prevailing forex prepaid cards market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the 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 forex prepaid cards market trends, key players, market segments, application areas, and market growth strategies.
Forex Prepaid Cards Market Report Highlights:
By Type
- Single Currency Forex Card
- Multi-Currency Forex Card
By End User
- Retail
- Corporate
- Financial Institutions
- Government
- 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)
- Latin America (Brazil, Argentina, Rest of Latin America)
- Middle East and Africa (Gcc Countries, South Africa, Rest of Middle East and Africa)
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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.
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WEST ATLANTIC CITY, N.J., March 14, 2025 /PRNewswire/ — The Great Bay Insurance Group (the “Group”), a leading provider of coastal homeowners’ insurance in New Jersey, today announced the following leadership changes. Timothy J. Byrne, Jr., has been named as President of the Group and Ronald R. Lovatt has been named President of Great Bay Insurance Company, a wholly owned affiliate of the Group.
Mr. Byrne Jr. has nearly 15 years of industry experience and previously served as the Group’s Chief Operating Officer overseeing the Groups operations and underwriting strategies.
Mr. Timothy J. Byrne, Sr., Chief Executive Officer of the Group, added, “I’m excited to announce the promotion of Tim Jr. to the role of President of The Great Bay Insurance Group and Ron to the role of President of Great Bay Insurance Company. Tim Jr. and Ron have been an integral part of the Group since its founding in 2019.”
As President, Tim Jr. will provide oversight for all corporate support functions and will continue to report to Tim Sr.
Mr. Byrne Jr. holds a BS in Economic and Mathematics from the University of Vermont, an MBA in Risk Management and Insurance from St. John’s University and holds a CPCU designation.
Mr. Lovatt has 40 years of broad insurance industry experience in leadership capacities with international, national, regional and start-up insurance companies. Ron is a founding member of The Great Bay Insurance Group, working with Tim Sr. & Tim Jr. to launch Great Bay in late 2019. Ron currently serves as Chief Underwriting Officer & Chief Claims Officer for The Great Bay Insurance Group, has an MBA from The Wharton School of the University of Pennsylvania, and a Bachelor of Science degree in Economics, Finance, Accounting & Marketing from Miami University.
Contact:
Investor Relations
Brian Schleider, CPA
Chief Financial Officer
609-434-2000, x102
brian.schleider@greatbayinsure.com
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Fintech PR
Forward Global responds to surge in UK shareholder activism with launch of UK Corporate Contests Practice
LONDON, March 14, 2025 /PRNewswire/ — International risk management firm Forward Global launched its UK Corporate Contests Practice on Tuesday in response to what is described as “all-time high of shareholder activism” in London and Paris.
Speaking ahead of the launch on Tuesday night, Brendan Foo, Partner and Global Head of Corporate Contests at Forward Global, said “As activism gains currency as an asset class, savvy investors are looking toward the UK and Europe to generate alpha. Indeed, in 2025 alone, we have seen an unprecedented demand for our services not just in our traditional strongholds of the US and Canada, but also in the UK and Europe. This reflects the surge in activist (and active) engagements, with which our team is uniquely well-placed to assist.”
Forward Global’s Corporate Contests Practice was established to meet demand from law firms, investors, and advisers to provide a comprehensive suite of services to support companies in high-stakes shareholder engagements. In keeping with the firm’s established activism practice in the US, the new London offering will deliver investigative and intelligence work such as vetting board nominees, relationship mapping, scrutinizing the track records of both incumbents and challengers, and conducting deep-dive reputation analyses. In Europe, Forward Global’s Patrice Lambert-de Diesbach offers clients battle-tested expertise in investor relations and financial communications.
Shareholder activism in the UK has expanded significantly, with campaigns becoming more frequent and sophisticated. In 2023, the number of new public activist campaigns in Europe surged by 68%, with the UK remaining a primary target. US-based activist investors have also increased their focus on UK firms, launching 40% of all UK activist campaigns in 2024. With contested boardroom battles and regulatory shifts on the rise, the expansion of Forward Global’s Corporate Contests practice into the UK is well-timed, equipping issuers with the intelligence and strategies needed to navigate this evolving landscape.
The firm launched the new practice at an exclusive gathering at the International Institute of Strategic Studies in London, bringing together leading voices from the shareholder activism space to discuss the evolving landscape of transatlantic shareholder activism.
The panel discussion, featuring Brendan Foo, Patrick J. McHugh of Okapi Partners, and Sebastian Fain of Freshfields, explored critical considerations for US investors entering the UK market and vice versa, differences in engagement styles across jurisdictions, and strategies for issuers to proactively engage with both activist and active investors. Panelists also examined the impact of anti-DEI and ESG sentiment on investor relations in the UK, as well as how issuers can adapt to evolving regulatory and institutional expectations.
John Watts, Managing Partner of Forward Global UK, added, “Forward Global’s new UK Corporate Contests Practice is designed to provide companies with the strategic intelligence and investigative depth needed to navigate an increasingly complex activist landscape. Our team is committed to equipping clients with the tools to engage proactively with investors, safeguard their strategic interests, and strengthen shareholder relations across Europe.”
Notes for Editors
Forward Global is an international group, with its historic headquarters in France, boasting five main offices in Paris, Brussels, London, Miami, and Washington. As a leading player in risk management with over 450 employees and 30 partners, Forward Global offers an integrated approach across the three major risks: digital, economic, and informational.
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NEW YORK, March 14, 2025 /PRNewswire/ — The New York Stock Exchange (NYSE) provides a daily pre-market update directly from the NYSE Trading Floor. Access today’s NYSE Pre-market update for market insights before trading begins.
Alison Kosik delivers the pre-market update on March 14th
- Investors welcomed a cooler-than-expected Producer Price Index reading for the month of February as tariff talk continues out of Washington D.C.
- Attention shifts to the Federal Reserve decisions coming next week as inflation data suggests the rate of inflation growth could be slowing.
- S&P 500 looks to rebound after ending yesterday in correction territory, which is a decline of at least 10% from a recent high.
Watch NYSE TV Live every weekday 9:00-10:00am ET
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