1. Market Research
  2. > Financial Services
  3. > Banking
  4. > Payments Market Trends
Prepaid Card Global Market Report 2021: COVID 19 Impact and Recovery to 2030

Prepaid Card Global Market Report 2021: COVID 19 Impact and Recovery to 2030

  • May 2021
  • 175 pages
  • ID: 6071875
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in the prepaid card market are American Express Company, BBVA Compass Bancshares Inc., Green Dot Corporation, JPMorgan Chase & Co., Kaiku Finance LLC., Mango Financial Inc, NetSpend Holdings Inc, PayPal Holdings Inc, UniRush LLC, and Master Card Incorporated.

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%.

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.

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.

The prepaid card market covered in this report is segmented by type into general-purpose reloadable card, prepaid gift card, government benefit card, payroll card, others, by card type into an open-loop prepaid card, closed-loop prepaid card, by application into retail establishments, corporate institutions, government, others.

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 enable Prepaid Financial Services Limited to offer an enhanced service to existing and future Payroll and Corporate clients.

Barclaycard is a UK-based financial services company that helps consumers, retailers, and businesses to make and take payments flexibly, and to access short-term credit and point of sale finance.

Increasing use of prepaid cards as a substitute for traditional bank cards is a key factor driving the growth of the prepaid card market.A prepaid card is not connected to a bank checking account or a draught account for a credit union share, instead, users invest money in advance deposited in the prepaid card account.

According to the 2019 Federal Reserve Payments Study, the number of prepaid debit card payments increased to 13.8 billion with a value of $0.38 trillion in 2018. Prepaid cards are similar to debit cards and permit the consumer to spend money up to the amount loaded on the card for making purchases, gas bills, shopping, and paying online bills. Therefore, increasing usage of prepaid cards is expected to propel the growth of the prepaid card market in the coming years.

The increasing incidents of fraudulent cases are expected to hamper the growth of the prepaid card market in the coming years.Fraud losses are sustained on all credit, debit, prepaid general-purpose, and private label payment card distributed around the world by payment card issuers, retailers, purchasers of card purchase from retailers, and acquirers of card transactions at ATMs.

For instance, global fraud losses totaled $27.85 billion in 2018 and are expected to grow to $35.67 billion in five years and $40.63 billion in 10 years. Therefore, the increasing incidents of fraud restraints the growth of the prepaid market.

Get Industry Insights. Simply.

  • Latest reports & slideshows with insights from top research analysts
  • 150+ Million searchable statistics with tables, figures & datasets
  • More than 25,000 trusted sources
  • Single User License — provides access to the report by one individual.
  • Department License — allows you to share the report with up to 5 users
  • Site License — allows the report to be shared amongst all employees in a defined country
  • Corporate License — allows for complete access, globally.

ReportLinker may already be registered as a supplier with your company. If you want to Order by PO, check with us first and we'll let you know if we are a registered supplier and what the vendor number is. Otherwise, we'll provide you with the necessary information to register ReportLinker as a vendor.

Ahmad helps you find the right report:
Testimonials

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

We were impressed with the support that ReportLinker’s research specialists’ team provided. The report we purchased was useful and provided exactly what we want.

Category Manager at
Ikea

ReportLinker gave access to reliable and useful data while avoiding dispersing resources and spending too much time on unnecessary research.

Executive Director at
PwC Advisory

The customer service was fast, responsive, and 100% professional in all my dealings (...) If we have more research needs, I'll certainly prioritize working with ReportLinker!

Scott Griffith

Vice President Marketing at
Maurice Sporting Goods

The research specialist provided prompt, helpful instructions for accessing ReportLinker's product. He also followed up to make sure everything went smoothly and to ensure an easy transition to the next stage of my research

Jessica P Huffman

Research Associate at
American Transportation Research Institute

Excellent customer service. Very responsive and fast.

Director, Corporate Strategy at
Ingredion

I reached out to ReportLinker for a detailed market study on the Air Treatment industry. The quality of the report, the research specialist’s willingness to solve my queries exceeded my expectations. I would definitely recommend ReportLinker for in-depth industry information.

Mariana Mendoza

Global Platform Senior Manager at
Whirlpool Corporation

Thanks! I like what you've provided and will certainly come back if I need to do further research works.

Bee Hin Png

CEO at
LDR Pte Ltd

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

FAQ
  • How we can help
    • I am not sure if the report I am interested in will fulfill my needs. Can you help me?
    • Yes, of course. You can call us at +33(0) 4 37 65 17 03 or drop us an email at [email protected] to let us know more about your requirements.
    • We buy reports often - can ReportLinker get me any benefits?
    • Yes. Set up a call with a Senior Research Advisor to learn more - [email protected] or +33(0) 4 37 65 17 03.
    • I have had negative experiences with market research reports before. How can you avoid this from happening again?
    • We advise all clients to read the TOC and Summary and list your questions so that we can get more insight for you before you make any purchase decision. A research advisor will accompany you so that you can compare samples and reports from different sources, and choose the study that is right for you.

  • Report Delivery
    • How and when I will receive my Report?
    • Most reports are delivered right away in a pdf format, while others are accessed via a secure link and access codes. Do note that sometimes reports are sent within a 12 hour period, depending on the time zones. However, you can contact us to escalate this. Should you need a hard copy, you can check if this option is offered for the particular report, and pay the related fees.
  • Payment conditions
    • What payment methods do you accept?
      1. Credit card : VISA, American Express, Mastercard, or
      2. You can download an invoice to pay by wire transfer, check, or via a Purchase Order from your company, or
      3. You can pay via a Check made out in US Dollars, Euros, or British Pounds for the full amount made payable to ReportLinker
    • What are ReportLinker’s Payment Terms?
    • All payments must normally be submitted within 30 days. However, you can let us know if you need extended time.
    • Are Taxes and duties included?
    • All companies based in France must pay a 20% tax per report. The same applies to all individuals based in the EU. All EU companies must supply their VAT number when purchasing to avoid this charge.
    • I’m not satisfied. Can I be refunded?
    • No. Once your order has been processed and the publisher has received a notification to send you the report, we cannot issue any refund or cancel any order. As these are not ‘traditional’ products that can be returned, reports that are dispatched are considered to be ‘consumed’.
  • User license
    • The license that you should acquire depends on the number of persons that need to access the report. This can range from Single User (only one person will have the right to read or access the report), or Department License (up to 5 persons), to Site License (a group of persons based in the same company location), or Corporate License (the entire company personnel based worldwide). However, as publishers have different terms and conditions, we can look into this for you.
Purchase Reports From Reputable Market Research Publishers

Venezuela Cards and Payments - Opportunities and Risks to 2025

  • $ 2750
  • September 2021
  • 45 pages

Venezuela Cards and Payments - Opportunities and Risks to 2025 Summary ’Venezuela Cards and Payments - Opportunities and Risks to 2025’ report provides detailed analysis of market trends in the ...

  • Venezuela
  • Payments
  • Credit Card
  • Industry analysis
  • Credit Card Transaction
  • Card Transaction

ref:plp2021

Reportlinker.com © Copyright 2021. All rights reserved.

ReportLinker simplifies how Analysts and Decision Makers get industry data for their business.

Make sure you don’t miss any news and follow us on