Portland, OR, September 20, 2021 (GLOBE NEWSWIRE) – According to the report released by Allied Market Research, the global Prepaid card market was set at $ 1.73 trillion in 2019 and is projected to reach $ 6.87 trillion by 2030, growing at a CAGR of 18.2% from 2021 to 2030.
The increasing demand for prepaid cards for transfers, the growing need for cash alternatives and the increase in the population with and without bank details are driving the global prepaid card market. However, security issues and privacy concerns are hampering market growth. On the contrary, increasing demand for prepaid cards from various developing countries would open up new opportunities for market participants in the future.
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- The Covid-19 pandemic has increased remote working, and strict social distancing regulations have created multiple challenges for the retail and corporate sectors when it comes to shopping, cash flow, and travel. These factors reduced the use of prepaid cards and vouchers.
- However, several organizations turned to new ecommerce tools and offered discounts on coupons such as free coupon add-ons.
The report segments the global prepaid cards market based on offering, card type, end-user and region. Based on the offering, the report is divided into General Purpose Cards, Gift Cards, State Benefit / Payout Cards, Incentive / Payroll Cards, and others. The lion’s share in 2019 came from the general-purpose card segment, which made up almost two-fifths of the market. However, the Incentive / Salary Cards segment is forecast to have the highest CAGR of 19.7% from 2021 to 2030.
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Based on the card type, the report is divided into a closed-loop card and an open-loop card. The open-loop card segment is expected to have the highest CAGR of 19.3% over the forecast period. In 2019, however, the closed-loop card segment dominated the market, accounting for almost three-thirds of the market.
The global prepaid card market is analyzed in several regions such as North America, Europe, Asia-Pacific and LAMEA. The market across North America held the biggest part account for more than two fifths of the market in 2020. However, the Asia Pacific market is expected to have the highest CAGR of 20.1% over the forecast period.
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The global prepaid card market includes an in-depth analysis of key market players such as American Express Company, Brink’s Incorporated, BBVA USA Bancshares Inc., H&R Block Inc., Green Dot Corporation, Kaiku Finance LLC., JPMorgan Chase & Co., MasterCard, Mango Financial Inc. and PayPal Holdings Inc.
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