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The prepaid card industry is being driven by the increased demand among consumers for efficient and easy fund transaction. Through prepaid cards, the funds can be transferred electronically and can be distributed to the recipients within seconds. Over the forecast period, the market is expected to be augmented by the increased adoption of prepaid cards to eradicate potential instances of fraud and provide a more secure payment alternative to cash and credit/debit cards. The market is expected to be further propelled by the growing adoption of open-loop prepaid cards, owing to the various advantages offered by them including universal acceptability, immediate availability of the funds, convenient payment solutions, and the reduction of overdraft fees, among others.
In October 2020, Banco Bilbao Vizcaya Argentaria, S.A. (NYSE: BBVA) launched a new prepaid card, called Aqua. The card comes with a dynamic CVV code and without any printed card numbers (PAN) or expiration dates. Aqua will strengthen the digital and physical security as it prevents data transfer to avoid fraudulent use. Furthermore, Aqua can be accessed through Android or iPhone apps to check the card number, CVV, and expiry date every time the user needs to make a payment. Such developments are expected to support the growth of the prepaid card industry in the forecast years.
In terms of region, North America is likely to account for a significant share in the market, owing to the rising awareness among individuals regarding digital safety and security in pursuit of avoiding any issues of financial frauds. The growing preference for card payments among individuals for the execution of various online tasks, such as ticket booking, and online purchasing, among others, is likely to propel the market growth in the region. Furthermore, the increased digitalisation in countries like the United States and Canada and the penetration of advanced technology across industry verticals are expected to bolster the prepaid card industry in the forecast period.
Market Breakup by Card Type, Usage, Industry, and Region:
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The major players in the global prepaid card market are American Express Company, Banco Bilbao Vizcaya Argentaria, S.A., Green Dot Bank, Kaiku Finance, LLC, Mango Financial, Inc., and JPMorgan Chase & Co., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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