Global Prepaid Card Market to Grow at a CAGR of 14.6% During 2024-2032, Aided by the Growing Acceptance of Prepaid Cards in Various Industries for Efficient Fund Transaction

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.

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Market Breakup by Card Type, Usage, Industry, and Region:

• The market is bifurcated, based on card type, into closed loop and open loop.

• The major usages of prepaid cards include general-purpose reloadable card, gift-card, government benefit/disbursement card, and incentive/payroll card, among others. 

• On the basis of industry, the market can be bifurcated into retail establishments, corporate institutions, government, and financial institutions and others.

• Region-wise, the global market for prepaid card can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The global market for prepaid card is being driven by the increased acceptance of prepaid cards across industries such as retail and finance, among others.

• The growing concerns about the digital security and safety are expected to further bolster the market growth.  

• The growing popularity of open loop prepaid cards owing to their advantages including universal acceptability, and immediate availability of the funds, among others, is likely to support the market growth.

• The market is expected to be further aided by the rising consumer preference for prepaid cards for the execution of various financial transactions.

Key Offerings of the Report:

• The EMR report gives an overview of the global market for prepaid card for the periods (2018-2023) and (2024-2032). 

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the    card types, usages, industries, and regions of prepaid card.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

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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