The global Prepaid Card market size is expected to attain a market size of $3.5 billion by 2022, rising at a CAGR of 23.3% during the forecast period.
Prepaid card is an alternative form of payment, where funds are connected directly to a card without the need to be linked to a bank account. Prepaid cards are easily available unlink other cards that require credit rating, income, bank account, etc. The prepaid cards are a substitute to traditional bank accounts, and are widely used in retailer stores, e-commerce, and other platforms. These forms of cards were primarily introduced to cater to the unbanked population and individuals with limited access to bank services. The global prepaid cards market is driven by factors such as ease-of-access, growing Internet users, rapid growth in the E-commerce industry, and demand for cash alternatives. These factors have contributed to the widespread adoption of prepaid cards in corporate institutions, government bodies, financial Institutions, & others.
These factors would drive the market for prepaid cards globally. Lack of security features would hamper the market growth significantly. Developing and emerging regions such as Latin America, and Africa, would also present excellent opportunities for growth during the forecast period. Growing demand for electronic payment and growth of unbanked & underbanked population are some of the major reasons for market growth. Countries such as Japan, China, and India were the leading economies with significant demand for prepaid cards, within the Asia-Pacific region during 2015-2016. India is one of the emerging markets in the Asia-Pacific prepaid card market, and anticipated to register prominent CAGR during 2016 to 2022. Based on Card Type, the market is segmented into and Single-Purpose.
Based on Vertical, the market is segmented into Retail, Corporate Institutions, Government, and Financial Institutions & Others. Based on Usage, the market is segmented into General Purpose Reloadable Cards, Gift Card, Government BenefitsDisbursement Card, Incentive Payroll Card, and Others. The report also covers geographical segmentation of Prepaid Card market. Based on Region, Prepaid Card market is segmented into North America (US, Canada, Mexico and Rest of North America), Europe (Germany, UK, France, Russia, Spain, Italy and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Singapore, Malaysia and Rest of Asia-Pacific) and Latin America, and Middle East & Africa. Europe remained the dominant region in the global Prepaid Card market in 2015. Asia-Pacific would witness promising CAGR during the forecast period (2016-2022).
The report covers the analysis of key stake holders of the Prepaid Card market. Key companies profiled in the report include Green Dot Corporation, American Express Company, JPMorgan Chase & Co., Master Card Incorporated, Ebay, TSYS, The Western Union Company, and Visa, Inc.
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