Global Prepaid Cards Market Size, Share, Trends, Industry Growth by Offering (General Purpose Card, Gift Card, Government Benefit/Disbursement Card, Incentive/Payroll Card, Others), by Type (Open Loop, Closed Loop, Semi-closed loop), by End-User, by Region, and Forecast to 2030
Report ID: RC82067 | Report Format: PDF + Excel | Starting Price: 3600/- USD | Last Updated: July 1st, 2023The prepaid cards market was valued at around USD 2.5 trillion in 2022 and is expected to grow at a significant CAGR of 13.7% from 2023 to 2030. The growth of the market is driven by factors such as the increasing adoption of cashless transactions, the rise in e-commerce and online transactions, and the growing trend of using prepaid cards as gifting options during festivals and special occasions. Additionally, the increasing number of government initiatives promoting the use of prepaid cards for transactions is also expected to boost the market growth.
The global prepaid cards market is being driven by several factors, including the increasing adoption of digital payments, growth in e-commerce and online transactions, rising demand for convenient payment options, and a shift towards cashless transactions. Prepaid cards are gaining popularity among consumers due to their ease of use, security, and ability to control spending.
Moreover, the growth of the unbanked and underbanked population, especially in developing countries, is also driving the demand for prepaid cards as they provide access to financial services to those who do not have traditional banking facilities. Additionally, the emergence of contactless prepaid cards, the growth of mobile wallet solutions, and the increasing demand for customized prepaid cards are also expected to fuel the growth of the prepaid card market.
Market Opportunities:
Increasing adoption of cashless payments: With the growing trend towards cashless payments, there is a significant opportunity for prepaid cards to replace cash transactions, especially in emerging markets.
Expansion of e-commerce: As e-commerce continues to grow, prepaid cards provide a convenient and secure payment method for online transactions.
Demand for financial inclusion: Prepaid cards offer a way for individuals without traditional banking services to access financial services and make transactions.
Growth in travel industry: Prepaid travel cards offer a safe and convenient way for travelers to access funds while abroad, without the risk of carrying cash.
Emergence of mobile payments: Prepaid cards can be integrated with mobile payment platforms, providing a seamless and secure payment experience for consumers.
Overall, the prepaid cards market is poised for significant growth as consumers seek convenient and secure payment options, and as technology continues to drive innovation in the financial services industry.
Market Snapshot:
Benchmark Year | 2022 | ||
Market Size | ~ USD 2.5 Trillion in 2022 | ||
Market Growth (CAGR) | 13.7% (2023-2030) | ||
Largest Market Share | lock | ||
Analysis Period | 2020-2030 | ||
Market Players | American Express Company, BBVA USA Bancshares, INC., Brink’s Incorporated, Green Dot Corporation, and H&R Block Inc. |
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Market Insights:
Global Prepaid Cards Market Analysis by Card Type:
The global prepaid card market is bifurcated into the offering, card type, end-user, and geography. On the basis of card type, the market is further segmented into open-loop cards, closed-loop cards, and semi-closed-loop cards. The dominant segment in the global market is the open-loop card segment. The open loop cards segment is expected to experience significant growth in the coming years due to its increasing popularity among consumers, as it provides more flexibility and can be used by a wider range of merchants. Closed loop cards are typically limited to specific merchants or retailers, while semi-closed loop cards can only be used at a limited number of merchants that have a partnership with the card issuer. However, both closed and semi-closed loop cards still hold a significant share in the prepaid cards market, as they are often used for gift cards and employee incentive programs.
Closed Loop Prepaid Cards: Closed-loop prepaid cards are issued by a specific merchant or service provider for use at their stores or for their services. These cards can only be used for purchases from the issuing merchant and cannot be used at other merchants. Closed loop prepaid cards are commonly used for gift cards, loyalty cards, and promotional offers.
Open Loop Prepaid Cards: Open loop prepaid cards are issued by financial institutions and are accepted at any merchant that accepts the payment network (such as Visa, Mastercard, or American Express) associated with the card. These cards can be used for a wide range of purchases and are commonly used as payroll cards, travel cards, and general-purpose reloadable cards.
Semi-Closed Loop Prepaid Cards: Semi-closed loop prepaid cards are issued by financial institutions or third-party providers and can only be used by a limited number of merchants. These cards are often used for specific purposes, such as for public transportation, meal plans, or university campus purchases.
Global Prepaid Cards Market Analysis by End-User:
The prepaid card market can be analyzed by end-user, and the major segments include corporate institutions, government, retailers, and others. Corporate institutions use prepaid cards for employee incentives, payroll disbursements, and travel expenses. The government sector uses prepaid cards for social welfare programs, tax refunds, and other disbursements. Retailers use prepaid cards as gift cards or loyalty cards. Other end-users of prepaid cards include healthcare institutions and educational institutions. The dominant segment may vary based on the region and the type of prepaid card.
The dominant segment in the prepaid card market by end-user may vary depending on the region and market. In some regions, the dominant end-users may be retail consumers using prepaid cards for personal use, while in other regions, businesses may be the dominant end-users of prepaid cards for employee incentives, corporate spending, and other financial transactions. However, overall, the corporate sector is emerging as a major end-user of prepaid cards, particularly for payroll cards, travel and entertainment expenses, and other business-related transactions.
The prepaid cards market research report presents the analysis of each segment from 2020 to 2030 considering 2022 as the base year for the research. The compounded annual growth rate (CAGR) for each respective segment is calculated for the forecast period from 2023 to 2030.
Historical & Forecast Period
- 2020-21 – Historical Year
- 2022 – Base Year
- 2023-2030 – Forecast Period
Market Segmentation:
By Offering:
- General Purpose Card
- Gift Card
- Government Benefit/Disbursement Card
- Incentive/Payroll Card
- Others
By Card Type:
- Open Loop Card
- Closed Loop Card
- Semi-closed loop Card
By End-User:
- Retail
- Corporate
- Government/Public Sector
- Others
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Geographic Coverage:
Geographically, the prepaid cards market report comprises dedicated sections centering on the regional market revenue and trends. The prepaid cards market has been segmented on the basis of geographic regions into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The prepaid cards market has been extensively analyzed on the basis of various regional factors such as demographics, gross domestic product (GDP), inflation rate, acceptance, and others. Prepaid card market estimates have also been provided for the historical years 2020 & 2021 along with forecasts for the period from 2023 – 2030.
Competitive Assessment:
Some of the prominent market players operating in the global prepaid cards market are American Express Company, BBVA USA Bancshares, INC., Brink’s Incorporated, Green Dot Corporation, and H&R Block Inc. Companies are exploring markets by expansion, new investment, the introduction of new services, and collaboration as their preferred strategies. For instance:
- Mastercard and Wirex: In 2021, Mastercard partnered with cryptocurrency platform Wirex to launch a new multi-currency prepaid card. The card allows users to spend their cryptocurrencies as easily as traditional fiat currencies.
- Venmo: In 2020, Venmo, a popular peer-to-peer payment app, launched a new prepaid card. The card is linked to the user’s Venmo account and allows for seamless integration between the app and physical payments.
- PayPal and Netspend: In 2019, PayPal partnered with prepaid card provider Netspend to launch a new prepaid debit card. The card allows users to easily access and spend their PayPal funds, as well as use it for everyday purchases.
- American Express: In 2021, American Express launched a new prepaid card targeted towards teenagers and their parents. The card is designed to help teens learn about money management, with features such as parental controls and budgeting tools.
Key Companies:
- American Express Company
- BBVA USA Bancshares, INC.
- Brink’s Incorporated
- Green Dot Corporation
- H&R Block Inc.
- JPMorgan Chase & Co.
- Kaiku Finance, LLC
- Mango Financial, Inc.
- Mastercard
- PayPal Holdings, Inc.
Key Questions Answered by Prepaid Cards Market Report
- Global prepaid cards market forecasts from 2023-2030
- Regional market forecasts from 2023-2030 covering Asia-Pacific, North America, Europe, Middle East & Africa, and Latin America
- Country-level forecasts from 2023-2030 covering 15 major countries from the regions as mentioned above
- Prepaid cards submarket forecasts from 2023-2030 covering the market by offering, card type, end-user, and geography
- Various industry models such as SWOT analysis, Value Chain Analysis about the market
- Analysis of the key factors driving and restraining the growth of the global, regional, and country-level prepaid cards markets from 2023-2030
- Competitive Landscape and market positioning of the top 10 players operating in the market
1. Preface
1.1. Report Description
1.1.1. Purpose of the Report
1.1.2. Target Audience
1.1.3. USP and Key Offerings
1.2. Research Scope
1.3. Research Methodology
1.3.1. Phase I – Secondary Research
1.3.2. Phase II – Primary Research
1.3.3. Phase III – Expert Panel Review
1.4. Assumptions
2. Executive Summary
2.1. Global Prepaid Cards Market Portraiture
2.2. Global Prepaid Cards Market, by Offering, 2022 (USD Mn)
2.3. Global Prepaid Cards Market, by Card Type, 2022 (USD Mn)
2.4. Global Prepaid Cards Market, by End-User, 2022 (USD Mn)
2.5. Global Prepaid Cards Market, by Geography, 2022 (USD Mn)
3. Global Prepaid Cards Market Analysis
3.1. Prepaid Cards Market Overview
3.2. Market Inclination Insights
3.3. Market Dynamics
3.3.1. Drivers
3.3.2. Challenges
3.3.3. Opportunities
3.4. Attractive Investment Proposition
3.5. Competitive Analysis
3.6. Porter’s Five Force Analysis
3.6.1. Bargaining Power of Suppliers
3.6.2. Bargaining Power of Buyers
3.6.3. Threat of New Entrants
3.6.4. Threat of Substitutes
3.6.5. Degree of Competition
3.7. PESTLE Analysis
3.8. COVID-19 Impact Analysis
4. Global Prepaid Cards Market By Offering, 2020 – 2030 (USD Mn)
4.1. Overview
4.2. General Purpose Card
4.3. Gift Card
4.4. Government Benefit/Disbursement Card
4.5. Incentive/Payroll Card
4.6. Others
5. Global Prepaid Cards Market By Card Type, 2020 – 2030 (USD Mn)
5.1. Overview
5.2. Open Loop Card
5.3. Closed Loop Card
5.4. Semi-closed loop
6. Global Prepaid Cards Market By End-User, 2020 – 2030 (USD Mn)
6.1. Overview
6.2. Retail
6.3. Corporate
6.4. Government/Public Sector
6.5. Others
7. North America Prepaid Cards Market Analysis and Forecast, 2020 – 2030 (USD Mn)
7.1. Overview
7.2. North America Prepaid Cards Market by Offering, (2020-2030 USD Mn)
7.3. North America Prepaid Cards Market by Card Type, (2020-2030 USD Mn)
7.4. North America Prepaid Cards Market by End-User, (2020-2030 USD Mn)
7.5. North America Prepaid Cards Market by Country, (2020-2030 USD Mn)
7.5.1. U.S.
7.5.1.1. U.S. Prepaid Cards Market by Offering, (2020-2030 USD Mn)
7.5.1.2. U.S. Prepaid Cards Market by Card Type, (2020-2030 USD Mn)
7.5.1.3. U.S. Prepaid Cards Market by End-User, (2020-2030 USD Mn)
7.5.2. Canada
7.5.2.1. Canada Prepaid Cards Market by Offering, (2020-2030 USD Mn)
7.5.2.2. Canada Prepaid Cards Market by Card Type, (2020-2030 USD Mn)
7.5.2.3. Canada Prepaid Cards Market by End-User, (2020-2030 USD Mn)
8. Europe Prepaid Cards Market Analysis and Forecast, 2020 - 2030 (USD Mn)
8.1. Overview
8.2. Europe Prepaid Cards Market by Offering, (2020-2030 USD Mn)
8.3. Europe Prepaid Cards Market by Card Type, (2020-2030 USD Mn)
8.4. Europe Prepaid Cards Market by End-User, (2020-2030 USD Mn)
8.5. Europe Prepaid Cards Market by Country, (2020-2030 USD Mn)
8.5.1. Germany
8.5.1.1. Germany Prepaid Cards Market by Offering, (2020-2030 USD Mn)
8.5.1.2. Germany Prepaid Cards Market by Card Type, (2020-2030 USD Mn)
8.5.1.3. Germany Prepaid Cards Market by End-User, (2020-2030 USD Mn)
8.5.2. U.K.
8.5.2.1. U.K. Prepaid Cards Market by Offering, (2020-2030 USD Mn)
8.5.2.2. U.K. Prepaid Cards Market by Card Type, (2020-2030 USD Mn)
8.5.2.3. U.K. Prepaid Cards Market by End-User, (2020-2030 USD Mn)
8.5.3. France
8.5.3.1. France Prepaid Cards Market by Offering, (2020-2030 USD Mn)
8.5.3.2. France Prepaid Cards Market by Card Type, (2020-2030 USD Mn)
8.5.3.3. France Prepaid Cards Market by End-User, (2020-2030 USD Mn)
8.5.4. Spain
8.5.4.1. Spain Prepaid Cards Market by Offering, (2020-2030 USD Mn)
8.5.4.2. Spain Prepaid Cards Market by Card Type, (2020-2030 USD Mn)
8.5.4.3. Spain Prepaid Cards Market by End-User, (2020-2030 USD Mn)
8.5.5. Italy
8.5.5.1. Italy Prepaid Cards Market by Offering, (2020-2030 USD Mn)
8.5.5.2. Italy Prepaid Cards Market by Card Type, (2020-2030 USD Mn)
8.5.5.3. Italy Prepaid Cards Market by End-User, (2020-2030 USD Mn)
8.5.6. Rest of Europe
8.5.6.1. Rest of Europe Prepaid Cards Market by Offering, (2020-2030 USD Mn)
8.5.6.2. Rest of Europe Prepaid Cards Market by Card Type, (2020-2030 USD Mn)
8.5.6.3. Rest of Europe Prepaid Cards Market by End-User, (2020-2030 USD Mn)
9. Asia Pacific Prepaid Cards Market Analysis and Forecast, 2020 - 2030 (USD Mn)
9.1. Overview
9.2. Asia Pacific Prepaid Cards Market by Offering, (2020-2030 USD Mn)
9.3. Asia Pacific Prepaid Cards Market by Card Type, (2020-2030 USD Mn)
9.4. Asia Pacific Prepaid Cards Market by End-User, (2020-2030 USD Mn)
9.5. Asia Pacific Prepaid Cards Market by Country, (2020-2030 USD Mn)
9.5.1. China
9.5.1.1. China Prepaid Cards Market by Offering, (2020-2030 USD Mn)
9.5.1.2. China Prepaid Cards Market by Card Type, (2020-2030 USD Mn)
9.5.1.3. China Prepaid Cards Market by End-User, (2020-2030 USD Mn)
9.5.2. Japan
9.5.2.1. Japan Prepaid Cards Market by Offering, (2020-2030 USD Mn)
9.5.2.2. Japan Prepaid Cards Market by Card Type, (2020-2030 USD Mn)
9.5.2.3. Japan Prepaid Cards Market by End-User, (2020-2030 USD Mn)
9.5.3. India
9.5.3.1. India Prepaid Cards Market by Offering, (2020-2030 USD Mn)
9.5.3.2. India Prepaid Cards Market by Card Type, (2020-2030 USD Mn)
9.5.3.3. India Prepaid Cards Market by End-User, (2020-2030 USD Mn)
9.5.4. Rest of Asia Pacific
9.5.4.1. Rest of Asia Pacific Prepaid Cards Market by Offering, (2020-2030 USD Mn)
9.5.4.2. Rest of Asia Pacific Prepaid Cards Market by Card Type, (2020-2030 USD Mn)
9.5.4.3. Rest of Asia Pacific Prepaid Cards Market by End-User, (2020-2030 USD Mn)
10. Latin America (LATAM) Prepaid Cards Market Analysis and Forecast, 2020 - 2030 (USD Mn)
10.1. Overview
10.2. Latin America Prepaid Cards Market by Offering, (2020-2030 USD Mn)
10.3. Latin America Prepaid Cards Market by Card Type, (2020-2030 USD Mn)
10.4. Latin America Prepaid Cards Market by End-User, (2020-2030 USD Mn)
10.5. Latin America Prepaid Cards Market by Country, (2020-2030 USD Mn)
10.5.1. Brazil
10.5.1.1. Brazil Prepaid Cards Market by Offering, (2020-2030 USD Mn)
10.5.1.2. Brazil Prepaid Cards Market by Card Type, (2020-2030 USD Mn)
10.5.1.3. Brazil Prepaid Cards Market by End-User, (2020-2030 USD Mn)
10.5.2. Mexico
10.5.2.1. Mexico Prepaid Cards Market by Offering, (2020-2030 USD Mn)
10.5.2.2. Mexico Prepaid Cards Market by Card Type, (2020-2030 USD Mn)
10.5.2.3. Mexico Prepaid Cards Market by End-User, (2020-2030 USD Mn)
10.5.3. Rest of Latin America
10.5.3.1. Rest of Latin America Prepaid Cards Market by Offering, (2020-2030 USD Mn)
10.5.3.2. Rest of Latin America Prepaid Cards Market by Card Type, (2020-2030 USD Mn)
10.5.3.3. Rest of Latin America Prepaid Cards Market by End-User, (2020-2030 USD Mn)
11. Middle East and Africa Prepaid Cards Market Analysis and Forecast, 2020 - 2030 (USD Mn)
11.1. Overview
11.2. MEA Prepaid Cards Market by Offering, (2020-2030 USD Mn)
11.3. MEA Prepaid Cards Market by Card Type, (2020-2030 USD Mn)
11.4. MEA Prepaid Cards Market by End-User, (2020-2030 USD Mn)
11.5. Middle East and Africa Prepaid Cards Market, by Country, (2020-2030 USD Mn)
11.5.1. GCC
11.5.1.1. GCC Prepaid Cards Market by Offering, (2020-2030 USD Mn)
11.5.1.2. GCC Prepaid Cards Market by Card Type, (2020-2030 USD Mn)
11.5.1.3. GCC Prepaid Cards Market by End-User, (2020-2030 USD Mn)
11.5.2. South Africa
11.5.2.1. South Africa Prepaid Cards Market by Offering, (2020-2030 USD Mn)
11.5.2.2. South Africa Prepaid Cards Market by Card Type, (2020-2030 USD Mn)
11.5.2.3. South Africa Prepaid Cards Market by End-User, (2020-2030 USD Mn)
11.5.3. Rest of MEA
11.5.3.1. Rest of MEA Prepaid Cards Market by Offering, (2020-2030 USD Mn)
11.5.3.2. Rest of MEA Prepaid Cards Market by Card Type, (2020-2030 USD Mn)
11.5.3.3. Rest of MEA Prepaid Cards Market by End-User, (2020-2030 USD Mn)
12. Company Profiles
12.1. American Express Company
12.1.1. Business Description
12.1.2. Financial Health and Budget Allocation
12.1.3. Product Positions/Portfolio
12.1.4. Recent Development
12.1.5. SWOT Analysis
12.2. BBVA USA Bancshares, INC.
12.2.1. Business Description
12.2.2. Financial Health and Budget Allocation
12.2.3. Product Positions/Portfolio
12.2.4. Recent Development
12.2.5. SWOT Analysis
12.3. Brink's Incorporated
12.3.1. Business Description
12.3.2. Financial Health and Budget Allocation
12.3.3. Product Positions/Portfolio
12.3.4. Recent Development
12.3.5. SWOT Analysis
12.4. Green Dot Corporation
12.4.1. Business Description
12.4.2. Financial Health and Budget Allocation
12.4.3. Product Positions/Portfolio
12.4.4. Recent Development
12.4.5. SWOT Analysis
12.5. H&R Block Inc.
12.5.1. Business Description
12.5.2. Financial Health and Budget Allocation
12.5.3. Product Positions/Portfolio
12.5.4. Recent Development
12.5.5. SWOT Analysis
12.6. JPMorgan Chase & Co.
12.6.1. Business Description
12.6.2. Financial Health and Budget Allocation
12.6.3. Product Positions/Portfolio
12.6.4. Recent Development
12.6.5. SWOT Analysis
12.7. Kaiku Finance, LLC
12.7.1. Business Description
12.7.2. Financial Health and Budget Allocation
12.7.3. Product Positions/Portfolio
12.7.4. Recent Development
12.7.5. SWOT Analysis
12.8. Mango Financial, Inc.
12.8.1. Business Description
12.8.2. Financial Health and Budget Allocation
12.8.3. Product Positions/Portfolio
12.8.4. Recent Development
12.8.5. SWOT Analysis
12.9. Mastercard
12.9.1. Business Description
12.9.2. Financial Health and Budget Allocation
12.9.3. Product Positions/Portfolio
12.9.4. Recent Development
12.9.5. SWOT Analysis
12.10. PayPal Holdings, Inc.
12.10.1. Business Description
12.10.2. Financial Health and Budget Allocation
12.10.3. Product Positions/Portfolio
12.10.4. Recent Development
12.10.5. SWOT Analysis
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