Global Prepaid Cards and Digital Wallets Market 2022: Digital Wallets Partner to Launch Prepaid Cards in Asian Market
DUBLIN, March 11, 2022 /PRNewswire/ — The report “Global Prepaid Card and Digital Wallet Business and Investment Opportunities Databook – Market Size and Forecast, Consumer Attitude & Behaviour, Retail Spend” has been added to from ResearchAndMarkets.com offer.
The global prepaid card market (by value) grew at a CAGR of 9.2% during the period 2017-2021. During the forecast period of 2022 to 2026, the market is expected to register a CAGR of 11.5%, growing from US$1,533.37 billion in 2022 to reach 2370.75 billion US dollars by 2026.
Globally, demand for prepaid cards has increased dramatically over the past four to six quarters. Additionally, emerging fintech companies are at the forefront of innovation in digital and mobile wallets. According to the survey of the global prepaid card market for the fourth quarter of 2021, a significant share of the growth of the global prepaid card segment is expected to come from the unbanked population.
Over the next four to eight quarters, the B2B prepaid card segment is expected to be a high growth area globally. Prepaid payment instruments focused on the retail, corporate and government segments are also expected to see strong growth compared to general purpose prepaid cards. One of the key segments, where significant value can be unlocked in the short to medium term, is government disbursement through prepaid payment instruments.
In 2021, the demand for prepaid cards increased sharply in the Asia Pacific Region. Fintech companies in emerging markets have attracted significant investment to expand their product portfolios and enter new markets. Major digital wallets in the region have gained substantial market share over the past four to six quarters, mainly due to growing adoption and technological advancements. Moreover, with the strong growth of the e-commerce market in this region and the demand for cashless means of payment, the publisher expects the prepaid card segment to benefit significantly.
Digital wallets are partnering to launch prepaid cards in the Asian market. With increased demand for digital payments in online and physical stores nationwide, digital wallet providers are launching innovative prepaid card solutions to capture more market share.
FinTech companies are raising funds to integrate social banking into prepaid card programs in Europe. As more and more consumers in the country demand innovative prepaid payment instruments and digital banking services, new startups are emerging and raising funding rounds in the UK to compete with more established players.
In United States, the prepaid card market has seen innovative prepaid card solutions for businesses such as the travel industry, real estate market, corporates, as well as immigrants. Moreover, with digitization, the publisher believes, these prepaid card solutions will gain wide acceptance in the market, which could give impetus to the overall growth of the prepaid card market in United States.
This report provides a detailed, data-centric analysis of prepaid payment instruments, covering spending via prepaid cards and digital wallets in retail and corporate segments. Additionally, it provides a snapshot of consumer behavior and retail spending dynamics. With over 100 country-level KPIs, this report provides a comprehensive understanding of the Prepaid Cards and Digital Wallet Cards market dynamics.
- Market Dynamics: Provides a comprehensive view of size and structure, industry dynamics, market trends, consumer attitude and behavior, and competitive landscape in the prepaid cards and digital wallets industry .
- Digital Wallet Segments: Provides value, volume, and average value per transaction across 5 key spend categories in the digital wallet. This includes retail, travel, entertainment and gaming, catering, charging and bill paying.
- Open-Loop and Closed-Loop Prepaid Cards: Market Estimates and Forecasts to Assess Opportunities 13 Open-Loop and Closed-Loop Prepaid Cards Market Segments. Details four essential KPIs – number of cards in circulation, number of transactions, load value and transaction value.
- Consumer Attitude and Behavior: Drawing on proprietary survey results, this report identifies and interprets key prepaid KPIs, including spending by age, gender, and income level.
- Retail Spend: Breaks down retail spend into 11 categories to provide detailed insights into consumer behavior and changing prepaid card spending dynamics.
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- town of blacksmiths
For more information about this report visit https://www.researchandmarkets.com/r/i8x23n
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