Global Prepaid Card and Digital Wallet Business and Investment Opportunities Databook Q1 2023 Update: Prepaid Payment Instruments Are Expected to Dominate E-Commerce Payments
Sunday, April 16, 2023
DUBLIN, March 27, 2023 /PRNewswire/ -- The "Global Prepaid Card and Digital Wallet Business and Investment Opportunities Databook - Market Size and Forecast, Consumer Attitude & Behaviour, Retail Spend - Q1 2023 Update" report has been added to ResearchAndMarkets.com's offering.
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The global prepaid card ecosystem has been growing rapidly amid surging digitalization. Driven by the Covid-19 outbreak and the subsequent rise of fintech firms have supported the adoption of prepaid payment instruments among consumers globally. The rising e-commerce shopping trends have also assisted prepaid card transaction value and volume growth, and the publisher expects the trend to further continue over the next three to four years.
In the global prepaid card market, more and more fintech firms have shifted their focus toward kids' and teens' banking. With many players seeking to tap into potential future consumers at an early age, the trend is projected to further expand from the short to medium-term perspective. Furthermore, fintech firms are also expected to raise capital from venture capital and private equity firms, as they seek to expand their presence in the global market.
Prepaid payment instruments are expected to dominate e-commerce payments globally
The use of prepaid payment instruments, including digital wallets, is growing in the e-commerce segment, especially in markets like India, where e-commerce and digital payments have ballooned over the last few years. From the short to medium-term perspective, this trend is expected to further grow significantly.
This growth reflects the maturing digital wallet markets in the Asia Pacific region as well as the increasing usage of prepaid payment instruments in the United States. In Europe as well, the adoption of digital wallets is on the rise and will further continue over the next three to four years.
Firms are launching transit and retail prepaid card to drive their transaction value and volume
Travelers and consumers are looking for hassle-free payment solutions for their daily payments. Consequently, the number of transit and retail prepaid card launches has increased significantly around the world.
-- In September 2022, Paytm Payments Bank announced the launch of its new
prepaid card solution for travelers and consumers. The firm launched the
prepaid payment instrument in partnership with Mumbai Metro One Private
Limited. The transit and retail prepaid cards allow cardholders to make
payments using the card on the metro, buses, and trains, while also
using them for online and offline transactions in India.
-- In November 2022, the Network for Electronic Transfers also announced a
launch of a similar prepaid card offering for Singaporeans. The NETS
prepaid card has a daily spending limit of S$1,000 for each card.
Cardholders can load their prepaid card using the NETS app and track
their spending on the go. According to NETS, the prepaid card is
accepted at more than 120,000 locations in the country.
From the short to medium-term perspective, the publisher expects more such transit and retail prepaid card launches from fintech firms globally, as the demand for such solutions continues to grow among consumers.
Prepaid payment instrument providers are expanding their global footprint to accelerate growth
With the share of prepaid card payments expected to grow at a rapid rate over the next few years in the global market, providers are seeking to expand their international presence. For instance,
-- In November 2022, Touch 'n Go, the digital wallet provider based in
Malaysia, announced that the firm had entered into a strategic
collaboration with Alipay+, to launch its operations in Mainland China.
The strategic collaboration is projected to drive cross-border payment
opportunities. The partnership will allow Malaysians traveling to China
to use their Touch 'n Go wallet to make purchases seamlessly.
Such cross-border collaborations are expected to further increase significantly over the next three to four years. The National Payments Corporation of India (NPCI) has already forged alliances with several markets in the global economy to launch UPI payment services for Indians traveling abroad. The United Kingdom and France are among the countries that have already launched UPI services in their markets through a strategic collaboration with NPCI.
According to the report, the global prepaid card market (value terms) increased at a CAGR of 8.3% during 2018-2022. Over the forecast period of 2023 to 2027, the market is expected to record a CAGR of 10.3%, increasing from US$1,533.37 billion in 2022 to reach US$2,540.68 billion by 2027.
This report provides a detailed data centric analysis of prepaid payment instruments, covering spend through prepaid cards and digital wallets across retail and corporate consumer segments. In addition, it provides a global snapshot of consumer behaviour and retail spend dynamics. With over 100 KPIs at country level, this report provides comprehensive understanding of prepaid card and digital wallet card market dynamics.
-- Market dynamics: Provides a comprehensive view on size and structure,
industry dynamics, market trends, consumer attitude and behaviour, and
competitive landscape in prepaid card and digital wallet industry in
Global.
-- Digital wallet segments: Provides value, volume and average value per
transaction across 5 key spend categories in digital wallet. This
includes retail, travel, entertainment and gaming, restaurant, and
recharge and bill payment.
-- Open loop and closed loop prepaid cards: market estimates and forecasts
to assess opportunities 13 open loop and closed loop prepaid market
segments. Details four essential KPIs - number of cards in circulation,
number of transactions, load value, and value of transactions.
-- Consumer attitude and behaviour: Drawing from proprietary survey
results, this report identifies and interprets key prepaid KPIs,
including spend by age, gender, and income level.
-- Retail spend: Breaks down retail spend across 11 categories to provide
detailed insights on consumer behaviour and changing dynamics of prepaid
card spend.
Scope
This report provides a detailed data centric analysis of prepaid payment instruments, covering spend through prepaid cards and digital wallets across retail and corporate consumer segments. In addition, it provides a snapshot of consumer behaviour and retail spend dynamics. With over 100 KPIs, this report provides comprehensive understanding of prepaid card and digital wallet card market dynamics.
Digital Wallet Market Size and Forecast
-- Transaction Value Trend Analysis
-- Transaction Volume Trend Analysis
-- Average Value per Transaction
Digital Wallet Market Size and Forecast by Key Segments
-- Retail Shopping (Value, Volume, Avg. Value)
-- Travel (Value, Volume, Avg. Value)
-- Entertainment and Gaming (Value, Volume, Avg. Value)
-- Restaurant (Value, Volume, Avg. Value)
-- Recharge and Bill Payment (Value, Volume, Avg. Value)
Prepaid Card Industry Market Attractiveness
-- Load Value Trend Analysis
-- Transaction Value Trend Analysis
-- Transaction Volume Trend Analysis
-- Average Value per Transaction
-- Number of Cards
Market Share Analysis by Functional Attributes - Open Loop vs. Closed Loop
Market Share Analysis by Prepaid Card Categories
Open Loop Prepaid Card Future Growth Dynamics
-- Transaction Value Trend Analysis
-- Transaction Volume Trend Analysis
-- Average Value per Transaction
-- Number of Cards
Closed Loop Prepaid Card Future Growth Dynamics
-- Transaction Value Trend Analysis
-- Transaction Volume Trend Analysis
-- Average Value per Transaction
-- Number of Cards
General Purpose Prepaid Card Market Size and Forecast
-- Gift Card Market Size and Forecast
-- Gift Card Market Size and Forecast by Functional Attribute
-- By Open Loop Gift Card
-- By Closed Loop Gift Card
-- Gift Card Market Size and Forecast by Consumer Segments
-- By Retail Consumer Segment
-- By Corporate Consumer Segment
-- Gift Card Market Share Analysis by Retail Categories
-- Gift Card Market Share Analysis by Gifting Occasion
-- Gift Card Market Share Analysis by Purchase Location
Entertainment and Gaming Prepaid Card Market Size and Forecast
Teen and Campus Prepaid Card Market Size and Forecast
Teen and Campus Prepaid Card Market Size and Forecast by Functional Attribute
-- By Open Loop Teen and Campus Prepaid Card
-- By Closed Loop Teen and Campus Prepaid Card
Business and Administrative Expense Prepaid Card Market Size and Forecast
Business and Administrative Expense Prepaid Card Market Size and Forecast by Consumer Segments
-- By Small Scale Business Segment
-- By Mid-Tier Business Segment
-- By Enterprise Business Segment
-- By Government Segment
Payroll Prepaid Card Market Size and Forecast
Payroll Prepaid Card Market Size and Forecast by Consumer Segments
-- By Small Scale Business Segment
-- By Mid-Tier Business Segment
-- By Enterprise Business Segment
-- By Government Segment
Meal Prepaid Card Market Size and Forecast
Meal Prepaid Card Market Size and Forecast by Consumer Segments
-- By Small Scale Business Segment
-- By Mid-Tier Business Segment
-- By Enterprise Business Segment
-- By Government Segment
Travel Forex Prepaid Card Market Size and Forecast
Travel Forex Prepaid Card Market Size and Forecast by Consumer Segments
-- By Retail
-- By Small Scale Business Segment
-- By Mid-Tier Business Segment
-- By Enterprise Business Segment
-- By Government Segment
Transit and Tolls Prepaid Card Market Size and Forecast
Healthcare and Wellness Prepaid Card Market Size and Forecast
Social Security and Other Government Benefit Programs Prepaid Card Market Size and Forecast
Fuel Prepaid Cards Market Size and Forecast
Utilities, and Other Prepaid Cards Market Size and Forecast
Reasons to buy
-- In-depth understanding of prepaid card and digital wallet market
dynamics: Understand market opportunity, industry dynamics, key trends
and drivers across 75+ market segments and sub-segments of prepaid
payment instrument in Global.
-- Develop market specific strategies: Identify growth segments and target
specific opportunities to formulate your prepaid card and digital wallet
strategy; assess market specific key trends, drivers and risks in the
industry.
-- Get insights into consumer attitude and behaviour: Understand changing
consumer attitude and behaviour and boost ROI. Get detailed insights
into retail spend through prepaid cards and digital wallets.
For more information about this report visit https://www.researchandmarkets.com/r/8f448v
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