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Prepaid Card Market Trends

Report ID: GMI6280
Published Date: Jul 2023
Report Format: PDF

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Prepaid Card Market Trends

As global travel and cross-border e-commerce continue to grow, there is a rising demand for prepaid card solutions that offer competitive foreign exchange rates and reduced transaction fees for international usage. Prepaid card providers are recognizing the importance of catering to the needs of travelers and individuals engaging in cross-border transactions. To meet this demand, prepaid card issuers are working to improve the interoperability of their cards. This means ensuring that prepaid cards are widely accepted across different countries and payment networks. By expanding the network of affiliated merchants and payment partners globally, cardholders can use their prepaid cards seamlessly during their travels and international purchases.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of prepaid card reached USD 1.8 trillion in 2022 and is estimated to observe over 15.5% CAGR from 2023 to 2032, driven by the rising consumer interest in cashless transactions.

The open loop type segment recorded over 38% of the market share in 2022, owing to the growing need for convenience and accessibility amongst consumers.

North America accounted for over 60% of market share in 2022, due to the rise in the number of frequent travelers in search of cashless convenience.

American Express Company, BREADFX Euro Prepaid MasterCard, ecoCard, FairFX Anywhere Card, Green Dot Corporation, JPMorgan Chase & Co., Mastercard, Payoneer Prepaid MasterCard, PayPal Holdings Inc., and Thomas Cook Cash Passport are some major prepaid card providers.