Malaysia Prepaid Cards Market Report 2021: Market is Expected to Grow by 17.2% to Surpass $7 Billion in 2021 – Forecast to 2025
Dublin, Nov. 29, 2021 (GLOBE NEWSWIRE) — The “Malaysia Prepaid Cards Business and Investment Opportunities – Market Size and Forecast (2016-2025), Consumer Attitude & Behaviour, Retail Spend, Market Risk” report has been added to ResearchAndMarkets.com’s offering.
According to the Q2 2021 Global Prepaid Card Survey, prepaid card market in the Malaysia is expected to grow by 17.2% on annual basis to reach US$ 7,031.1 million in 2021.The prepaid card market expected to grow over the forecast period, recording a CAGR of 15.2% during 2021-2025. The prepaid card market in Malaysia will increase from US$ 5,999.2 million in 2020 to reach US$ 10,565.6 million by 2025.
The growing adoption of contactless payments technology by merchants is driving more and more consumers to shift towards prepaid payment instruments in Malaysia. Moreover, the rising smartphone penetration and the growth of the e-commerce industry are also the major reasons behind the rising adoption of prepaid cards by consumers in the country.
Malaysia has a large millennial population, and nearly 20% of the millennials in the country who use public transport make payments through mobile payments. Notably, around 60% of the millennials in the country are using cards to pay for groceries.
A favorable regulatory framework is encouraging prepaid card providers:
Over the past few years, both the Malaysian government and the Central Bank have clearly stated their intentions to make Malaysia a cashless society. Consequently, both the government as well as the Central Bank have taken numerous initiatives to support their objective of a cashless society. For instance,
The Central Bank regulated that card issuers must enable chip or contactless payments through prepaid cards at the point of sales transactions, to ensure that consumers can make safe and secure digital payments. Moreover, to boost prepaid card use in Malaysia, the Central Bank also restricted retailers from imposing a surcharge on card payments.
Prepaid card providers looking to obtain digital banking licenses to expand market share:
To further expand their market share in Malaysia, prepaid card providers are focusing on obtaining digital banking licenses in the country. For instance,
In June 2021, BigPay, a subsidiary of AirAsia, submitted its bid to the Central Bank of Malaysia. The prepaid card and e-wallet provider already has the experience of launching several regulated financial products in Malaysia. These include e-money, international remittance prepaid cards, and micro-insurance, among others. With the help of a digital banking license, the prepaid card provider, BigPay, is planning to launch new services, including responsible credit and micro-savings.
Scope:
Malaysia 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, 2016 – 2025
Market Share Analysis by Prepaid Card Categories
Malaysia Open Loop Prepaid Card Future Growth Dynamics, 2016 – 2025
- Transaction Value Trend Analysis
- Transaction Volume Trend Analysis
- Average Value per Transaction
- Number of Cards
Malaysia Closed Loop Prepaid Card Future Growth Dynamics, 2016 – 2025
- Transaction Value Trend Analysis
- Transaction Volume Trend Analysis
- Average Value per Transaction
- Number of Cards
Malaysia Prepaid Card Consumer Usage Trends
- By Age Group
- By Income Group
- By Gender
Malaysia General Purpose Prepaid Card Market Size and Forecast
Malaysia 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
Malaysia Entertainment and Gaming Prepaid Card Market Size and Forecast
Malaysia 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
Malaysia 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
Malaysia 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
Malaysia 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
Malaysia 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
Malaysia Transit and Tolls Prepaid Card Market Size and Forecast
Malaysia Healthcare and Wellness Prepaid Card Market Size and Forecast
Malaysia Social Security and Other Government Benefit Programs Prepaid Card Market Size and Forecast
Malaysia Fuel Prepaid Cards Market Size and Forecast
Malaysia Utilities, and Other Prepaid Cards Market Size and Forecast
For more information about this report visit https://www.researchandmarkets.com/r/43nwdq
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