Global Prepaid Card and Digital Wallet Business Report 2023-2027: Prepaid Payment Instruments to Dominate e-Commerce Payments Globally
Global Prepaid Card and Digital Wallet Market
Dublin, Sept. 11, 2023 (GLOBE NEWSWIRE) — The “Global Prepaid Card and Digital Wallet Business and Investment Opportunities Databook – Market Size and Forecast, Consumer Attitude & Behaviour, Retail Spend – Q2 2023 Update” report has been added to ResearchAndMarkets.com’s offering.
Discover the dynamic landscape of the global prepaid card market with our comprehensive report. Witnessing a remarkable growth trajectory, the market’s value terms surged at an impressive CAGR of 8.3% from 2018 to 2022.
As we look ahead to the forecast period spanning 2023 to 2027, the market is poised to achieve even greater heights with a projected CAGR of 10.3%. This upward trajectory is expected to elevate the market value from its 2022 figure of US$1,533.37 billion to a staggering US$2,540.68 billion by 2027.
Dive into a detailed and data-centric analysis of prepaid payment instruments, encompassing both prepaid cards and digital wallets across retail and corporate consumer segments. Uncover insights into consumer behavior and the dynamics of retail spending on a global scale. With a robust collection of over 100 key performance indicators (KPIs) at the country level, this report offers an in-depth understanding of the ever-evolving landscape of prepaid card and digital wallet markets.
The rapid growth of the global prepaid card ecosystem is closely intertwined with the surge in digitalization. The unprecedented impact of the Covid-19 pandemic has propelled the rise of fintech firms, fostering a widespread adoption of prepaid payment instruments among consumers across the globe.
This report reflects the profound influence of these trends on the prepaid card landscape, especially with the rise of e-commerce shopping habits contributing to increased transaction values and volumes. Anticipating a continuation of this trend over the next few years, our insights offer valuable foresight into the market’s trajectory.
Intriguingly, the global prepaid card market is witnessing an intriguing shift, as fintech firms increasingly target the realm of kids’ and teens’ banking. This strategic move aims to engage potential future consumers from an early age, paving the way for expansion in the short to medium term.
Additionally, fintech firms are expected to secure capital infusion from venture capital and private equity firms as they strategically expand their footprint on the global stage.
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.
A bundled offering, combining one global and 20 country reports:
- Global Prepaid Card and Digital Wallet Business and Investment Opportunities Databook
- Argentina Prepaid Card and Digital Wallet Business and Investment Opportunities Databook
- Australia Prepaid Card and Digital Wallet Business and Investment Opportunities Databook
- Brazil Prepaid Card and Digital Wallet Business and Investment Opportunities Databook
- Canada Prepaid Card and Digital Wallet Business and Investment Opportunities Databook
- China Prepaid Card and Digital Wallet Business and Investment Opportunities Databook
- France Prepaid Card and Digital Wallet Business and Investment Opportunities Databook
- Germany Prepaid Card and Digital Wallet Business and Investment Opportunities Databook
- India Prepaid Card and Digital Wallet Business and Investment Opportunities Databook
- Indonesia Prepaid Card and Digital Wallet Business and Investment Opportunities Databook
- Italy Prepaid Card and Digital Wallet Business and Investment Opportunities Databook
- Kenya Prepaid Card and Digital Wallet Business and Investment Opportunities Databook
- Mexico Prepaid Card and Digital Wallet Business and Investment Opportunities Databook
- Nigeria Prepaid Card and Digital Wallet Business and Investment Opportunities Databook
- Philippines Prepaid Card and Digital Wallet Business and Investment Opportunities Databook
- Russia Prepaid Card and Digital Wallet Business and Investment Opportunities Databook
- South Africa Prepaid Card and Digital Wallet Business and Investment Opportunities Databook
- Thailand Prepaid Card and Digital Wallet Business and Investment Opportunities Databook
- United Arab Emirates Prepaid Card and Digital Wallet Business and Investment Opportunities Databook
- United Kingdom Prepaid Card and Digital Wallet Business and Investment Opportunities Databook
- United States Prepaid Card and Digital Wallet Business and Investment Opportunities Databook
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 2515 |
| Forecast Period | 2023 – 2027 |
| Estimated Market Value (USD) in 2023 | $1718.4 Billion |
| Forecasted Market Value (USD) by 2027 | $2540.7 Billion |
| Compound Annual Growth Rate | 10.3% |
| Regions Covered | Global |
Scope for Each Databook
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
For more information about this report visit https://www.researchandmarkets.com/r/8dsmmv
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