Global Prepaid Card and Digital Wallet Business and Investment Opportunities Databook - Market Size and Forecast, Consumer Attitude & Behaviour, Retail Spend - Q1 2024 Update

According to the publisher, the Global prepaid card market (value terms) increased at a CAGR of 8.3% during 2019-2023. Over the forecast period of 2024 to 2028, the market is expected to record a CAGR of 10.3%, increasing from US$ 1.53 trillion in 2023 to reach US$ 2.54 trillion by 2028.

The global prepaid card market is poised for accelerated growth over the medium term. The adoption of prepaid payment instruments, like digital wallets, is set to rise even further in markets like India and Europe in 2024. Fintech firms are entering into strategic partnerships to launch new and innovative products, while also strengthening their positions through regional and global expansion.

The trend of geographic expansion is expected to gain further momentum over the medium term. In Latin America, banking giants are also foraying into the fintech sector, amid rising competition from digital banking firms. The changing regulatory landscape, in markets like Latin America and the United States, will further support industry growth over the medium term. Overall, the publisher maintains a robust growth outlook for the global prepaid card market over the next three to four years.

Firms are launching card issuing platforms amid the growing demand for prepaid cards globally

An increasing number of businesses are seeking to tap into the growing popularity of prepaid payment instruments, like cards and digital payments, in the global markets. As a result, businesses are launching card-issuing platforms to serve the rising demand.

• Nuvei, in November 2023, launched a card-issuing solution worldwide as part of its financial services. This move enables Nuvei's clients to offer personalized physical and virtual cards to customers, employees, or contractors in 30 different markets. Initially, this service is offered in the European Economic Area. However, the firm is planning to extend the service to the United Kingdom, United States, and Latin American markets by 2024. Nuvei, in October 2023, also partnered with Curve to optimize card transactions and launch alternate payment methods within Curve's ecosystem.

In the Middle East, too, firms are launching card issuing platforms. PayTabs Group, for instance, expanded into the card issuance sector with the launch of PayTabs Issuance in November 2023. The entry into the new business vertical is a strategic move to expand and scale the firm’s business across the region. This service enables banks, retailers, and big corporations to create customized Visa, MasterCard, debit cards, and other local cards in various currencies.

Traditional banking institutions are vying for digital customers through the fintech route in Latin America

The changes in financial regulations are driving the competitive landscape in the fast-growing fintech sector in Chile. Itaú, the largest bank in Latin America, is set to enter the neobank market.

• Itaú, which has a strong presence in the banking sector in Chile, is also targeting digital customers in Chile through its neo-banking arm Iti. The new venture will facilitate payments both in-person and online. The foray into the fintech sector comes at a time when competition is growing rapidly in the segment.
• Neo-banks like Nubank, for instance, have gained strong popularity across Latin America. These players have attracted millions of customers through their innovative products, including digital wallets, at a very low cost. With increasing competition, incumbent banks have revamped their products. The move comes on the back of the changing fintech landscape in Chile. The implementation of the fintech law in 2023, which introduced concepts like Open Finance, is projected to further support the growth of the prepaid card industry in Chile over the medium term.

Consumer Financial Protection Bureau (CFPB) proposes regulatory oversight on big tech firms offering digital wallets

The main regulator for consumer finance in the United States is looking to gain additional authority to regulate technology firms providing digital wallets and payment apps. This move aims to increase the level of scrutiny on companies like Google and Apple in the financial technology sector.

• The Consumer Financial Protection Bureau, in November 2023, proposed to bring non-bank companies offering digital payment services under a regulatory framework. The goal is to ensure that the rapidly growing sector, widely used by millions for fund transfers and retail transactions, follows US consumer protection laws.
• According to a CFPB, the proposed rule would subject the largest players in the industry, those facilitating more than 5 million consumer transactions annually, to regular supervision by the agency. This is likely to impact nearly 17 companies, which send over 13 billion payments every year, as per CFPB.

The regulatory oversight would apply to peer-to-peer platforms like Venmo and Cash App, along with cryptocurrency wallets, and others. The goal is to offer more protection to consumers using digital wallets. The proposal to regulate digital wallets is a clear indication that more and more consumers are linking their bank accounts to digital wallets offered by firms like Apple and Google.

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 in Global. 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.
• 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 12 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.
• Virtual Prepaid Cards: Provides transaction value analysis across 12 key prepaid card catergories for Virtual Prepaid Cards.
• Detailed Market Share Analysis by Key Players in the Prepaid Card Market.
• 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.

This title is a bundled offering, combining one global and 20 country reports:

1. Global Prepaid Card and Digital Wallet Business and Investment Opportunities Databook
2. Argentina Prepaid Card and Digital Wallet Business and Investment Opportunities Databook
3. Australia Prepaid Card and Digital Wallet Business and Investment Opportunities Databook
4. Brazil Prepaid Card and Digital Wallet Business and Investment Opportunities Databook
5. Canada Prepaid Card and Digital Wallet Business and Investment Opportunities Databook
6. China Prepaid Card and Digital Wallet Business and Investment Opportunities Databook
7. France Prepaid Card and Digital Wallet Business and Investment Opportunities Databook
8. Germany Prepaid Card and Digital Wallet Business and Investment Opportunities Databook
9. India Prepaid Card and Digital Wallet Business and Investment Opportunities Databook
10. Indonesia Prepaid Card and Digital Wallet Business and Investment Opportunities Databook
11. Italy Prepaid Card and Digital Wallet Business and Investment Opportunities Databook
12. Kenya Prepaid Card and Digital Wallet Business and Investment Opportunities Databook
13. Mexico Prepaid Card and Digital Wallet Business and Investment Opportunities Databook
14. Nigeria Prepaid Card and Digital Wallet Business and Investment Opportunities Databook
15. Philippines Prepaid Card and Digital Wallet Business and Investment Opportunities Databook
16. Russia Prepaid Card and Digital Wallet Business and Investment Opportunities Databook
17. South Africa Prepaid Card and Digital Wallet Business and Investment Opportunities Databook
18. Thailand Prepaid Card and Digital Wallet Business and Investment Opportunities Databook
19. United Arab Emirates Prepaid Card and Digital Wallet Business and Investment Opportunities Databook
20. United Kingdom Prepaid Card and Digital Wallet Business and Investment Opportunities Databook
21. United States Prepaid Card and Digital Wallet Business and Investment Opportunities Databook

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 at country level, this report provides comprehensive understanding of prepaid card and digital wallet card market dynamics.

Prepaid Payment Instrument Market Size and Forecast

• Transaction Value Trend Analysis
• Transaction Volume Trend Analysis
• Average Value per Transaction

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)

Digital Wallet Spend by Key Retail Categories

• Food and Grocery
• Health and Beauty Products
• Apparel and Foot Wear
• Books,Music and Video
• Consumer Electronics
• Pharmacy and Wellness
• Gas Stations
• Restaurants and Bars
• Toys, Kids and Baby Products
• Services
• Other Categories

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

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

Prepaid Card Market Share by Key Players

• General Purpose Prepaid Cards
• Business and Administrative Expense Prepaid Cards
• Travel Forex Prepaid Cards
• Meal Prepaid Cards

Prepaid Card Consumer Usage Trends

• By Age Group
• By Income Group
• By Gender

Prepaid Card Spend by Key Retail Categories

• Food and Grocery
• Health and Beauty Products
• Apparel and Foot Wear
• Books,Music and Video
• Consumer Electronics
• Pharmacy and Wellness
• Gas Stations
• Restaurants and Bars
• Toys, Kids and Baby Products
• Services
• Other Categories

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

Virtual Prepaid Card Industry Market Attractiveness

• Transaction Value Trend Analysis
• Transaction Volume Trend Analysis
• Average Value per Transaction

Virtual Prepaid Card Market Size and Future Growth Dynamics by Key Categories

• General Purpose Prepaid Cards
• Gift Cards
• Entertainment and Gaming Prepaid Cards
• Teen and Campus Prepaid Cards
• Business and Administrative Expense Prepaid Cards
• Payroll Prepaid Cards
• Meal Prepaid Cards
• Travel Forex Prepaid Cards
• Transit and Trolls Prepaid Cards
• Social Security and Other Government Benefit Programs Prepaid Cards
• Fuel Prepaid Cards
• Utilities and Other Prepaid Cards

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,Prepaid Card, Digital Wallet and Virtual Prepaid Card.
• Understand market opportunities and key trends along with forecast (2019-2028). Understand market dynamics through essential KPIs such as Transaction Value, Transaction Volume, and Average Value Per Transaction.
• 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, virtual prepaid cards and digital wallets.