Prepaid Card Global Market Report 2024

The prepaid card market size has grown rapidly in recent years. It will grow from $21.98 billion in 2023 to $25.12 billion in 2024 at a compound annual growth rate (CAGR) of 14.3%.The growth observed in the historical period can be attributed to factors such as the regulatory landscape, consumer behavior and preferences, economic conditions, initiatives for financial inclusion, as well as partnerships and collaborations.

The prepaid card market size is expected to see rapid growth in the next few years. It will grow to $41.57 billion in 2028 at a compound annual growth rate (CAGR) of 13.4%. The anticipated growth in the forecast period can be attributed to factors such as expected regulatory changes, the evolution of consumer preferences, economic outlook, initiatives for financial inclusion, and strategic partnerships. Major trends during this forecast period include the incorporation of enhanced security features, the adoption of green and sustainable practices, emphasis on inclusion and accessibility, integration with digital wallets, and adherence to regulatory compliance.

The growth of the prepaid card market is being driven by the increasing use of prepaid cards as an alternative to traditional bank cards. Prepaid cards, not linked to a bank checking account or a credit union share draught account, involve users depositing money in advance into the prepaid card account. Debit card payments in 2021, as reported by the Reserve Bank of India, reached 412 crores, showcasing the popularity of prepaid cards similar to debit cards. Users can spend money up to the loaded amount on the card for various purposes such as making purchases, paying bills, and shopping online. This trend is expected to contribute to the expansion of the prepaid card market in the forecast period.

The growth of the prepaid card market is expected to be fueled by the increasing demand for e-commerce. Prepaid cards are commonly utilized for online purchases, allowing consumers to load funds onto their cards and use them for buying products and services from e-commerce platforms. As of August 2023, the United States Census Bureau reported a 7.5% increase in e-commerce estimates for the second quarter of 2023 compared to the second quarter of 2022. This growth in online sales, accounting for 15.4% of total sales, indicates a rising preference for prepaid cards in the online shopping landscape.

The growth of the prepaid card market may face hindrances due to the increasing incidents of fraudulent cases. Card fraud losses, applicable to various payment cards globally, including prepaid cards, result from fraudulent activities such as unauthorized transactions. In 2021-2022, fraud constituted 15% of all crimes, with an alarming 39% of crimes in the Crime Survey for England and Wales (CSEW), as reported by the Social Market Foundation in March 2022. The prevalence of fraud poses challenges and acts as a constraint on the growth of the prepaid card market.


Leading companies in the prepaid card market are introducing innovative products, such as Neokred, to enhance their market presence and profitability. Neokred, developed by Giverly, a US-based social impact fintech startup, serves as a payments infrastructure enabler. Launched in July 2023, Neokred, co-branded with Visa and Transcorp International, functions as a charity payback platform. This unique card transforms online purchases into meaningful contributions that directly impact significant humanitarian issues. Giverly aims to revolutionize charitable giving, providing organizations with a tangible and impactful way to receive support.

Major players in the prepaid card market are incorporating advanced technologies, exemplified by the introduction of the common mobility Prepaid Card. State Bank of India, a prominent financial services company, unveiled the RuPay NCMC Prepaid Card in September 2023. This card, facilitated by the National Payments Corporation of India (NPCI), represents an inter-operable transport card. Designed to simplify payments for various travel-related expenses, the RuPay NCMC Prepaid Card can be utilized for parking, bus fares, ferries, subways, as well as retail and online purchases.

In June 2022, Rewire, an Israel-based provider of prepaid debit cards, successfully acquired Imagen for an undisclosed amount. Imagen, based in Israel, specializes in offering pre-paid cards to immigrants. This acquisition aligns with Rewire's growth strategy, broadening its product portfolio and strengthening its market position.

Major companies operating in the prepaid card market report are Walmart Inc., JPMorgan Chase & Co., American Express Company, Visa Inc., PayPal Holdings Inc., Truist Financial Corporation, Mastercard Incorporated, eBay Inc., Regions Financial Corporation, The Western Union Company, Western Union Financial Services Inc., Total System Services LLC, Chime Financial Inc., Akimbo Financial Inc., Green Dot Corporation, Republic Bank & Trust Company, Pathward N.A., Insight Card Services Inc., NetSpend Holdings Inc., Rêv Worldwide Inc., FamZoo Inc., Prepaid2cash Holdings Inc., BBVA Compass Bancshares Inc., Kaiku Finance LLC, Mango Financial Inc., Bluebird by American Express, Prepaid Expense Card Solutions Inc., Achieve Financial Services LLC, MovoCash Inc., Cashflows. The Asia-Pacific was the largest region in the prepaid card market in 2023. Western Europe was the second largest market in the global prepaid card market share. The regions covered in the prepaid card market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The primary categories of prepaid cards include general-purpose reloadable cards, prepaid gift cards, government benefit cards, payroll cards, and other specialized types. General-purpose reloadable cards function as debit cards for retail transactions and are suitable for depositing online payments. The various card classifications encompass open-loop prepaid cards and closed-loop prepaid cards. Prepaid cards find applications in various settings, including retail establishments, corporate institutions, government entities, and other establishments.

The prepaid card market research report is one of a series of new reports that provides prepaid card market statistics, including prepaid card industry global market size, regional shares, competitors with prepaid card market share, detailed prepaid card market segments, market trends and opportunities, and any further data you may need to thrive in the prepaid card industry. This prepaid card research market report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The countries covered in the prepaid card market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The prepaid card market consists of revenues earned by entities that are engaged in storing, processing and transmitting prepaid card data. Prepaid cards may be open-loop or closed-loop. While an open-loop prepaid card can be used at any locations accepting cards, a closed-loop prepaid card can only be used at certain locations such as a specific store or a group of stores. Revenue generated from the cards market include all processing and service fees levied by banks and financial institutions for processing card-based payments. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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