The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

Increasing the use of prepaid cards as a substitute for traditional bank cards are expected to drive innovation in prepaid card manufacturing, thus driving the market during the forecast period.

The global prepaid card market is expected to grow from $15 billion in 2022 to $16.32 billion in 2023 at a compound annual growth rate (CAGR) of 8.8%. The global prepaid card market is expected to grow to $21.7 billion in 2027 at a CAGR of 7.4%.

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Global Prepaid Card Market Segments Include:

• By Type: General-Purpose Reloadable Card, Prepaid Gift Card, Government Benefit Card, Payroll Card, Other Types
• By Card Type: Open Loop Prepaid Card, Closed Loop Prepaid Card
• By Application: Retail Establishments, Corporate Institutions, Government, Other Applications
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global prepaid card market in 2021.

Major Market Players in the prepaid card market include American Express Company, BBVA Compass Bancshares Inc., Green Dot Corporation, JPMorgan Chase & Co., Kaiku Finance LLC., Mango Financial Inc.

Major players operating in the industry are undertaking various strategic initiatives such as partnerships and collaborations, which are gaining significant popularity in the prepaid card market. Companies are collaborating with other market players to offer prepaid cards with flexible credit limits to attract a large consumer base for prepaid cards. For instance, in November 2020, MobiKwik collaborated with the American Express (Amex) card network to introduce its first virtual prepaid payment card with a flexible credit limit. With the launch of the prepaid payment card, MobiKwik becomes the first non-bank in India to issue cards.

The Prepaid Card Global Market Report 2023  provides a prepaid card market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The prepaid card market forecast analyzes prepaid card market size, prepaid card market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Prepaid cards are preloaded payment cards issued by financial institutions that can be used to make both online and in-store payments. Once the amount loaded on the card is used, it may be disposed of (for a non-reloadable prepaid card) or reloaded (for a reloadable prepaid card) by the cardholder.

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