Global Prepaid Card and Digital Wallet Market Report Q1 2023: Firms are Launching Transit and Retail Prepaid Cards to Drive Their Transaction Value and Volume - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Global Prepaid Card and Digital Wallet Business and Investment Opportunities Databook - Market Size and Forecast, Consumer Attitude & Behaviour, Retail Spend - Q1 2023 Update" report has been added to ResearchAndMarkets.com's offering.

According to the report, the global prepaid card market (value terms) increased at a CAGR of 8.3% during 2018-2022. Over the forecast period of 2023 to 2027, the market is expected to record a CAGR of 10.3%, increasing from US$1,533.37 billion in 2022 to reach US$2,540.68 billion by 2027.

The global prepaid card ecosystem has been growing rapidly amid surging digitalization. Driven by the Covid-19 outbreak and the subsequent rise of fintech firms have supported the adoption of prepaid payment instruments among consumers globally.

The rising e-commerce shopping trends have also assisted prepaid card transaction value and volume growth, and the publisher expects the trend to further continue over the next three to four years.

In the global prepaid card market, more and more fintech firms have shifted their focus toward kids' and teens' banking. With many players seeking to tap into potential future consumers at an early age, the trend is projected to further expand from the short to medium-term perspective.

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.

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.

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.

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 global 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.

• 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 in Global.
• 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 13 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.
• 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.

For more information about this report visit https://www.researchandmarkets.com/r/j6mkge

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