Prepaid Card Market Size and Growth Rate:
As Per Market Research Analysts at Market Data Forecast, the Prepaid Card market is estimated to reach USD XX Million Trillion by the end of 2025, growing at a CAGR of XX.X% during the forecast period 2019 to 2025.
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Prepaid Card Market Overview:
Prepaid cards are not bank-issued cards that is these cards are not linked with bank accounts. We will top up the cards with the required amount at pay points and these are really best for the users who do not have bank accounts. These cards can be used anywhere like online shopping and many more. Also, prepaid cards are budget-friendly as it doesn’t allow to spend more than the money we put on it.
Prepaid Card Market Growth Drivers and Challenges:
Increasing demand for easily accessible cards across the world is a primary factor accelerating the demand of the market. Additionally, the market is driven by increasing e-commerce industry. Rise in the economy in both developed and developing countries are also fueling the growth of the market.
However, increasing fraud activities is slightly declining the growth of the market. Increasing concern towards security among individuals is also limiting the demand of the market.
Growing prevalence for the management in financial institutions is lavishing the demand of the market further. Growth opportunities for the market lie in the emergence of the latest technological developments and also launch of various systems in favor of the end-users. Increasing support from the government for cash alternatives is magnifying the demand of the market.
Prepaid Card Market Geographical Analysis:
Regionally, the market is segmented into Asia Pacific, North America, Europe, the Middle East, and Africa. North America is accounted for leading the highest shares of the market by owing to the rise in the number of people who do not bank accounts especially among the young population. Asia pacific is next to North America in holding largest shares of the market. Increasing support from private organizations is merely boosting up the demand of the market.
Europe is expecting the highest growth rate in the review period. A rise in the awareness over the utilization of prepaid cards and its benefits in the e-commerce industry are broadening the growth of the market in this region. The Middle East and Africa are countered with huge growth opportunities in the near future.
Keyplayers of the Prepaid Card Market:
Some of the prominent players in the prepaid card market are American Express Company, Visa Inc. Mastercard Incorporated, PayPal Holdings, Inc., Kaiku Finance, LLC., The Western Union Company, Green Dot Corporation, NetSpend Holding Inc., JP Morgan Chase & Co., and AccountNow Inc.
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