Global Prepaid Credit Card Market Was Estimated at $1.73 Trillion and Is Predicted to Reach $6.87 Trillion by The Year 2030 At A Growing CAGR of 18.2% From The Years 2021 To 2030

The prepaid transactions are transformed from paper vouchers to multi-purpose prepaid cards. Owing to liquidity issues, this trend of the card is predicted to persist in the forthcoming years.

Introduction-

The prepaid card is the same in look like debit and credit card along with a card number, signature, and brand field on the card. This card is issued by a financial organization and works like a credit card except that some amount of money requires to be balanced in the account. However, till the preloaded amount in the card gets over, the user can purchase items.

During the forecast period, the prepaid card market is expected to increase, owing to the comfort and benefits similar to that of credit and debit cards and users can set the limit according to their budget. They are known as everyday card as the user can carry money in terms of cards and use it every day.

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Market segment by Type, covers

Single-purpose Prepaid Card

Multi-purpose Prepaid Card

Market segment by Application can be divided into

Retail Establishments

Corporate Institutions

Government

Financial Institutions

Others

The key market players for global Prepaid Credit Card market are listed below:

Green Dot Corporation

NetSpend Holdings, Inc

H&R Block Inc

American Express Company

JPMorgan Chase & Co

PayPal Holdings, Inc

BBVA Group

Mango Financial

Entropay

Kaiku Finance LLC

Neteller

Payoneer

Kroger

Visa

Market segment by Region, regional analysis covers

North America (United States, Canada and Mexico)

Europe (Germany, France, United Kingdom, Russia, Italy, and Rest of Europe)

Asia-Pacific (China, Japan, Korea, India, Southeast Asia, and Australia)

South America (Brazil, Argentina, Colombia, and Rest of South America)

Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa, and Rest of Middle East & Africa)

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Overview-

Currently, prepaid cards are the latest version of cash, cheques, and other payments. Whereas, different securities and payment issues are predicted to prevent the growth of the market. Due to the increase in popularity of prepaid cards in students and teenagers, these restrain are predicted to have a reduced impact in the future.

The prepaid card business is predicted to grow during the forecast period and the factors responsible for this growth of the prepaid card market involve, growth in the number of internet users, rise in demand for the cash alternative, increase in prepaid card users. However, growth in the population of underbanked and un-banked is predicted to boost the growth of the market in the forecast period.

Importance of Prepaid credit card market-

1) Less risk of overspending- As prepaid card limits spendings from exceeding the balance in the card. In this case, the amount is previously added to the account and the user can use the balance amount only.

2) Easy to reload and use- The prepaid card performs the same as credit and debit cards via, major card brand networks, users can reload their prepaid card in many ways like direct deposit, bank account transfer, and can be done online.

3) Safer than cash- Prepaid cards are easier to carry which makes it easier for users while traveling and reduces the risk of cash. If the card is lost or stolen, easy and fast registration can save the cardholder.

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