Twopip Research

Global Prepaid Card and Digital Wallet Business and Investment Opportunities Databook - Market Size and Forecast, Consumer Attitude & Behaviour, Retail Spend - Q1 2024 Update

According to the publisher, the Global prepaid card market (value terms) increased at a CAGR of 8.3% during 2019-2023. Over the forecast period of 2024 to 2028, the market is expected to record a CAGR of 10.3%, increasing from US$ 1.53 trillion in 2023 to reach US$ 2.54 trillion by 2028.The global prepaid card market is poised for accelerated growth over the medium term. The adoption of prepaid payment instruments, like digital wallets, is set to rise even further in markets like India and Europe in 2024. Fintech firms are entering into strategic partnerships to launch new and innovative products, while also strengthening their positions through regional and global expansion.The trend of geographic expansion is expected to gain further momentum over the medium term. In Latin America, banking giants are also foraying into the fintech sector, amid rising competition from digital banking firms. The changing regulatory landscape, in markets like Latin America and the United States, will further support industry growth over the medium term. Overall, the publisher maintains a robust growth outlook for the global prepaid card market over the next three to four years.Firms are launching card issuing platforms amid the growing demand for prepaid cards globallyAn increasing number of businesses are seeking to tap into the growing popularity of prepaid payment instruments, like cards and digital payments, in the global markets. As a result, businesses are launching card-issuing platforms to serve the rising demand.Nuvei, in November 2023, launched a card-issuing solution worldwide as part of its financial services. This move enables Nuvei's clients to offer personalized physical and virtual cards to customers, employees, or contractors in 30 different markets. Initially, this service is offered in the European Economic Area. However, the firm is planning to extend the service to the United Kingdom, United States, and Latin American markets by 2024. Nuvei, in October 2023, also partnered with Curve to optimize card transactions and launch alternate payment methods within Curve's ecosystem.In the Middle East, too, firms are launching card issuing platforms. PayTabs Group, for instance, expanded into the card issuance sector with the launch of PayTabs Issuance in November 2023. The entry into the new business vertical is a strategic move to expand and scale the firm’s business across the region. This service enables banks, retailers, and big corporations to create customized Visa, MasterCard, debit cards, and other local cards in various currencies.Traditional banking institutions are vying for digital customers through the fintech route in Latin AmericaThe changes in financial regulations are driving the competitive landscape in the fast-growing fintech sector in Chile. Itaú, the largest bank in Latin America, is set to enter the neobank market.Itaú, which has a strong presence in the banking sector in Chile, is also targeting digital customers in Chile through its neo-banking arm Iti. The new venture will facilitate payments both in-person and online. The foray into the fintech sector comes at a time when competition is growing rapidly in the segment.Neo-banks like Nubank, for instance, have gained strong popularity across Latin America. These players have attracted millions of customers through their innovative products, including digital wallets, at a very low cost. With increasing competition, incumbent banks have revamped their products. The move comes on the back of the changing fintech landscape in Chile. The implementation of the fintech law in 2023, which introduced concepts like Open Finance, is projected to further support the growth of the prepaid card industry in Chile over the medium term.Consumer Financial Protection Bureau (CFPB) proposes regulatory oversight on big tech firms offering digital walletsThe main regulator for consumer finance in the United States is looking to gain additional authority to regulate technology firms providing digital wallets and payment apps. This move aims to increase the level of scrutiny on companies like Google and Apple in the financial technology sector.The Consumer Financial Protection Bureau, in November 2023, proposed to bring non-bank companies offering digital payment services under a regulatory framework. The goal is to ensure that the rapidly growing sector, widely used by millions for fund transfers and retail transactions, follows US consumer protection laws.According to a CFPB, the proposed rule would subject the largest players in the industry, those facilitating more than 5 million consumer transactions annually, to regular supervision by the agency. This is likely to impact nearly 17 companies, which send over 13 billion payments every year, as per CFPB.The regulatory oversight would apply to peer-to-peer platforms like Venmo and Cash App, along with cryptocurrency wallets, and others. The goal is to offer more protection to consumers using digital wallets. The proposal to regulate digital wallets is a clear indication that more and more consumers are linking their bank accounts to digital wallets offered by firms like Apple and Google.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 snapshot of consumer behaviour and retail spend dynamics in Global. 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.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 12 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.Virtual Prepaid Cards: Provides transaction value analysis across 12 key prepaid card catergories for Virtual Prepaid Cards.Detailed Market Share Analysis by Key Players in the Prepaid Card Market.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.This title is a bundled offering, combining one global and 20 country reports:1. Global Prepaid Card and Digital Wallet Business and Investment Opportunities Databook2. Argentina Prepaid Card and Digital Wallet Business and Investment Opportunities Databook3. Australia Prepaid Card and Digital Wallet Business and Investment Opportunities Databook4. Brazil Prepaid Card and Digital Wallet Business and Investment Opportunities Databook5. Canada Prepaid Card and Digital Wallet Business and Investment Opportunities Databook6. China Prepaid Card and Digital Wallet Business and Investment Opportunities Databook7. France Prepaid Card and Digital Wallet Business and Investment Opportunities Databook8. Germany Prepaid Card and Digital Wallet Business and Investment Opportunities Databook9. India Prepaid Card and Digital Wallet Business and Investment Opportunities Databook10. Indonesia Prepaid Card and Digital Wallet Business and Investment Opportunities Databook11. Italy Prepaid Card and Digital Wallet Business and Investment Opportunities Databook12. Kenya Prepaid Card and Digital Wallet Business and Investment Opportunities Databook13. Mexico Prepaid Card and Digital Wallet Business and Investment Opportunities Databook14. Nigeria Prepaid Card and Digital Wallet Business and Investment Opportunities Databook15. Philippines Prepaid Card and Digital Wallet Business and Investment Opportunities Databook16. Russia Prepaid Card and Digital Wallet Business and Investment Opportunities Databook17. South Africa Prepaid Card and Digital Wallet Business and Investment Opportunities Databook18. Thailand Prepaid Card and Digital Wallet Business and Investment Opportunities Databook19. United Arab Emirates Prepaid Card and Digital Wallet Business and Investment Opportunities Databook20. United Kingdom Prepaid Card and Digital Wallet Business and Investment Opportunities Databook21. United States Prepaid Card and Digital Wallet Business and Investment Opportunities DatabookScopeThis 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 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.Prepaid Payment Instrument Market Size and ForecastTransaction Value Trend AnalysisTransaction Volume Trend AnalysisAverage Value per TransactionDigital Wallet Market Size and ForecastTransaction Value Trend AnalysisTransaction Volume Trend AnalysisAverage Value per TransactionDigital Wallet Market Size and Forecast by Key SegmentsRetail Shopping (Value, Volume, Avg. Value)Travel (Value, Volume, Avg. Value)Entertainment and Gaming (Value, Volume, Avg. Value)Restaurant (Value, Volume, Avg. Value)Recharge and Bill Payment (Value, Volume, Avg. Value)Digital Wallet Spend by Key Retail CategoriesFood and GroceryHealth and Beauty ProductsApparel and Foot WearBooks,Music and VideoConsumer ElectronicsPharmacy and WellnessGas StationsRestaurants and BarsToys, Kids and Baby ProductsServicesOther CategoriesPrepaid Card Industry Market AttractivenessLoad Value Trend AnalysisTransaction Value Trend AnalysisTransaction Volume Trend AnalysisAverage Value per TransactionNumber of CardsMarket Share Analysis by Functional Attributes - Open Loop vs. Closed LoopOpen Loop Prepaid Card Future Growth DynamicsTransaction Value Trend AnalysisTransaction Volume Trend AnalysisAverage Value per TransactionNumber of CardsClosed Loop Prepaid Card Future Growth DynamicsTransaction Value Trend AnalysisTransaction Volume Trend AnalysisAverage Value per TransactionNumber of CardsPrepaid Card Market Share by Key PlayersGeneral Purpose Prepaid CardsBusiness and Administrative Expense Prepaid CardsTravel Forex Prepaid CardsMeal Prepaid CardsPrepaid Card Consumer Usage TrendsBy Age GroupBy Income GroupBy GenderPrepaid Card Spend by Key Retail CategoriesFood and GroceryHealth and Beauty ProductsApparel and Foot WearBooks,Music and VideoConsumer ElectronicsPharmacy and WellnessGas StationsRestaurants and BarsToys, Kids and Baby ProductsServicesOther CategoriesGeneral Purpose Prepaid Card Market Size and ForecastGift Card Market Size and ForecastGift Card Market Size and Forecast by Functional AttributeBy Open Loop Gift CardBy Closed Loop Gift CardGift Card Market Size and Forecast by Consumer SegmentsBy Retail Consumer SegmentBy Corporate Consumer SegmentGift Card Market Share Analysis by Retail CategoriesGift Card Market Share Analysis by Gifting OccasionGift Card Market Share Analysis by Purchase LocationEntertainment and Gaming Prepaid Card Market Size and ForecastTeen and Campus Prepaid Card Market Size and ForecastTeen and Campus Prepaid Card Market Size and Forecast by Functional AttributeBy Open Loop Teen and Campus Prepaid CardBy Closed Loop Teen and Campus Prepaid CardBusiness and Administrative Expense Prepaid Card Market Size and ForecastBusiness and Administrative Expense Prepaid Card Market Size and Forecast by Consumer SegmentsBy Small Scale Business SegmentBy Mid-Tier Business SegmentBy Enterprise Business SegmentBy Government SegmentPayroll Prepaid Card Market Size and ForecastPayroll Prepaid Card Market Size and Forecast by Consumer SegmentsBy Small Scale Business SegmentBy Mid-Tier Business SegmentBy Enterprise Business SegmentBy Government SegmentMeal Prepaid Card Market Size and ForecastMeal Prepaid Card Market Size and Forecast by Consumer SegmentsBy Small Scale Business SegmentBy Mid-Tier Business SegmentBy Enterprise Business SegmentBy Government SegmentTravel Forex Prepaid Card Market Size and ForecastTravel Forex Prepaid Card Market Size and Forecast by Consumer SegmentsBy RetailBy Small Scale Business SegmentBy Mid-Tier Business SegmentBy Enterprise Business SegmentBy Government SegmentTransit and Tolls Prepaid Card Market Size and ForecastHealthcare and Wellness Prepaid Card Market Size and ForecastSocial Security and Other Government Benefit Programs Prepaid Card Market Size and ForecastFuel Prepaid Cards Market Size and ForecastUtilities, and Other Prepaid Cards Market Size and ForecastVirtual Prepaid Card Industry Market AttractivenessTransaction Value Trend AnalysisTransaction Volume Trend AnalysisAverage Value per TransactionVirtual Prepaid Card Market Size and Future Growth Dynamics by Key CategoriesGeneral Purpose Prepaid CardsGift CardsEntertainment and Gaming Prepaid CardsTeen and Campus Prepaid CardsBusiness and Administrative Expense Prepaid CardsPayroll Prepaid CardsMeal Prepaid CardsTravel Forex Prepaid CardsTransit and Trolls Prepaid CardsSocial Security and Other Government Benefit Programs Prepaid CardsFuel Prepaid CardsUtilities and Other Prepaid CardsReasons to buyIn-depth understanding of prepaid card and digital wallet market dynamics: Understand market opportunity, industry dynamics, key trends and drivers across 75+ market segments and sub-segments of prepaid payment instrument,Prepaid Card, Digital Wallet and Virtual Prepaid Card.Understand market opportunities and key trends along with forecast (2019-2028). Understand market dynamics through essential KPIs such as Transaction Value, Transaction Volume, and Average Value Per Transaction.Develop market specific strategies: Identify growth segments and target specific opportunities to formulate your prepaid card and digital wallet strategy; assess market specific key trends, drivers and risks in the industry.Get insights into consumer attitude and behaviour: Understand changing consumer attitude and behaviour and boost ROI. Get detailed insights into retail spend through prepaid cards, virtual prepaid cards and digital wallets.