Prepaid Credit Card Market Introduction
Advancements in payment technology and the introduction of prepaid cards have revolutionized the way consumers choose to pay for their purchases. Nowadays, more and more people are inclined towards spending on prepaid cards and prefer making card-based payment instead of cash. In emerging countries like India, debit and credit cards are still extremely popular as they offer quick and an easier alternative over cash-based transactions. However, in several cases the biggest drawback of using debit and credit cards is that people tend to overspend, incurring a huge amount of debt in their accounts. Therefore, to avoid such situations prepaid credit cards have come out as one of the best solutions as they are preloaded with the money and restrict the customers to make purchases beyond the available limit in the prepaid card. It is quite easy to procure a prepaid credit card irrespective of the credit score of a person, income, and bank account. Further, the cardholder can track the activity and usage of prepaid credit card via the Internet-enabled mobile device.
Increasing awareness among consumers especially in developed markets such as North America and Western Europe to avoid the distress of credit card debt is increasing the uptake of prepaid credit cards at a significant rate. Growing popularity of cashless transaction, advancements in digital payment and security, availability of attractive offers to influence consumers and gain the competitive edge in the market are anticipated to accelerate the growth of prepaid credit card market size over the forecast period. In contrast, lack of digitization, lack of awareness among people especially in emerging countries is anticipated to have an adverse effect on the prepaid credit card market growth.
The prepaid credit card market is segmented into type, channel, application, and region.
By type, the prepaid credit card market is segmented into open looped cards, closed looped cards, and semi-open looped cards. Based on channel, the market is analyzed across online and offline channel segments. By application, the prepaid credit card market is bifurcated into retail establishments, government, corporate institutions, financial institutions, and others. Based on region, the global prepaid credit card market is analyzed across North America, Latin America, Western Europe, Eastern Europe, Asia Pacific, and Middle East & Africa (MEA).
Prepaid Credit Card Market Competitive Landscape
Prominent players identified in the prepaid credit card industry are Green Dot Corporation, NetSpend Holdings, Inc., H&R Block Inc., American Express Company, JPMorgan Chase & Co., PayPal Holdings, Inc., BBVA Compass Bancshares, Inc., Mango Financial, Inc., UniRush, and Kaiku Finance LLC. Key vendors in the market are inclined towards acquiring leading technology providers to expand their market presence, technological capabilities, and outperform competitors.
Major Regions/Countries include:
- Western Europe
- United Kingdom
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific (APAC)
- Rest of Asia-Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa (MEA)
- North Africa
- South Africa
- Rest of MEA
This research report on prepaid credit card market would be produced using first-hand market information gathered from industry experts and major participants across the value chain, during primary research. It would provide broad view of current market trends, growth factors and competitive analysis.