What is Prepaid CardMarket?
Prepaid card is issued by financial institutions and it has been secured with a prepayment. These cards are used by various customer segments for many applications such as gifting, payroll processing, consumer transit and other. Amid growing digitization fueled by millennial inclination towards digital payment, the prepaid card market is growing. Various companies are coming up with out of the box ideas to promote their respective card brands with customer bargaining power is at all time high in the very market.
Prepaid Card Market Report Coverage
Report Coverage | Details |
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Study Timeframe | 2017 to 2027 |
Base Year | 2021 |
Growth Drivers | - Rising Demand for Cash Alternative Amid Growing Digitization
- Availability of Prepaid-based Remittance Feature
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Challenges & Pitfalls | - Low Penetration of Digitization in Rural Areas
- Lack of Awareness in Emerging Countries
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Opportunities
Growth in E-commerce Industries and Favorable Government Initiatives to Promote Digital Payment in Emerging Countries
Restraints
- Prone to Fraudulent Attacks
- Popularity of Other Digital Payment Methods
The Players Covered in the Study are:
Visa [United States], MasterCard [United States], UnionPay [China], American Express [United States], JCB [Japan], Walmart [United States], Bank of America [ United States], Apple [United States], Wells Fargo [United States], Paypal [United States], West Union [United States], Kaiku [United States], AccountNow [United States], NetSpend [United States], AT&T [United States], T-Mobile [United States] and Verizon [United States]
Regulatory Framework:
The Bureau of Consumer Financial Protection issued final rule to create comprehensive consumer protections for prepaid accounts under Regulation E. The rule require to create tailored provisions governing disclosures, limited liability and error resolution, and periodic statements, and adds new requirements regarding the posting of account agreements.
Available Customization:
A list of players that can be included in the study on an immediate basis are Edenred [French], The Bancorp Bank [United States], The Western Union Company [United States], Travelex Group Limited [United Kingdom], WEX, Inc [United States], Green Dot Corporation [United States], Blackhawk Network, Inc [United States] and Caxton FX Limited [United Kingdom].