About Payroll card
A payroll card is a prepaid card set up by an employer to pay its employees' wages or salaries. An employer arranges for a payroll card to be issued by a bank or other financial institution. Instead of being deposited into the employee's bank account or paid by paper check, the employee's pay is loaded directly onto the payroll card. The employer cannot force you to receive your pay on a payroll card. The employer must provide you with at least one alternative to a payroll card. These cards are produced by major payment processors and can be used anywhere electronic payment cards are accepted. Users can use an ATM or cashback purchase to access their money in the same way that they would with a traditional debit card. Payroll cards are also reloadable, so employees do not need to receive a new card with each pay period. Payroll cards benefit both employers and employees. Employers save money by eliminating the need to print paper checks. Employees who do not have bank accounts receive their money instantly, just like those who use direct deposit, and they do not have to pay check-cashing fees or be concerned about losing large sums of money.
Attributes | Details |
---|
Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
Global Payroll cards a fragmented market due to the presence of various players. The companies operating in this industry are focusing on efficient growth, improvement of operational efficiency and productivity, achieving high print and digital standards, and focus on maintaining sustainable development. The players are focusing on securing a leading position in this industry. They are continuously looking for the opportunity to reinforce their competitive advantage. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Payroll card market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Skylight Financial (United States), Wisely by ADP (United States), FlexWage Solutions (United States), Fintwist by Comdata (United States), Brink's Money Solutions (United States), rapid! PayCard (United States), The Bancorp Bank (United States) and WEX, Inc (United States) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Payroll card market by Type (Branded Payroll Cards, Personalized Cards, Instant Issue Cards and Portable Cards) and Region.
On the basis of geography, the market of Payroll card has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Organization Size, the sub-segment i.e. SMEs will boost the Payroll card market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Features, the sub-segment i.e. Payroll Software Tracking will boost the Payroll card market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Verticals, the sub-segment i.e. Government will boost the Payroll card market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Surging Number of Internet Users
Market Growth Drivers:
Increasing Consumer Preference for Cashless Payments and Growing Awareness Regarding to the Various Benefits of Payroll Cards
Challenges:
The lack of technological knowledge has affected the market growth.
Restraints:
Withdrawal Limits Vary by Employer
Opportunities:
Rising Adoption of General-Purpose Reloadable Cards
Market Leaders and their expansionary development strategies
In May 2022 Skylight Health Group Inc., a multi-state primary care management group in the United States announced that it has completed the deal to acquire NeighborMD for USD 8 million and a debt facility of US D20 million.
In July 2022 South African fintech startup Sava raised USD 2 million to develop a spend management platform that will help African businesses manage their expenses, helping them reduce the time spent on recordkeeping and reconciliations.
California Consumer Privacy Act (CCPA) is passing a law for the protection of data in the United States which will be effective by January 2020. It is expected to be the country’s highest commendable security and privacy law
Key Target Audience
Payroll cards Regulatory Bodies, Potential Investors, Research and Development Institutes and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.