The global Prepaid Card Market size was valued at $1,848.56 billion in 2020, and is projected to reach $5,516.95 billion by 2027, growing at a CAGR of 15.7% from 2020 to 2027.
The global prepaid card market is booming, owing to increasing influence towards plastic money, proliferating E-commerce sector, higher adoption of AI & IoT technologies, growing demand for cash alternatives, increasing trend to go-cashless and growing number of unbanked and underbanked population, especially in underdeveloped and developing countries.
Market Players leading in market which are includes Visa, MasterCard, UnionPay, American Express, JCB, Discover, Walmart, Bank Of America, Apple Inc., Wells Fargo, PayPal, West union and Kaiku.
Razer Fintech and Visa have introduced the new Razer Card prepaid card, Oct 2020 which is now in its experimental phase. Cardholders will receive a host of benefits such as unlimited cashback for eCommerce and face-to-face purchases. In addition, the Razer Card will showcase contactless payment technology that enables cardholders to tap to pay.
SafetyPay has teamed with Rappi for cash solutions and immediate reconciliation. SafetyPay’s infrastructure allows those who don't have credit cards and consumers who are concerned about fraud to take part in the digital marketplace via bank transfer or cash. Currently, SafetyPay collaborates with 380 financial institutions in 17 countries worldwide.
MoneyGram International has extended its relationship with Walmart Inc. through March 2024. As a result, MoneyGram’s offerings will continue to be available at over 4,700 Walmart locations in the United States, Puerto Rico and online at walmart.moneygram.com. MoneyGram Chairman and CEO Alex Holmes said in a statement that the "longer-term extension is a testament to our strong alignment on customer-centric strategies as well as continued preference for the MoneyGram brand at the point of sale."
The Abu Dhabi Investment Authority (ADIA) is investing approximately $750 million in Reliance Industries subsidiary Reliance Retail Ventures Ltd. The investment provides the sovereign wealth fund with a 1.2 percent share of Reliance Retail. Other investors that have acquired sizable shares of Reliance Retail in the last month include KKR, Silver Lake, Mubadala, General Atlantic, TPG and GIC.
10 Oct 2020, during SIBOS 2020, Wells Fargo announced the launch of Payment Tracker, a new, single st atus, secure, web-based solution for tracking global payments. Payment Tracker is a free tool that leverages Wells Fargo’s leading role and membership in the SWIFT gpi initiative. It allows customers to, Reduce the time spent resolving payment issues with an easy and global way to monitor and track cross-border payments through Wells Fargo in near real-time status. Track the status of international wires in more than 20 currencies, up to the final beneficiary. Monitor the date, currency, and amount credited to the beneficiary and gpi payment duration. This is the new foundation for transparency in global payments.
Aug 2020- UnionPay launched its digital bankcard together with commercial banks, major mobile phone manufacturers, and key merchants and payment institutions. The process of card application and collection is completely digitalized, providing cardholders with a new generation of payment experience. The digital debit and credit card launched this time within and outside Mainland China feature four characteristics. Firstly, they digitalize traditional bankcards. Services are delivered digitally to satisfy multiple payment demands such as purchases, cash deposits and withdrawals, bank transfers, mobile QuickPass payments, and QR code payments. Secondly, card application and payments are made swift and easy. Users around the world can apply for cards, link them, and use them through various platforms, including the UnionPay App, bank apps, and e-wallets developed by mobile phone manufacturers.
Market Segmentation by card type contains Single-purpose Prepaid Card and Multi-purpose Prepaid Card. Segmentation by usages is General-Purpose Reloadable Card, Gift Card, Government Benefits/Disbursement Card and Incentive/Payroll Card. By region it has been segmented into North America, Europe, Asia-pacific and Row. North America contributed the highest share in 2019, and will maintain its dominance throughout the forecast period. The adoption of prepaid cards will be helpful in coronavirus pandemic as it makes payment without physical contact in most of the cases.