Prepaid cards market almost to double

The prepaid cards market, widely used in the underbanked space, will be worth US$4233.4 billion by 2028, up from US$2474.77 billion this year, almost double.

So what? Prepaid cards are useful for many financial product consumers, and as the report said: “…growth in unbanked and underbanked population and emergence of new applications are expected to present lucrative opportunities to market players.” They are a vital part of the overall financial product offering, handy to use and control. Unlike credit cards, they won’t bite back.

The cards are popular across various industry verticals such as corporate institutions, retailers, government and financial institutions.

Driving growth currently is:

  • an increase in awareness;
  • increasing ease of access;
  • a surge in the number of internet users;
  • a booming e-commerce industry.

The report is published by Proficient Market Insights.

Worthy of our attention? These reports are ten a penny, if they didn’t cost a fortune to buy, and I always wonder, who’s going to be bothered to check in 2028 if they were right? This is actually a revised forecast, factoring in the effects of the COVID-19 pandemic and Russia-Ukraine war, but it’s not clear whether its a down forecast, or up. The former is most likely.

The global key companies in the prepaid cards market include Green Dot, NetSpend, H&R Block, American Express, JPMorgan, PayPal, BBVA Compass Bancshares, Mango Financial and UniRush.

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