Europe Prepaid Cards Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022-2027)

Europe Prepaid Card Market segmented By Card Type (Multi-Purpose, Single-purpose), Vertical (Retail, Corporate Institutions, Government, Financial Institutions & Others), Usage (General Purpose Reloadable Cards, Gift Card, Government Benefits Disbursement Card, Incentive Payroll Card), Geography (Germany, France, the United Kingdom, Russia, Netherlands, and Spain).

Market Snapshot

Europe Prepaid Cards Market
Study Period: 2018-2027
Base Year: 2021
CAGR: >10 %

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Market Overview

The prepaid card industry has grown significantly in recent years, but due to the onset of the COVID-19 pandemic, the market is expected to drop dramatically in 2020. This is due to a rise in remote working and social distancing, which makes prepaid cards in retail, corporate, and other sectors difficult to use for shopping, travel, and cash flow. Prepaid cards, coupons, and other forms of payment have disappeared due to these circumstances. Distinct modes of working have been seen to bring different ways of communication. Businesses face a problem in ensuring that clients purchasing certificates at this time are bringing in immediate income.

The prepaid card sector is predicted to rise rapidly during the projection period. The rise in demand for cash alternatives, the rise in the number of internet users, and the rise in acceptance of prepaid cards owing to the ability to add money through different channels are all factors influencing the market's growth. Furthermore, the market's expansion is hampered by a lack of standardization. Furthermore, future market growth is likely to be boosted by an increase in the unbanked and underbanked population. During the forecast period, each of these variables is expected to significantly influence the total prepaid card market growth.

Scope of the Report

Where consumers or companies prefer to utilize an electronic means of payment without attaching the payment to a credit or debit account, prepaid cards have replaced cash, checks, and other payment cards. However, various taxes and security concerns are projected to limit market expansion. Europe Prepaid Card Market segmented By Card Type (Multi-Purpose, Single-purpose), Vertical (Retail, Corporate Institutions, Government, Financial Institutions & Others), Usage (General Purpose Reloadable Cards, Gift Card, Government Benefits Disbursement Card, Incentive Payroll Card), Geography (Germany, France, the United Kingdom, Russia, Netherlands, and Spain).

By Card Type
Multi-Purpose
Single-purpose
By Vertical
Retail
Corporate Institutions
Government
Financial Institutions & Others
By Usage
General Purpose Reloadable Cards
Gift Card
Government Benefits Disbursement Card
Incentive Payroll Card
By Geography
Germany
France
United Kingdom
Russia
Netherlands
Spain

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Key Market Trends

Demand for Cash Replacement Is Growing

According to many surveys, clients seeking low-risk investments and greater returns than traditional cash-based accounts have increased their demand for cashless transactions. These prepaid cards reduce the danger of overspending by limiting expenditure to the amount on the card. It also allows users to load the card using a variety of channels, including bank account transfers, direct deposit, or cash, as well as online and in person, making the prepaid card a valuable alternative for various applications.

Additionally, businesses are looking for new currency alternatives to manage their regular operations. The card companies provide handy payment methods. All of these reasons are projected to contribute to the expansion of the European prepaid card industry.

Europe prepaid cards market

Rise in The Number of Unbanked and Underbanked Users

Unbanked and underbanked rates have been recorded in various groups, including lower-income households, households with less education, younger households, and others. One evidence that prepaid instruments have become incorporated into daily life among the demographics above is that spending patterns have changed, and customers are willing to investigate prepaid card possibilities. As a result, the rise in prepaid card acceptance among the unbanked population is likely to open up attractive prospects for companies in the worldwide prepaid card industry.

Europe prepaid cards market

Competitive Landscape

The report covers major players operating in the Europe prepaid cards market, their product portfolio, key financials, and developments. The market is transforming with many technological advancements through product innovation and process automation. The key market players are focusing on improving their production capacity, which will help them to increase exports.

Recent Development

  • In May 2022, The Big Issue Group (TBIG) reached a new milestone by equipping 1,000 suppliers with contactless technology via the Zettle by PayPal card reader, an increase of 68 percent over last year. Furthermore, with PayPal's acceptance of Zettle's Tap to Pay, it is swiftly approaching its goal of enabling all 1,500 sellers to go cashless by the end of the year.
  • In May 2022, American Express helps small companies in France by launching the third edition of the Shop Small operation.
  • In April 2022, In a new collaboration with Microsoft Corp., Mastercard announced the launch of an upgraded identification solution meant to improve the online shopping experience and digital combat fraud.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS AND INSIGHTS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Insights on Various Regulatory Trends

    5. 4.5 Insights on impact of technology and innovation

    6. 4.6 Industry Attractiveness - Porters' Five Forces Analysis

      1. 4.6.1 Threat of New Entrants

      2. 4.6.2 Bargaining Power of Buyers

      3. 4.6.3 Bargaining Power of Suppliers

      4. 4.6.4 Threat of Substitutes

      5. 4.6.5 Intensity of Competitive Rivalry

    7. 4.7 Impact of COVID-19 on the Market

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Card Type

      1. 5.1.1 Multi-Purpose

      2. 5.1.2 Single-purpose

    2. 5.2 By Vertical

      1. 5.2.1 Retail

      2. 5.2.2 Corporate Institutions

      3. 5.2.3 Government

      4. 5.2.4 Financial Institutions & Others

    3. 5.3 By Usage

      1. 5.3.1 General Purpose Reloadable Cards

      2. 5.3.2 Gift Card

      3. 5.3.3 Government Benefits Disbursement Card

      4. 5.3.4 Incentive Payroll Card

    4. 5.4 By Geography

      1. 5.4.1 Germany

      2. 5.4.2 France

      3. 5.4.3 United Kingdom

      4. 5.4.4 Russia

      5. 5.4.5 Netherlands

      6. 5.4.6 Spain

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Market Concetration Overview

    2. 6.2 Company Profiles

      1. 6.2.1 Visa

      2. 6.2.2 Mastercard

      3. 6.2.3 PayPal Holdings Inc.

      4. 6.2.4 American Express Company

      5. 6.2.5 Green Dot Corporation

      6. 6.2.6 Travel Money Card Plus

      7. 6.2.7 ecoCard

      8. 6.2.8 FairFX Anywhere Card

      9. 6.2.9 Thomas Cook Cash Passport

      10. 6.2.10 BREADFX Euro Prepaid MasterCard

      11. 6.2.11 Payoneer Prepaid MasterCard

      12. 6.2.12 Acorn Account Prepaid Debit MasterCard*

    3. *List Not Exhaustive
  7. 7. MARKET OPPORTUNTIES AND FUTURE TRENDS

  8. 8. DISCLAIMER AND ABOUT US

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Frequently Asked Questions

The Prepaid Cards Market market is studied from 2018 - 2027.

The Prepaid Cards Market is growing at a CAGR of >10% over the next 5 years.

Visa , Mastercard, PayPal Holdings Inc., American Express Company, Green Dot Corporation are the major companies operating in Prepaid Cards Market.

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