United Kingdom Prepaid Cards Market Size and Share
| Study Period | 2020 - 2030 |
| Base Year For Estimation | 2024 |
| Forecast Data Period | 2025 - 2030 |
| Historical Data Period | 2020 - 2023 |
| CAGR | 7.00% |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
United Kingdom Prepaid Cards Market Analysis by Mordor Intelligence
The United Kingdom Prepaid Cards Market is expected to register a CAGR of 7% during the forecast period.
Credit and Debit cards are the popular method of payment in the United Kingdom. The rise in prepaid cards has gone hand-in-hand with the decline in credit card usage in the United Kingdom. Due to increased corporate use, prepaid cards are also seeing rapid development in the country. In addition, the United Kingdom government is pushing for the use of prepaid cards for welfare payments. In the United Kingdom, card issuers are concentrating on developing prepaid solutions that cater to specific retail groups such as international tourists, students, and migrant workers. The prepaid card solutions that offer enhanced spending control features that allow better tracking and reporting capabilities are most favored by consumers in the United Kingdom.
The e-commerce, as well as online payments and transactions, are increasing drastically, while instances of online fraud and scams are also increasing proportionately. Consumers are seeking greater protection from online fraud and switching to new ways to access services and goods, and increasingly adopting prepaid cards as they prefer a set amount of pre-loaded money rather than accessing money directly from a person's account or paying through credit card bills. Prepaid cards are mostly used for online shopping in the United Kingdom to avoid the risk of bank or credit card details being stolen by scammers.
United Kingdom Prepaid Cards Market Trends and Insights
Commercial Prepaid Card Segment is Driving the Market
The commercial prepaid segment is projected to have a massive growth rate in the forecasted period. The increased growth rate for the commercial segment is higher compared to other categories as the adoption rate for prepaid card solutions is significantly higher for corporate clients. The prepaid solutions offer enhanced spending control features that allow the commercial users better tracking and reporting capabilities. Similarly, the United Kingdom government is also supporting the adoption of prepaid cards in various ways. As part of its support for prepaid cards, the Northern Ireland government stated that it will provide free shopping prepaid cards to adults. The government's prepaid card scheme would give 1.4 million residents in Northern Ireland over the age of 18 an extra GBP100 to spend on the high street.
United Kingdom Prepaid Spending Per Capita is One of the Highest in the World.
United Kingdom prepaid spending per capita is one of the highest in the world. It is significantly higher than the World's average prepaid spending. The non-commercial prepaid spending per capita is raising continuously due to the increased adoption of prepaid cards for e-commerce purchases and travel spending. Similarly, the increasing launch of digital particularly B2B is also one of the drivers of the increased per capita prepaid spending in the United Kingdom. New players from diverse sectors are also constantly implementing prepaid cards, especially in the travel, tourism, and hospitality industry. The improvement in technology with the launch of innovative card design, function, and improved security has further increased the appeal of the prepaid card in the country.
Competitive Landscape
The United Kingdom Prepaid Cards Market is highly fragmented as a large number of players are providing various prepaid cards such as gift cards, incentive cards, Corporate Payroll Cards, Travel Cards, etc. In the prepaid card market, companies are pursuing numerous strategic initiatives such as partnerships and collaborations, which are gaining substantial traction. To entice more customers, they are cooperating with other market players to offer prepaid cards with adjustable credit limits and other perks. Some of the major players in the market include Cashplus, Spree Card, Caxton, Centtrip, Revolut, etc.
United Kingdom Prepaid Cards Industry Leaders
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Cash Plus
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Caxton
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Centtrip
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Revolut
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Spree Cards
- *Disclaimer: Major Players sorted in no particular order
Recent Industry Developments
- July 2021: Soldo, a startup that issues prepaid company cards to employees that are linked to an automated spending management system, has raised USD 180 million in funding. Soldo presently has 26,000 customers in 30 countries, ranging from small to medium-sized businesses to midmarket companies and huge multinationals.
- March 2021: Cashplus, a leading fintech SME bank, added five more prominent Payroll technology platforms to its growing roster of Payments API partners. The Cashplus Payment API is a Banking as a Service offering that employs Open Banking technology to allow Payroll Software Platforms to integrate Bulk Payment functionality directly into their own Payroll, allowing their clients to make bulk payments with ease.
United Kingdom Prepaid Cards Market Report Scope
A prepaid card is one that can be used to make purchases across a physical or an online store. A Prepaid Card is purchased as a card with funds pre-loaded on it. The card can then be used to make purchases up to that amount. A prepaid card is sometimes known as a stored-value card or a prepaid debit card. This report aims to provide a detailed analysis of the United Kingdom Prepaid Cards Market. It focuses on the market dynamics, emerging trends in the segments, the future of markets, and insights into various drivers and restraints. Also, it analyses the key players and the competitive landscape in the market. The United Kingdom Prepaid Cards Market can be segmented by Card Type (Multi-Purpose, Single-purpose), by Vertical (Retail, Corporate Institutions, Government, Financial Institutions & Others), and by Usage (General Purpose Reloadable Cards, Gift Card, Government Benefits Disbursement Card, Incentive Payroll Card).
| Multi-Purpose Card |
| Single-Purpose Card |
| Retail |
| Corporate Institutions |
| Governments |
| Financial Institutions |
| Others |
| General Purpose Reloadable Cards |
| Gift Cards |
| Government Benefit/ Disbursement Cards |
| Incentive/ Payroll Cards |
| By Card Type | Multi-Purpose Card |
| Single-Purpose Card | |
| By Vertical | Retail |
| Corporate Institutions | |
| Governments | |
| Financial Institutions | |
| Others | |
| By Service Type | General Purpose Reloadable Cards |
| Gift Cards | |
| Government Benefit/ Disbursement Cards | |
| Incentive/ Payroll Cards |
Key Questions Answered in the Report
What is the current UK Prepaid Cards Market size?
The UK Prepaid Cards Market is projected to register a CAGR of 7% during the forecast period (2025-2030)
Who are the key players in UK Prepaid Cards Market?
Cash Plus, Caxton, Centtrip, Revolut and Spree Cards are the major companies operating in the UK Prepaid Cards Market.
What years does this UK Prepaid Cards Market cover?
The report covers the UK Prepaid Cards Market historical market size for years: 2020, 2021, 2022, 2023 and 2024. The report also forecasts the UK Prepaid Cards Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
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United Kingdom Prepaid Cards Market Report
Statistics for the 2025 United Kingdom Prepaid Cards market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. United Kingdom Prepaid Cards analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.
