Market Trends of UK Prepaid Cards Industry
This section covers the major market trends shaping the UK Prepaid Cards Market according to our research experts:
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 UK 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.
UK Prepaid Spending Per Capita is One of the Highest in the World.
UK 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.
