Asia Pacific Prepaid Card Market 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)
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Market Report Description
The Asia Pacific Prepaid Card Market Size is anticipated to experience a growth of 26.1% CAGR during the forecast period (2016 - 2022).
A prepaid card is an alternative form of payment, where funds are connected directly to a card without the need to be linked to a bank account. Prepaid cards are easily available unlink other cards that require credit rating, income, bank account, etc. The prepaid cards are a substitute to traditional bank accounts, and are widely used in retailer stores, e-commerce, and other platforms.
These forms of cards were primarily introduced to cater to the unbanked population and individuals with limited access to bank services. Growing demand for electronic payment and growth of unbanked & underbanked population are some of the major reasons for market growth. Countries such as Japan, China, and India were the leading economies with significant demand for prepaid cards, within the Asia-Pacific region during 2015-2016. India is one of the emerging markets in the Asia-Pacific prepaid card market and anticipated to register prominent CAGR during 2016 to 2022.
Lack of security features would hamper market growth significantly. Based on Card Type, the market is segmented into and Single-Purpose. Based on Vertical, the market is segmented into Retail, Corporate Institutions, Government, and Financial Institutions & Others. Based on Usage, the market is segmented into General Purpose Reloadable Cards, Gift Card, Government BenefitsDisbursement Card, Incentive Payroll Card, and Others.
The report also covers geographical segmentation of Prepaid Card market. Based on Country, Prepaid Card market is segmented into China, Japan, India, South Korea, Singapore, Malaysia and Rest of Asia-Pacific. China remained the dominant Country in the Asia-Pacific Prepaid Card market in 2015. India would witness promising CAGR during the forecast period (2016-2022). The report covers the analysis of key stakeholders of the Prepaid Card market. Key companies profiled in the report include Green Dot Corporation, American Express Company, JPMorgan Chase & Co., Master Card Incorporated, Ebay, TSYS, The Western Union Company, and Visa, Inc.