North America 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 North America Prepaid Card Market Size is poised to grow at a CAGR of 22.3% during the forecast period (2016-2022).
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. Corporates, retailers, government, and financial institutions have taken the initiatives to adopt prepaid cards. The market growth is driven due to factors such as ease of access, substantial growth in the number of internet users and unprecedented growth in the e-commerce industry. Additionally, growing population and launch of new applications are expected offer excellent opportunities to market players.
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 US, Canada, Mexico and Rest of North America. US remained the dominant country in the North America Prepaid Card market in 2015. Canada and Mexico would witness promising CAGR during the forecast period (2016-2022).
The report covers the analysis of key stake holders 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.