Published Date : May 16, 2016
ALBANY, New York, May 16, 2016 - MarketResearchReports.biz has announced the addition of a recent report, titled ‘Global Prepaid Card Market With Focus On The United States (2016 - 2020),’ to its online repository. According to the report, the global prepaid card market is expected to expand during the period between 2016 and 2020 owing to the increasing use of plastic money and the favorable government regulations.
A prepaid card works similar to a debit card or a credit card. Unlike the latter, the prepaid card does not directly connect to the personal bank account of the user. The prepaid card is of no use unless the card is purchased and funds are loaded into the card account. The prepaid card’s cost is deducted from the balance of the card. The card becomes empty when all the loaded funds are used. A prepaid card cannot be used further unless funds are reloaded by the user.
The global prepaid card market is segmented on the basis of type and product. By type, the global prepaid card market is classified into open loop cards, closed loop cards, and general purpose cards. The open looped prepaid card is primarily connected with an electric payment network such as Visa or MasterCard and is issued by the financial institutes or banks. On the contrary, the closed-loop prepaid card is a specially designed prepaid card, which can be used only at a specific merchant chain or merchant outlet. The general purpose prepaid cards are similar to the open-loop cards and can be reloaded online or in stores.
By product, the global prepaid card market is classified into youth cards, payroll cards, government cards, gift cards, and travel cards. The global prepaid card market experienced swift growth in 2015 and is projected to expand at a rapid pace in the years to come. Factors such as the increasing preference for plastic money for making payments and the increased use of prepaid cards in the form of holiday gift cards are predicted to propel the global market for prepaid cards market. Furthermore, the rising adoption of prepaid cards by the unbanked population and the increase in retail sales are predicted to benefit the global prepaid card market in the near future.
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Even though there are a few restrictions, favorable government regulations are expected to benefit the global market for prepaid cards in the next few years. Factors such as security concerns, lack of awareness of the many benefits of using prepaid cards, and the lack of standardization are predicted to hamper the growth of the global prepaid card market in the near future.
The United States is expected to be the most attractive market in the global prepaid card market in the near future. Some of the main players of the United States prepaid card market are Green Dot Corporation, Comerica Bank, MetaBank, and JPMorgan.
Going forward, factors such as the increasing use of GPRS in banking and the exchange of unused cards for cash are predicted to benefit the global prepaid card market.
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