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Prepaid Cards in Europe and the US 2004
Datamonitor, April 2004
Prepaid cards are one of the latest innovations of the consumer payment card industry as players try to find new ways to increase growth in an overcrowded card market that has led to decreasing profit margins. Will consumers warm to these new products? Will circulation of prepaid cards expand on a worldwide basis? What are the keys to success? This briefing provides the answers.
Scope of this report:
- This briefing covers prepaid cards in the financial sector in Europe and the US. Prepaid gift cards in the retail sector are not included.
- It includes extensive information on the different types of prepaid cards in circulation and analyses their strengths and weaknesses.
- The briefing is based on in depth interviews from prepaid card issuers and extensive secondary research.
Research and analysis highlights
Prepaid cards are relatively widely spread in the US but other continents have yet to capitalize on the prepaid concept. For instance, in the UK, prepaid cards barely exist although retail gift cards have expanded recently. Among the major European countries, Italy and Spain seem to have taken an interest in prepaid products.
The travel card market offers a great potential as emphasized by the sales realised in the US in 2003. A total of $250m prepaid travel cards were sold and sales of traveler's checks amounted to over $30bn. Given that this market is still in its infant stage, it is likely that more players are going to enter the segment at a later stage.
An important issue that players need to address in order to increase take-up is the high price involved with prepaid cards. Players need to address each niche separately and consider whether the targeted segment can bear the charges involved. For instance, fees on teen pre-paid cards should be minimized given that teens have a limited budget.
Key reasons to read this report
1. It provides you with a thorough understanding of the prepaid card market and discusses where the opportunities lie.
2. The expert opinion of our Cards Team on the future of each prepaid product type is a definite guide for building up your strategies.
3. The profiles of prepaid players covered in the briefing provide you with valuable information on winning strategies.
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