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Prepaid Card Market: Payment Trends, Market Dynamics, and Forecasts 2019 - 2024

  • ID: 4748184
  • Report
  • Region: Global
  • 48 Pages
  • Mind Commerce
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Move Towards a Cashless Society is Substantial and a Major Driver of the Prepaid Card Market

Overview:

Despite the dominant trend towards mobile and contactless payments, the prepaid card market remains vibrant and dynamic. In certain parts of the world, physical cards remain the preferred mechanism for payments along with cash. In the United States, prepaid cards remain the preferred choice for the unbanked market segment as well as the market for “under the table” transactions. However, the US government is increasingly clamping down on illegal activities with broad measures of investigation and enforcement. Some market segments prefer to use physical cards in certain situations. Surprisingly, the millennial generation has a high affinity towards certain cards, especially designer offerings as they appeal to their sense of style.

There is a robust market for both closed loop and open loop prepaid cards. In the case of the former, major merchants leverage prepaid cards as a means of furthering brand identity and driving additional sales such as the gifting market. In addition, the unbanked market often turns to cards as a means of conducting non-cash, debit transactions. Closed loop cards are getting increasingly creative in terms of how they position themselves within the overall payments ecosystem. This is an interesting dynamic as the same companies are also pushing hard for next-generation mobile payments and wireless wallet infrastructure.

The move towards a cashless society is substantial, further driving the prepaid card market. However, we see a transition from physical cards (credit and debit) towards completely virtual. This will not happen without continual improvements in identity management, privacy, and security measures. This will disenfranchise many consumers globally that are unbanked, underbanked, credit challenged, and/or working “under the table”. Our related research into Next Generation Payments (via smartphones, wearables, and implantable technology) indicates that a universal wallet will be an absolute requirement. We also see this reinforced by the need for a graceful transformation of the prepaid card market.

This report evaluates the major driving factors for prepaid card ownership and usage. The report evaluates usage market segment including demographic profile, card type, and industry vs. government programs. The report assesses retail challenges relative to shopping and related card usage. The report also analyzes the payments ecosystem including issues related to mobile payments in contrast to physical card usage. The report also provides forecasts for 2019 to 2024 covering all major areas including corporate usage, retail, and government.

Target Audience:

  • POS device providers
  • Mobile commerce companies
  • Merchant banks and financial processors
  • Government agencies and regulatory authorities
  • All providers of goods and services (instore and online)
Note: Product cover images may vary from those shown
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1 Banking Impacts Payment Flexibility
1.1 The Unbanked and Underbanked Segments
1.1.1 High costs
1.1.2 Convenience
1.1.3 Need to Instant Funding
1.1.4 Lack of Knowledge
1.1.5 Identification Requirements
1.1.6 Poor Banking History
1.1.7 Overall Perceptions of Banking Relationships
1.2 Payment Models
1.2.1 Operator-Centric Model
1.2.2 Bank-Centric Model:
1.2.3 Peer-to-Peer Model:
1.2.4 Collaboration Model:
1.3 Mobile Payment Methods
1.3.1 Premium SMS based transactional payments
1.3.2 Direct Mobile Billing
1.3.3 Mobile Web Payments
1.3.4 Contactless (NFC)
1.4 Unbanked / Underbanked Population
1.4.1 Unbanked Population
1.4.2 Underbanked Population

2 Payments Ecosystem Challenges
2.1 Economic Issues
2.2 Multiple-Nationalities
2.3 Banking Accounts
2.4 Cost Factors
2.5 Security Issues

3 Payments for the Unbanked Segment
3.1 Overview
3.2 Unbanked/Underbanked Population in United States
3.2.1 Low-Income Population
3.2.2 Unemployed Population
3.2.3 Under-Educated Population

4 Retail Challenges Impacting Commerce and Payments
4.1 Retail Demand Depends on the Economy
4.2 Industry Concentration
4.3 Seasonal Cash Flow
4.4 Crime-Related Losses
4.5 Protecting Customer Information
4.6 Trends Affect Demand
4.7 High Worker Turnover
4.8 Changing Buyers Need

5 Online Shopping Challenges and Opportunities
5.1 The Rise of High-Tech Shopping
5.1.1 Consumers are in Control
5.1.2 Comparison Shopping
5.2 Which Products are Most Vulnerable?
5.2.1 White Goods
5.2.2 Gray Area Products
5.2.2.1 What qualifies as a Gray Area Product?
5.2.3 Clothes and Accessories
5.3 Wireless Challenges at the Point of Sale
5.3.1 Mobile Is Both a Curse and a Cure for Showrooming
5.3.2 Where People Using Primarily Wireless
5.3.3 Mobile Influence
5.4 Shopping with Smartphone Trends

6 Merchant Strategies
6.1 Embrace rather than Fight against the Current Trend
6.2 Offer Unique Products
6.3 Offer In-Store Reviews
6.4 Focus on Brand
6.5 Enable and Empower In-store Shoppers
6.6 Digitize Your Store and Your Employees

7 Convert Shoppers into Buyers
7.1 Boost Loyalty and Sales
7.2 Personalizing the Shopping Experience
7.3 Analyzing Data
7.4 Figuring Out the Potential of Mobile Devices
7.5 Embracing Social Media

8 Data Solutions to Support the Strategies
8.1 Finding the Easy Data
8.2 Getting at "Hidden Data"
8.3 Mining "Big Data"

9 Strategies for Checkout and Point of Payment
9.1 Keep Form Filling To Bare Minimum
9.2 Organize the Checkout into Stages
9.3 Add Progress Step Links or Back Buttons
9.4 Utilize Familiar Mobile UI Elements
9.5 Enable Guest Checkouts
9.6 Offer Quick Payment Options
9.7 Remove Distractions
9.8 Provide Security Reassurances
9.9 Take Advantage of Geolocation
9.10 Keep It Lightweight

10 Prepaid Cards Market Forecasts 2019 - 2024
10.1 Aggregated Markets
10.2 Regional Markets for Prepaid Cards
10.3 Prepaid Markets by End-User Segment
10.3.1 Prepaid Card Markets for Retail Markets by Segments
10.3.2 Prepaid Card Markets for Corporate Markets by Segments
10.3.3 Prepaid Card Markets for Government and Institutional Use
10.4 Prepaid Cards by Demographics

List of Tables
Table 1: Prepaid Card Load Volume vs. Transactional Value 2019 - 2024
Table 2: Prepaid Cards in Use Globally 2019 - 2024
Table 3: Prepaid Cards In Use by Region 2019 - 2024
Table 4: Prepaid Card Market Value by Region 2019 - 2024
Table 5: Prepaid Cards In Use by End-User Segment 2019 - 2024
Table 6: Prepaid Card Market Value by End-User Segment 2019 - 2024
Table 7: Prepaid Cards In Use by Retail Market Segment 2019 - 2024
Table 8: Prepaid Card Market Value by Retail Segment 2019 - 2024
Table 9: Prepaid Card Markets In Use by Corporate Segment 2019 - 2024
Table 10: Prepaid Card Market Value by Corporate Segment 2019 - 2024
Table 11: Prepaid Card In Use for Government and Institutional Use 2019 - 2024
Table 12: Prepaid Card Market Value for Government and Institutions Segments 2019 - 2024
Table 13: Prepaid Cards in Use by Demographic Segment 2019 - 2024
Table 14: Prepaid Card Market Value by Demographic Segment 2019 - 2024

Note: Product cover images may vary from those shown
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