The United Kingdom's prepaid card industry has been growing consistently over the last three to four years amid the ongoing digitalization among SMEs. This coupled with the fintech innovation and surging trend of online shopping has driven prepaid card transaction volume and value in the country.
With players seeking to capitalize on a growing share of the prepaid card industry in the global markets, United Kingdom-based fintech firms and neo-banks are expected to expand their geographical footprint from the short to medium-term perspective. Overall, the publisher maintains a positive growth outlook for the prepaid card industry in the United Kingdom over the next three to four years.
With the Asia Pacific market offering a lucrative growth opportunity, more fintech firms are expected to expand their prepaid card and other digital banking services to the region over the next three to four years.
According to the publisher, the prepaid card market (value terms) in United Kingdom increased at a CAGR of 8.0% during 2018-2022. Over the forecast period of 2023 to 2027, the market is expected to record a CAGR of 9.8%, increasing from US$43.91 billion in 2022 to reach US$71.16 billion by 2027.
This report provides a detailed data centric analysis of prepaid payment instruments, covering spend through prepaid cards and digital wallets across retail and corporate consumer segments. In addition, it provides a snapshot of consumer behaviour and retail spend dynamics in United Kingdom. With over 100 KPIs at country level, this report provides comprehensive understanding of prepaid card and digital wallet card market dynamics.
With players seeking to capitalize on a growing share of the prepaid card industry in the global markets, United Kingdom-based fintech firms and neo-banks are expected to expand their geographical footprint from the short to medium-term perspective. Overall, the publisher maintains a positive growth outlook for the prepaid card industry in the United Kingdom over the next three to four years.
Teen-focused prepaid card providers are raising funding round to accelerate global expansion
In the United Kingdom, teen-focused prepaid card providers have experienced high growth amid the surging demand for digital payment solutions. These fintech firms are now targeting global expansion and are raising capital to accelerate their international expansion. For instance,- In October 2022, GoHenry, a teen-focused prepaid card, and financial education app announced that the firm had raised US$55 million, which it plans to use to further expand its footprint in the global market. The funding comes after the firm acquired Pixpay, another teen-focused prepaid card provider, which is leading the market in Spain and France.
- In November 2022, GoHenry also entered into a strategic collaboration with Visa. The collaboration means that Visa will become the global network partner for GoHenry in the United States, the United Kingdom, and Europe. Furthermore, the partnership will also allow parents to load the GoHenry prepaid card using their Visa debit cards through Visa Direct.
UK-based fintech firms are eyeing expansion in the Asia Pacific region to accelerate growth
The Asia Pacific prepaid card market has recorded strong growth over the last few years and the trend is projected to further continue from the short to medium-term perspective. To tap into this growth potential, especially in markets like India, UK-based fintech firms are eyeing expansion in the Asia Pacific region.- Revolut, one of the leading prepaid card providers in the country, is now targeting global markets after reaching 25 million customers worldwide. As part of its expansive growth strategy, the firm is planning to launch its super app in markets including India, New Zealand, and the Philippines, among others. The firm is also targeting the Japanese market, where it claims that the banks are not offering modern banking solutions. By 2025, Revolut aims to increase its user count from 600,000 to 10 million.
- Tide, another UK-based fintech firm but having a focus on SMEs, also announced the launch of its services in India. In December 2022, the firm announced that is launching a business account and RuPay-powered expense card, thereby allowing SMEs to better manage their expenses. Tide is looking at India as a £100 million big revenue opportunity and plans to onboard half a million
With the Asia Pacific market offering a lucrative growth opportunity, more fintech firms are expected to expand their prepaid card and other digital banking services to the region over the next three to four years.
Firms are forging strategic alliances to launch prepaid card products for travelers in the United Kingdom
To tap into the strong user base of other firms, fintech providers are forging strategic alliances and are launching innovative products that offer travelers with discounts, cashback, and other rewards when traveling.- In September 2022, Monavate, the UK-based fintech firm, announced that the firm had collaborated with Maps.me. Under the collaboration, the two firms have launched a Mastercard prepaid card, thereby allowing the 60 million Maps.me users to make payments wherever Mastercard is accepted. By integrating the prepaid card into the Maps.me interface, Monavate is targeting growth through embedded finance services. With over a million users already on the waitlist, the demand for the travel prepaid card is evident.
According to the publisher, the prepaid card market (value terms) in United Kingdom increased at a CAGR of 8.0% during 2018-2022. Over the forecast period of 2023 to 2027, the market is expected to record a CAGR of 9.8%, increasing from US$43.91 billion in 2022 to reach US$71.16 billion by 2027.
This report provides a detailed data centric analysis of prepaid payment instruments, covering spend through prepaid cards and digital wallets across retail and corporate consumer segments. In addition, it provides a snapshot of consumer behaviour and retail spend dynamics in United Kingdom. With over 100 KPIs at country level, this report provides comprehensive understanding of prepaid card and digital wallet card market dynamics.
- Market dynamics: Provides a comprehensive view on size and structure, industry dynamics, market trends, consumer attitude and behaviour, and competitive landscape in prepaid card and digital wallet industry in United Kingdom.
- Digital wallet segments: Provides value, volume and average value per transaction across 5 key spend categories in digital wallet. This includes retail, travel, entertainment and gaming, restaurant, and recharge and bill payment.
- Open loop and closed loop prepaid cards: market estimates and forecasts to assess opportunities 13 open loop and closed loop prepaid market segments. Details four essential KPIs - number of cards in circulation, number of transactions, load value, and value of transactions.
- Consumer attitude and behaviour: Drawing from proprietary survey results, this report identifies and interprets key prepaid KPIs, including spend by age, gender, and income level.
- Retail spend: Breaks down retail spend across 11 categories to provide detailed insights on consumer behaviour and changing dynamics of prepaid card spend.
Scope
This report provides a detailed data centric analysis of prepaid payment instruments, covering spend through prepaid cards and digital wallets across retail and corporate consumer segments. In addition, it provides a snapshot of consumer behaviour and retail spend dynamics in United Kingdom. With over 100 KPIs at country level, this report provides comprehensive understanding of prepaid card and digital wallet card market dynamics.United Kingdom Digital Wallet Market Size and Forecast
- Transaction Value Trend Analysis
- Transaction Volume Trend Analysis
- Average Value per Transaction
United Kingdom Digital Wallet Market Size and Forecast by Key Segments
- Retail Shopping (Value, Volume, Avg. Value)
- Travel (Value, Volume, Avg. Value)
- Entertainment and Gaming (Value, Volume, Avg. Value)
- Restaurant (Value, Volume, Avg. Value)
- Recharge and Bill Payment (Value, Volume, Avg. Value)
United Kingdom Prepaid Card Industry Market Attractiveness
- Load Value Trend Analysis
- Transaction Value Trend Analysis
- Transaction Volume Trend Analysis
- Average Value per Transaction
- Number of Cards
Market Share Analysis by Functional Attributes - Open Loop vs. Closed Loop
Market Share Analysis by Prepaid Card Categories
United Kingdom Open Loop Prepaid Card Future Growth Dynamics
- Transaction Value Trend Analysis
- Transaction Volume Trend Analysis
- Average Value per Transaction
- Number of Cards
United Kingdom Closed Loop Prepaid Card Future Growth Dynamics
- Transaction Value Trend Analysis
- Transaction Volume Trend Analysis
- Average Value per Transaction
- Number of Cards
United Kingdom Prepaid Card Consumer Usage Trends
- By Age Group
- By Income Group
- By Gender
United Kingdom General Purpose Prepaid Card Market Size and Forecast
United Kingdom Gift Card Market Size and Forecast
Gift Card Market Size and Forecast by Functional Attribute
- By Open Loop Gift Card
- By Closed Loop Gift Card
Gift Card Market Size and Forecast by Consumer Segments
- By Retail Consumer Segment
- By Corporate Consumer Segment
Gift Card Market Share Analysis by Retail Categories
Gift Card Market Share Analysis by Gifting Occasion
Gift Card Market Share Analysis by Purchase Location
United Kingdom Entertainment and Gaming Prepaid Card Market Size and Forecast
United Kingdom Teen and Campus Prepaid Card Market Size and Forecast
Teen and Campus Prepaid Card Market Size and Forecast by Functional Attribute
- By Open Loop Teen and Campus Prepaid Card
- By Closed Loop Teen and Campus Prepaid Card
United Kingdom Business and Administrative Expense Prepaid Card Market Size and Forecast
Business and Administrative Expense Prepaid Card Market Size and Forecast by Consumer Segments
- By Small Scale Business Segment
- By Mid-Tier Business Segment
- By Enterprise Business Segment
- By Government Segment
United Kingdom Payroll Prepaid Card Market Size and Forecast
Payroll Prepaid Card Market Size and Forecast by Consumer Segments
- By Small Scale Business Segment
- By Mid-Tier Business Segment
- By Enterprise Business Segment
- By Government Segment
United Kingdom Meal Prepaid Card Market Size and Forecast
Meal Prepaid Card Market Size and Forecast by Consumer Segments
- By Small Scale Business Segment
- By Mid-Tier Business Segment
- By Enterprise Business Segment
- By Government Segment
United Kingdom Travel Forex Prepaid Card Market Size and Forecast
Travel Forex Prepaid Card Market Size and Forecast by Consumer Segments
- By Retail
- By Small Scale Business Segment
- By Mid-Tier Business Segment
- By Enterprise Business Segment
- By Government Segment
United Kingdom Transit and Tolls Prepaid Card Market Size and Forecast
United Kingdom Healthcare and Wellness Prepaid Card Market Size and Forecast
United Kingdom Social Security and Other Government Benefit Programs Prepaid Card Market Size and Forecast
United Kingdom Fuel Prepaid Cards Market Size and Forecast
United Kingdom Utilities, and Other Prepaid Cards Market Size and Forecast
Reasons to buy
- In-depth understanding of prepaid card and digital wallet market dynamics: Understand market opportunity, industry dynamics, key trends and drivers across 75+ market segments and sub-segments of prepaid payment instrument in United Kingdom.
- Develop market specific strategies: Identify growth segments and target specific opportunities to formulate your prepaid card and digital wallet strategy; assess market specific key trends, drivers and risks in the industry.
- Get insights into consumer attitude and behaviour: Understand changing consumer attitude and behaviour and boost ROI. Get detailed insights into retail spend through prepaid cards and digital wallets.
Frequently Asked Questions about the United Kingdom Prepaid Card and Digital Wallet Market
What is the estimated value of the United Kingdom Prepaid Card and Digital Wallet Market?
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Report Attribute | Details |
---|---|
No. of Pages | 120 |
Published | August 2023 |
Forecast Period | 2023 - 2027 |
Estimated Market Value ( USD | $ 48.9 Billion |
Forecasted Market Value ( USD | $ 71.2 Billion |
Compound Annual Growth Rate | 9.8% |
Regions Covered | United Kingdom |
Table of Contents
1.About this Report
2. Prepaid Payment Instrument Market Size and Future Growth Dynamics by Key Performance Indicators
3. Digital Wallet Market Size and Future Growth Dynamics by Key Performance Indicators
4. Digital Wallet Market Size and Future Growth Dynamics by Key Segments
5. United Kingdom Prepaid Card Industry Market Attractiveness
6. United Kingdom Open Loop Prepaid Card Future Growth Dynamics, 2018-2027
7. United Kingdom Closed Loop Prepaid Card Future Growth Dynamics, 2018-2027
8. United Kingdom Prepaid Card Consumer Usage Trends
10. United Kingdom General Purpose Prepaid Card Market Size and Forecast, 2018-2027
11. United Kingdom Gift Card Market Size and Forecast, 2018-2027
13. United Kingdom Teen and Campus Prepaid Card Market Size and Forecast, 2018-2027
14. United Kingdom Business and Administrative Expense Prepaid Card Market Size and Forecast, 2018-2027
15. United Kingdom Payroll Prepaid Card Market Size and Forecast, 2018-2027
16. United Kingdom Meal Prepaid Card Market Size and Forecast, 2018-2027
17. United Kingdom Travel Forex Prepaid Card Market Size and Forecast, 2018-2027
23. Further Reading
Methodology
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