UK Prepaid Cards Market Forecast
Base Year: 2023
Historical Years: 2018-2023
Forecast Years: 2024-2032
Market Size in 2023: USD 82 Billion
Market Forecast in 2032: USD 145 Billion
Market Growth Rate: 6.50% (2024-2032)
How Big is the UK Prepaid Cards Industry?
The UK prepaid cards market size reached USD 82 Billion in 2023. Looking forward, IMARC Group expects the market to reach USD 145 Billion by 2032, exhibiting a growth rate (CAGR) of 6.50% during 2024-2032.
UK Prepaid Cards Market Trends:
The UK market’s growth is mainly attributed to the rising consumer preference for prepaid payment solutions for expenditure incurred while purchasing both online and offline. The improving trend towards digital payments has enhanced the usage of prepaid cards as one of the efficient, safe and electronic means of payment. Moreover, the growth of e-commerce platforms is greatly increasing the transaction volume of prepaid cards as one of the significant payment instruments.
Furthermore, the functionality for contactless payments, as well as mobile application capabilities, are also facilitating the expansion of the market. Furthermore, the use of prepaid cards has increased with the financial uplift of the unbanked or underbanked people. The growth of corporate prepaid programs specifically for employees’ benefits and expenses also drives the market. Apart from that, cashless promotion from the government is enhancing its use. In addition, advancement of security and fraud prevention features embedded in prepaid card services is enhancing confidence and consumers’ tendency to use them.
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UK Prepaid Cards Market Scope and Growth Analysis:
The increasing use of prepaid cards for payroll payments is changing the market scope since it offers employers a speedy and affordable way to pay workers. Market research indicates that collaborations among fintech startups and retails banks are offering a variety of products that are evolving in accordance with consumer expectations. Moreover, the rising number of digital wallets and their combination with prepaid cards’ functionalities increases the appeal for technologically-oriented consumers. The scope of the market is also facilitated by the use of prepaid cards as household and individual budgetary tools for people who are inclined to control expenditures.
Furthermore, prepaid cards which are used while travelling and in the travel and tourism industry, as an alternative to the traditional banking systems, are gaining popularity. The market looks set for additional growth as consumers seem to favor ease of use and secure payment options. A number of prepaid cards are linked with loyalty and reward programs which give additional benefits to users which increases the attractiveness of these products and enhances their sale on the market.
UK Prepaid Cards Market Forecast and Segmentation:
The market report offers a comprehensive analysis of the segments, highlighting those with the largest UK prepaid cards market share. It includes forecasts for the period 2024-2032 and historical data from 2018-2023 for the following segments.
Card Type Insights:
- Closed Loop Cards
- Open Loop Cards
Purpose Insights:
- Travel Cards
- General Purpose Reloadable (GPR) Cards
- Gift Cards
- Gaming Cards
- Others
Vertical Insights:
- Retail
- Government
- Corporate/Organization
- Others
Regional Insights:
- London
- South East
- North West
- East of England
- South West
- Scotland
- West Midlands
- Yorkshire and The Humber
- East Midlands
- Others
Competitive Landscape:
The report offers an in-depth examination of the competitive landscape. It includes a thorough competitive analysis encompassing market structure, key player positioning, leading strategies for success, a competitive dashboard, and a company evaluation quadrant.
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Other key areas covered in the report:
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Strategic Recommendations
- Market Dynamics
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
- Top Winning Strategies
- Recent Industry News
- Key Technological Trends & Development
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
About Us:
IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services.
IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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