DUBLIN, Feb. 10, 2020 /PRNewswire/ — The “Prepaid Card Market: Payment Trends, MarketDynamics, and Forecasts 2020 – 2025” report has been added to ResearchAndMarkets.com’s offering.
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 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 2020 to 2025 covering all major areas including corporate usage, retail, and government.
Select Report Findings:
- Prepaid card demand remains strong for youth, unbanked, and underbanked segments
- Stricter anti-money regulations are anticipated in United States paralleling those in EU
- Virtual prepaid cards are rapidly gaining traction in conjunction with online spending habits
- Alternative currencies will be increasingly used in lieu of prepaid cards for certain purchases
- Steady growth through 2025 to benefit data services providers and financial intermediaries
Key Topics Covered:
1 Executive Summary
2 Introduction
3 Banking Impacts Payment Flexibility
3.1 The Unbanked and Underbanked Segments
3.2 Payment Models
3.3 Mobile Payment Methods
3.4 Unbanked / Underbanked Population
4 Payments Ecosystem Challenges
4.1 Economic Issues
4.2 Multiple-Nationalities
4.3 Banking Accounts
4.4 Cost Factors
4.5 Security Issues
5 Payments for the Unbanked Segment
6 Retail Challenges Impacting Commerce and Payments
6.1 Retail Demand Depends on the Economy
6.2 Industry Concentration
6.3 Seasonal Cash Flow
6.4 Crime-Related Losses
6.5 Protecting Customer Information
6.6 Trends Affect Demand
6.7 High Worker Turnover
6.8 Changing Buyers Need
7 Online Shopping Challenges and Opportunities
7.1 The Rise of High-Tech Shopping
7.2 Most Vulnerable Products
7.3 Wireless Challenges at the Point of Sale
7.4 Shopping with Smartphone Trends
8 Merchant Strategies
8.1 Embrace rather than Fight against the Current Trend
8.2 Offer Unique Products
8.3 Offer In-Store Reviews
8.4 Focus on Brand
8.5 Enable and Empower In-store Shoppers
8.6 Digitize Your Store and Your Employees
9 Convert Shoppers into Buyers
9.1 Boost Loyalty and Sales
9.2 Personalizing the Shopping Experience
9.3 Analyzing Data
9.4 Figuring Out the Potential of Mobile Devices
9.5 Embracing Social Media
10 Data Solutions to Support the Strategies
10.1 Finding the Easy Data
10.2 Getting at “Hidden Data”
10.3 Mining “Big Data”
11 Strategies for Checkout and Point of Payment
11.1 Keep Form Filling To Bare Minimum
11.2 Organize the Checkout into Stages
11.3 Add Progress Step Links or Back Buttons
11.4 Utilize Familiar Mobile UI Elements
11.5 Enable Guest Checkouts
11.6 Offer Quick Payment Options
11.7 Remove Distractions
11.8 Provide Security Reassurances
11.9 Take Advantage of Geolocation
11.10 Keep It Lightweight
12 Prepaid Cards Market Forecasts 2020 – 2025
For more information about this report visit https://www.researchandmarkets.com/r/d7amw9
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