Forex Prepaid Cards Market By Type (Single Currency Forex Card, Multi-Currency Forex Card), By End User (Retail, Corporate, Financial Institutions, Government, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032
A user is able to use a forex card, which is a prepaid card, to pay for purchases, lodging, and other expenses when traveling abroad. These are preloaded and take care of foreign currency requirements of the user. The card can be used to check balances, make payments while shopping, and withdraw cash in foreign currencies. Moreover, it protects the customer from currency rate fluctuations and enables hassle-free international transactions. Moreover, users will be instantly notified regarding all their transactions via emails or text messages.
The forex prepaid cards market is accelerated by the growth in trend of cross-border transactions brought about by the globalization of travel and businesses. This has created the requirement for convenient and secure payment solutions, which forex prepaid cards can fulfill. Furthermore, the increase in the popularity of online purchasing has increased the need for prepaid cards as a convenient payment option for overseas transactions. The increased awareness regarding the benefits of forex prepaid cards which include better exchange rates and fewer foreign exchange fees, is further bolstering the growth of the market. However, the fees associated with using a forex prepaid card to make ATM withdrawals when traveling abroad hampers the expansion of the market. Moreover, the chances of getting the physical card stolen are some of the major factors limiting the growth of the forex prepaid cards market. On the contrary, emerging economies have a huge untapped market for FX prepaid card providers due to the rise in use of smartphones and internet access in these countries. For instance, in September 2023, Travelex introduced its prepaid foreign currency card to the Asian market with the launch of the Travelex Travel Money Card in Japan. Designed exclusively for overseas use and available to customers aged 12 and above, the contactless-equipped card enables customers to load multiple currencies for use at any Mastercard-affiliated shop or restaurant in more than 210 counties and regions worldwide.
The global forex prepaid cards market is segmented into type, enterprise size, distribution channel, and region. On the basis of type, the market is bifurcated into single currency forex card and multi-currency forex card. On the basis of end user, the market is categorized into retail, corporate, financial institutions, government, and others. On the basis of region, the global forex prepaid cards market is studied across North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.
The key players operating in the global forex prepaid cards market include American Express Company, Axis Bank, HSBC Group, Revolut Ltd, Qantas Airways Limited, Mastercard, HDFC Bank Ltd., Thomascook.in, Travelex International Limited, and Wise Payments Limited. These players have adopted various strategies to increase their market penetration and strengthen their position in the forex prepaid cards industry. For instance, in September 2023, Leading omnichannel forex services company Thomas Cook (India) Ltd partnered with National Payments Corporation of India (NPCI) to launch a RuPay prepaid forex card for Indians travelling to the UAE as a pilot project. RuPay card of Thomas Cook is loaded in UAE Dirhams (AED) offering usage across the UAE for both transactions and ATM withdrawals.
Key Benefits for StakeholdersThe study provides in-depth analysis of the forex prepaid cards market along with current trends and future estimations to illustrate the imminent investment pockets.
Information about key drivers, restrains & opportunities and their impact analysis on the Forex prepaid cards market size are provided in the report.
The Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
The quantitative analysis of the forex prepaid cards market from 2022 to 2032 is provided to determine the market potential.
Key Market SegmentsBy TypeSingle Currency Forex Card
Multi-Currency Forex Card
By End UserRetail
Corporate
Financial Institutions
Government
Others
By RegionNorth America
U.S.
Canada
Europe
UK
Germany
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Latin America
Brazil
Argentina
Rest of Latin America
Middle East and Africa
Gcc Countries
South Africa
Rest of Middle East And Africa
Key Market Players
American Express Company
Axis Bank
HSBC Group
Revolut Ltd
Qantas Airways Limited
Mastercard
HDFC Bank Ltd.
Thomascook.in
Travelex International Limited
Wise Payments Limited
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