Latin America Prepaid Card and Digital Wallet Business and Investment Opportunities Databook – Market Size and Forecast, Consumer Attitude & Behaviour, Retail Spend

Latin America Prepaid Card and Digital Wallet Business and Investment Opportunities Databook – Market Size and Forecast, Consumer Attitude & Behaviour, Retail Spend

Report Description

According to PayNXT360, the prepaid card market (value terms) in Latin America increased at a CAGR of 10.0% during 2017-2021. Over the forecast period of 2022 to 2026, the market is expected to record a CAGR of 14.3%, increasing from US$62.96 billion in 2022 to reach US$107.53 billion by 2026.

The adoption of digital wallets and prepaid cards has surged significantly in Latin America. According to PayNXT360’s Q4 2021 Global Prepaid Cards Market Survey, fintech companies in the region are expanding their reach across the region to expand their market share. For instance, Argentina-based FinTech firm, Uala provides consumers with prepaid cards managed to issue 100,000 debit cards within five months of its launch in Mexico in 2021.

Moreover, with the rising demand for cryptocurrencies in the region, many fintech companies are integrating crypto trading in their digital wallets. PayNXT360 expects that the prepaid card market will be supported by the innovative product launched targeting a large expat population in short to medium term perspective.

Global digital asset exchange platform entering the Brazilian market with the introduction of Visa Crypto Card

Cryptocurrencies are gaining popularity around the world. In Brazil, the demand for cryptocurrencies increased significantly in the last six to eight quarters. Moreover, in November 2021, the Brazilian government proposed a bill to legalize cryptocurrency in the public and private sectors. Consequently, PayNXT360 expects the government initiative is to encourage fintech companies to launch their products in Brazil in short to medium term. For instance,
In November 2021, Hong Kong-based digital asset exchange crypto.com has started issuing Visa crypto cards for the residents of Brazil.
These cards are prepaid in nature and should be recharged through fiat or cryptocurrencies.
Decentralization enables the use of these Visa crypto cards to convert tokens into currencies of the individual geographies.
The card can also be used for withdrawing cash from ATMs or Point of Sale (PoS) purchases.
Additionally, the cardholders will get offers up to 8% back on spending, LoungeKey airport lounge access, and full subscription rebates for Spotify, Netflix, and Amazon Prime.
Notably, Brazilians have to clear an approval process after applying for the card, and eligible users will get a virtual card after the clearance.

Digital wallets and remittance providers expanding their business in Brazil

With the growing expat community in Brazil, global payment providers are expanding their business in the country. Companies are launching alternative banking solutions to cater to the needs of the people residing and working away from the country in regions such as the United States, Italy, Portugal, and Spain, as well as also for supporting immigrants who will settle in Brazil. For instance,
In December 2021, Sokin, a London-based fintech launched its inclusive Global Currency Account and prepaid debit card in Brazil for its residents and expat community.
The customers are allowed to receive and send money and access cost-effective currency exchange in 38 currencies against a monthly fee. Notably, consumers can perform all these through Sokin’s digital wallet.

With the growing number of Brazilian expats, products targeting these segments are likely to push the usage of prepaid cards in the country in the next four to eight quarters.

Digital payment providers are partnering with lending companies to launch prepaid card solutions in Mexico

In Mexico, there is almost 40 million unbanked population. With the change in the payment trends in the country, fintechs are entering into strategic partnerships to launch prepaid card solutions with the intention of providing financial inclusion in the country. For instance,
In August 2021, Mexico-based i2c, a digital payment provider partnered with KEO, a lending company and Mexican customer loyalty program PAYBACK to launch KEO PAYBACK American Express® Card, a prepaid card solution,
This new card will help customers to access a financial alternative that will enable them to build credit history.
Moreover, this prepaid card will provide customers to receive the benefits of the loyalty program and also access the American Express network for both online and international purchases.
The customers will be provided quick credit approval on the basis of the underwriting process done, and they will not require any credit check or paperwork for the same.

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 Latin America. 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 Latin America.
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.

This title from PayNXT360 is a bundled offering, combining one regional and 5 country reports:

1. Latin America Prepaid Card and Digital Wallet Business and Investment Opportunities Databook
2. Argentina Prepaid Card and Digital Wallet Business and Investment Opportunities Databook
3. Brazil Prepaid Card and Digital Wallet Business and Investment Opportunities Databook
4. Chile Prepaid Card and Digital Wallet Business and Investment Opportunities Databook
5. Colombia Prepaid Card and Digital Wallet Business and Investment Opportunities Databook
6. Mexico Prepaid Card and Digital Wallet Business and Investment Opportunities Databook

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. With over 100 KPIs, this report provides comprehensive understanding of prepaid card and digital wallet card market dynamics.

Digital Wallet Market Size and Forecast
Transaction Value Trend Analysis
Transaction Volume Trend Analysis
Average Value per Transaction

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)

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, 2016 – 2025

Market Share Analysis by Prepaid Card Categories

Open Loop Prepaid Card Future Growth Dynamics, 2016 – 2025
Transaction Value Trend Analysis
Transaction Volume Trend Analysis
Average Value per Transaction
Number of Cards

Closed Loop Prepaid Card Future Growth Dynamics, 2016 – 2025
Transaction Value Trend Analysis
Transaction Volume Trend Analysis
Average Value per Transaction
Number of Cards

General Purpose Prepaid Card Market Size and Forecast

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

Entertainment and Gaming Prepaid Card Market Size and Forecast

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

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

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

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

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

Transit and Tolls Prepaid Card Market Size and Forecast

Healthcare and Wellness Prepaid Card Market Size and Forecast

Social Security and Other Government Benefit Programs Prepaid Card Market Size and Forecast

Fuel Prepaid Cards Market Size and Forecast

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 Latin America.
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.