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

United States 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 the United States increased at a CAGR of 8.6% during 2017-2021. Over the forecast period of 2022 to 2026, the market is expected to record a CAGR of 11.1%, increasing from US$542.26 billion in 2022 to reach US$826.96 billion by 2026.

In the United States, the prepaid cards market witnessed innovative prepaid cards solutions for businesses such as the travel industry, real estate market, corporates, and also for immigrants. Moreover, with digitization, PayNXT360 estimates, these prepaid card solutions will be highly accepted in the market, and this might provide impetus to the overall growth of the prepaid card market in the United States.

Moreover, during 2021, government initiatives also provided momentum to the prepaid market growth. For instance, In July 2021, New York City government had announced a US$100 incentive for anyone who gets their vaccination done at a city-run site. For those who will receive the first dose of vaccine, a US$100 digital prepaid card will be emailed to them.

Digital wallet providers are focusing on launching virtual prepaid cards

With the higher adoption of digital payments in the country, digital wallet providers are introducing virtual prepaid card solutions to attract more customers. For instance,
In May 2021, a payments platform, Paysafe, has announced to launch of the virtual version of Skrill Visa Prepaid Card through its Skrill USA digital wallet.
The prepaid card provides digital payments solution, can be activated instantly, and the cardholder can spend their Skrill balance online wherever Visa is accepted.
Moreover, Skrill Visa Prepaid Card enables the customer to earn points for each payment made under the Skrill Knect loyalty program. Here, the customer can redeem the points for cash above the 5,000 Knect-point and also for other rewards.

Digital banking providers are raising funds to expand their remittance business in the United States

It is observed that there is a high number of migrant communities in the United States who face challenges of opening bank accounts. Therefore, digital banking providers are developing financial solutions to attract these consumer segment. For instance,
In June 2021, Majority, a digital banking platform aimed at immigrant communities, raised $19 million in its seed funding. Valar Ventures led the financial round while Avid Ventures, Heartcore Capital, and several Nordic fintech unicorn founders participated in it.
The digital bank provides an FDIC-insured bank account, a Visa prepaid card, access to 50,000 in-network ATMs across the country together with remittance services, all for the subscription of US$5 per month.
The customers of the bank will be able to send remittances to Nigeria, Ghana, Kenya, and Senegal without any fees.

PayNXT360 expects, with the digital bank bringing financial inclusion to mass immigrants of the country, the company may attract more funding in the long run.

Global payments and card providers are introducing virtual travel cards

While digitization has entered almost all the sectors, the travel industry was lagging behind. So, global payments providers are developing digital solutions to optimize supplier payments and cash flow management for the travel industry. For instance,
In December 2021, Nium, global payments and card issuance company, developed virtual card issuing solutions for travel businesses to make payments to their suppliers.
The Nium virtual card will help online travel agencies, travel management companies, travel tour operators, and corporations better manage to spend and increase productivity.
These B2B travel cards are single-use, have card limits, attachment, and matching of booking references to payments with a unique card for individual booking, scheduled card loads, etc.

PayNXT360 expects the virtual card will further help digitize their supply chain, internal processes, helping the travel businesses increase efficiency. Since the pandemic has stagnated the travel industry, travel businesses may find it essential to improve their productivity with this innovative solution.

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 the United States. 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 the United States.
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 States. With over 100 KPIs at country level, this report provides comprehensive understanding of prepaid card and digital wallet card market dynamics.

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

United States 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 States 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

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

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

United States Prepaid Card Consumer Usage Trends
By Age Group
By Income Group
By Gender

United States General Purpose Prepaid Card Market Size and Forecast

United States 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 States Entertainment and Gaming Prepaid Card Market Size and Forecast

United States 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 States 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 States 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 States 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 States 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 States Transit and Tolls Prepaid Card Market Size and Forecast

United States Healthcare and Wellness Prepaid Card Market Size and Forecast

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

United States Fuel Prepaid Cards Market Size and Forecast

United States 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 States.
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.