DUBLIN--(BUSINESS WIRE)--Aug 29, 2018--The "Prepaid Card Market: Payment Trends, Market Dynamics, and Forecasts 2018 - 2023" report has been added to ResearchAndMarkets.com's offering.

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 2018 to 2023 covering all major areas including corporate usage, retail, and government.

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 will disenfranchise many consumers globally that are unbanked, underbanked, credit challenged, and/or working under the table. Our related research into Next Generation Payments (via smartphones, wearables, and implantable technology) indicates that a universal wallet will be an absolute requirement. We see this reinforced by the need for a graceful transformation of the prepaid card market.

Key Topics Covered:

1 Banking Impacts Payment Flexibility

2 Payments Ecosystem Challenges

3 Payments for the Unbanked Segment

4 Retail Challenges Impacting Commerce and Payments

5 Online Shopping Challenges and Opportunities

6 Merchant Strategies

7 Convert Shoppers into Buyers

8 Data Solutions to Support the Strategies

9 Strategies for Checkout and Point of Payment

10 Prepaid Cards Market Forecasts 2018 - 2023

For more information about this report visit https://www.researchandmarkets.com/research/2cn4cl/global_prepaid?w=4

View source version on businesswire.com:https://www.businesswire.com/news/home/20180829005788/en/

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Related Topics:Bank Cards



SOURCE: Research and Markets

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PUB: 08/29/2018 05:39 PM/DISC: 08/29/2018 05:39 PM