EEA Prepaid Card Market: Energy-Efficient Prepaid Cards have Boosted the Growth
Surge in the unbanked and underbanked population would open new opportunities for the EEA Prepaid Card Market players in the future.
Increase in need for cash alternatives, development of the e-commerce industry, and availability of affordable and energy-efficient prepaid cards have boosted the growth of the EEA prepaid card market. However, lack of standardization and fraudulent attacks hinder the market growth. On the contrary, surge in the unbanked and underbanked population would open new opportunities for the market players in the future.
As per the report by Allied Market Research, the EEA prepaid card industry was pegged at $182.64 billion in 2019, and is expected to reach $500.27 billion by 2027, registering a CAGR of 14.7% from 2020 to 2027.
The retail segment held the largest share
By end user, the retail segment dominated the market in 2019, contributing to more than half of the EEA prepaid card market, due to growing large customer base shifting from traditional shopping to online shopping in various countries of Europe. However, the corporate segment is anticipated to manifest the highest CAGR of 16.5% during the forecast period, as prepaid card is safer than transactions through debit card, credit cards, and checks.
The open-loop card segment dominated the market
By functional attribute, the global open-loop card segment held the largest share in 2019, accounting for nearly three-fifths of the EEA prepaid card market, owing to surge in demand for multipurpose prepaid cards. However, the closed-loop card segment is estimated to register the highest CAGR of 16.3% during the forecast period, due to easy accessibility, low risk of frauds, and low-interest charges.
The media & entertainment segment to manifest the highest CAGR through 2027
By application, the media & entertainment segment is estimated to register the highest CAGR of 17.9% during the forecast period, as numerous sports organizations across the globe have adopted prepaid card payment options for reducing major problems for owners such as tickets, pricing & change requirement, reconciliation, transaction times, and improving security. However, the food & groceries segment held the lion's share in 2019, accounting for around one-fourth of the EEA prepaid card market, due to its numerous benefits such as improved operational efficiencies, better customer satisfaction, upsurge the revenue, and lower operating cost.
Major market players
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