Last updated
Prepaid Cards Market in UK 2024:
How Big is the UK Prepaid Cards Industry?
The prepaid cards market in UK reached USD 82 Billion in 2023. Looking forward, IMARC Group expects the market to reach USD 145 Billion by 2032, exhibiting a growth rate (CAGR) of 6.50% during 2024-2032.
Report Attribute | Key Statistics |
Base Year | 2023 |
Forecast Years | 2024-2032 |
Historical Years | 2018-2023 |
Market Size in 2023 | US$ 82 Billion |
Market Forecast in 2032 | US$ 145 Billion |
Market Growth Rate (2024-2032) | 6.50% |
UK Prepaid Cards Market Trends:
The UK prepaid cards market is witnessing steady growth due to the rising demand for alternative payment methods, increased adoption of digital banking, and growing consumer preference for cashless transactions. Prepaid cards, which can be loaded with a fixed amount of money, offer flexibility, convenience, and security in both online and offline purchases. They are widely used for personal budgeting, gifting, travel, and corporate incentives, making them an attractive option for individuals and businesses alike. The market is also driven by the unbanked and underbanked population, who rely on prepaid cards for financial inclusion.
Additionally, the surge in e-commerce and contactless payments has further bolstered the demand for prepaid cards, particularly in the wake of the COVID-19 pandemic, which accelerated the shift towards digital transactions.
Get Free Sample Report: https://www.imarcgroup.com/uk-prepaid-cards-market/requestsample
UK Prepaid Cards Market Scope and Growth Analysis:
The scope of the UK prepaid cards market covers various segments, including open-loop and closed-loop cards, with applications in retail, corporate, government, and travel sectors. Market analysis indicates that prepaid cards are gaining popularity in the corporate sector for employee benefits, expense management, and rewards programs. Additionally, the travel sector sees high usage of prepaid travel cards, which offer advantages such as locking exchange rates and avoiding currency conversion fees. The UK government’s use of prepaid cards for welfare disbursement and benefits is another key area contributing to market growth.
The competitive landscape is characterized by the presence of major financial institutions, fintech companies, and prepaid card providers focusing on innovation, enhanced security features, and improved customer experience. With ongoing digitalization and the increasing trend toward cashless societies, the UK prepaid cards market is expected to continue its growth trajectory, driven by technological advancements and the changing needs of consumers and businesses.
UK Prepaid Cards Market Forecast and Segmentation:
The market report offers a comprehensive analysis of the segments, highlighting those with the largest UK prepaid cards market share. It includes forecasts for the period 2024-2032 and historical data from 2018-2023 for the following segments.
Card Type Insights:
Closed Loop Cards
Open Loop Cards
Purpose Insights:
Travel Cards
General Purpose Reloadable (GPR) Cards
Gift Cards
Gaming Cards
Others
Vertical Insights:
Retail
Government
Corporate/Organization
Others
Regional Insights:
London
South East
North West
East of England
South West
Scotland
West Midlands
Yorkshire and The Humber
East Midlands
Others
Competitive Landscape:
The report offers an in-depth examination of the competitive landscape. It includes a thorough competitive analysis encompassing market structure, key player positioning, leading strategies for success, a competitive dashboard, and a company evaluation quadrant.
Ask Analyst For Customization: https://www.imarcgroup.com/request?type=report&id=24504&flag=C
Other key areas covered in the report:
COVID-19 Impact on the Market
Porter’s Five Forces Analysis
Strategic Recommendations
Market Dynamics
Historical, Current and Future Market Trends
Market Drivers and Success Factors
SWOT Analysis
Value Chain Analysis
Comprehensive Mapping of the Competitive Landscape
Top Winning Strategies
Recent Industry News
Key Technological Trends & Development
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
About Us:
IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services.
IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
Contact US: IMARC Group 134 N 4th St. Brooklyn, NY 11249, USA Email: sales@imarcgroup.com Tel No:(D) +91 120 433 0800 United States: +1-631-791-1145
