DUBLIN--(BUSINESS WIRE)--The "United Kingdom Prepaid Card and Digital Wallet Business and Investment Opportunities Databook - Market Size and Forecast, Consumer Attitude & Behaviour, Retail Spend" report has been added to ResearchAndMarkets.com's offering.
According to the publisher, the prepaid card market (value terms) in the United Kingdom increased at a CAGR of 8.7% during 2017-2021. Over the forecast period of 2022 to 2026, the market is expected to record a CAGR of 10.5%, increasing from US$43.91 billion in 2022 to reach US$65.54 billion by 2026.
Government initiatives to launch prepaid cards to support local shops
The government of the United Kingdom is adopting different initiatives to support the county's local and independent traders primarily to help them recover from the pandemic. For instance:
- In November 2021, Herefordshire Council is providing prepaid cards loaded with £15 to each of the county's 90,000 households to help the local producers, retailers, and shopkeepers recover from the pandemic.
- Notably, the council will promote the 'Shop Local' prepaid card through the distribution of leaflets, and the households need to apply for the prepaid card.
- These prepaid cards can be used to make point of sale purchases within Herefordshire that accepts Mastercard payments.
PayPal introduces a digital wallet with fundraising function in the United Kingdom
- In September 2021, PayPal UK launched a new digital wallet for its users in the United Kingdom, which has an added charity function.
- Through this app, users get an option to create customized community fundraising campaigns.
- The app users in the United Kingdom via "PayPal Generosity Network" can use QR codes for purchases, access credit, as well as buy, hold and sell crypto.
Blackhawk Network building partnerships to strengthen its gift card portfolio in the United Kingdom
Since the demand for gift cards is growing in the United Kingdom, partnerships to offer gift card programs to attract customers are also increasing. For instance:
- In June 2021, Blackhawk Network, a global leader in branded payments, has partnered with Iceland Food to launch Iceland's gift card program in the United Kingdom.
- Through this partnership, Iceland will provide an in-store gift card mall comprising its own branded gift cards and also a range of 3rd party gift cards in all the stores.
- Iceland, through CashStar, will be able to launch an online B2c and B2b gift card proposition in the market. Notably, CashStar is powered by Blackhawk Network.
The publisher expects, with rising demand for gift card solutions, more partnerships will be witnessed in the country, subsequently providing impetus to the growth of the prepaid card market in the United Kingdom over the next four to eight quarters.
FinTech companies are raising funds to integrate social banking with prepaid card programs in the United Kingdom
As more and more consumers in the country demand innovative prepaid payment instruments and digital banking services, new startups are emerging and raising funding rounds in the United Kingdom to compete with more established players. For instance,
- In August 2021, Kroo, a London-based social banking startup, raised US$24.5 million in Series A Funding. According to Kroo, the social bank is planning to use the funding to bulk up operations, improve its app, and grow the team before its planned launch in 2022.
- The startup is aiming to allow its users to participate in shared financial activity and back social causes with financial might. Notably, Kroo is planning to test this concept through a prepaid card offering in partnership with PayrNet.
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 Kingdom. 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 Kingdom.
- 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.
Companies Mentioned
- Wal-Mart Stores Inc.
- Kroger Co.
- Amazon.com Inc.
- Target Corp.
- Costco Wholesale Corp.
- Albertson's Inc.
- Home Depot Inc., The
- Apple Inc.
Key Topics Covered
1. About this Report
2. Prepaid Payment Instrument Market Size and Future Growth Dynamics by Key Performance Indicators
3. Digital Wallet Market Size and Future Growth Dynamics by Key Performance Indicators
4. Digital Wallet Market Size and Future Growth Dynamics by Key Segments
5. UK Prepaid Card Industry Market Attractiveness
6. UK Open Loop Prepaid Card Future Growth Dynamics, 2017-2026
7. UK Closed Loop Prepaid Card Future Growth Dynamics, 2017-2026
8. UK Prepaid Card Consumer Usage Trends
9. UK Prepaid Card Retail Spend Dynamics
10. UK General Purpose Prepaid Card Market Size and Forecast, 2017-2026
11. UK Gift Card Market Size and Forecast, 2017-2026
12. UK Entertainment and Gaming Prepaid Card Market Size and Forecast, 2017-2026
13. UK Teen and Campus Prepaid Card Market Size and Forecast, 2017-2026
14. UK Business and Administrative Expense Prepaid Card Market Size and Forecast, 2017-2026
15. UK Payroll Prepaid Card Market Size and Forecast, 2017-2026
16. UK Meal Prepaid Card Market Size and Forecast, 2017-2026
17. UK Travel Forex Prepaid Card Market Size and Forecast, 2017-2026
18. UK Transit and Tolls Prepaid Card Market Size and Forecast, 2017-2026
19. UK Healthcare and Wellness Prepaid Card Market Size and Forecast, 2017-2026
20. UK Social Security and Other Government Benefit Programs Prepaid Card Market Size and Forecast, 2017-2026
21. UK Fuel Prepaid Cards Market Size and Forecast, 2017-2026
22. UK Utilities, and Other Prepaid Cards Market Size and Forecast, 2017-2026
For more information about this report visit https://www.researchandmarkets.com/r/2720bq
