United Kingdom Prepaid Card and Digital Wallet Markets Report 2022-2026 - FinTech Companies are Raising Funds to Integrate Social Banking with Prepaid Card Programs
The prepaid card market (value terms) in the United Kingdom increased at a CAGR of 8.7% during 2017-2021.
DUBLIN , May 13, 2022 /PRNewswire/ -- 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.
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.
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.
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.
- 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.
- 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.
- 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.
Scope of the Report
United Kingdom Digital Wallet Market Size and Forecast
- Transaction Value Trend Analysis
- Transaction Volume Trend Analysis
- Average Value per Transaction
United Kingdom 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 Kingdom 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 Kingdom 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 Kingdom 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 Kingdom Prepaid Card Consumer Usage Trends
- By Age Group
- By Income Group
- By Gender
United Kingdom General Purpose Prepaid Card Market Size and Forecast
United Kingdom 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
- 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 Kingdom Entertainment and Gaming Prepaid Card Market Size and Forecast
United Kingdom 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 Kingdom Business and Administrative Expense Prepaid Card Market Size and Forecast
- By Small Scale Business Segment
- By Mid-Tier Business Segment
- By Enterprise Business Segment
- By Government Segment
United Kingdom Payroll Prepaid Card Market Size and Forecast
- By Small Scale Business Segment
- By Mid-Tier Business Segment
- By Enterprise Business Segment
- By Government Segment
United Kingdom Meal Prepaid Card Market Size and Forecast
- By Small Scale Business Segment
- By Mid-Tier Business Segment
- By Enterprise Business Segment
- By Government Segment
United Kingdom Travel Forex Prepaid Card Market Size and Forecast
- By Retail
- By Small Scale Business Segment
- By Mid-Tier Business Segment
- By Enterprise Business Segment
- By Government Segment
United Kingdom Transit and Tolls Prepaid Card Market Size and Forecast
United Kingdom Healthcare and Wellness Prepaid Card Market Size and Forecast
United Kingdom Social Security and Other Government Benefit Programs Prepaid Card Market Size and Forecast
United Kingdom Fuel Prepaid Cards Market Size and Forecast
United Kingdom Utilities, and Other Prepaid Cards Market Size and Forecast
For more information about this report visit https://www.researchandmarkets.com/r/cdtw5l
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