UK Prepaid Cards Market Report by Card Type (Closed Loop Cards, Open Loop Cards), Purpose (Travel Cards, General Purpose Reloadable (GPR) Cards, Gift Cards, Gaming Cards, and Others), and Region 2024-2032

UK Prepaid Cards Market Report by Card Type (Closed Loop Cards, Open Loop Cards), Purpose (Travel Cards, General Purpose Reloadable (GPR) Cards, Gift Cards, Gaming Cards, and Others), and Region 2024-2032

Report Format: PDF+Excel | Report ID: SR112024A24504
Buy Now

UK Prepaid Cards Market Overview:

The UK prepaid cards market size reached US$ 82 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 145 Billion by 2032, exhibiting a growth rate (CAGR) of 6.50% during 2024-2032. The market is experiencing steady growth driven by the rising popularity of e-commerce and online shopping trends across the region, the increasing demand for financial inclusion among the masses, and continuous technological advancements in digital payment solutions.

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:

Technological advancements and digital payment solutions

The market is witnessing growth with the rise of digital payment solutions and technological advancements. Along with this, individuals are shifting to digital wallets and contactless payments, which are usually availed through prepaid cards, due to the increased penetration of the internet and smartphones. Besides this, innovations, such as near field communication and secure chip technologies, are making prepaid cards safer to use. This, in turn, is making them a preferred choice for online and offline transactions. In addition, numerous mobile applications and digital platforms in which prepaid cards are integrated offer seamless financial management tools to users, thus encouraging wide acceptance. Moreover, continual developments in fintech solutions with new functionalities, such as real-time transaction tracking, budgetary tools, and personalized financial services are fueling the market.

Consumer demand for financial inclusion and accessibility

One of the key drivers in the market is financial inclusion, as prepaid cards offer an accessible solution to financial matters, especially for the unbanked and underbanked segments who are unable to qualify for traditional banking services. In confluence with this, the cards are an appropriate and secure means of storing wages, benefits and spending without opening an account at a bank. Thus, this is significantly supporting the market. Apart from this, prepaid cards are also being utilized by younger masses and by individuals with bad credit histories to get started in building a credit profile, further favoring the market. Additionally, the escalating demand for prepaid cards due to their flexibility and ease of use is driving the market. Moreover, the increasing adoption of prepaid cards for online transactions are expanding their usability and appeal. The rise in e-commerce and mobile payment solutions is also contributing to the growing preference for prepaid cards as a secure and convenient payment method.

E-commerce growth and online shopping trends

The considerable rise in e-commerce and the increasing online shopping trend are positively influencing the market. Concurrently, the growing requirement for secure and convenient modes of payments due to the increasing consumer inclination toward digital purchasing is propelling the market growth. In addition, prepaid cards provide a potent solution by allowing users to make online transactions without exposing their primary bank accounts or credit card information, thereby avoiding fraudulent risks. Moreover, prepaid cards are widely applied to subscription services, gaming, and digital content purchases, in accordance with the increasing consumer trend of online services. Therefore, the added ability to manage one's spending and limit exposure to online fraud is further making prepaid cards an attractive option for digital shoppers, which in turn is impelling the market demand.

UK Prepaid Cards Market News:

  • March 26, 2024: Wallester, a white-label VISA card issuer, has announced the receipt of a cross-border activity license as a significant step in its expansion to the United Kingdom market. With this, Wallester is allowed to bring leading-edge solutions in payments and finance to the UK market, hereby significantly expanding its market presence and confirming its commitment to the accessibility of frictionless financial transactions worldwide.
  • January 11, 2023: Soldo, the European integrated business expense card and expense management platform, has been appointed as a supplier of payment solutions for Crown Commercial Service (CCS) PrePaid Cards (Lot 2). This will help entities in the public sector, such as local authorities, throughout the UK, support those in need to pay for goods and services with prepaid cards.

UK Prepaid Cards Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2024-2032. Our report has categorized the market based on card type, purpose, and vertical.

Card Type Insights:

  • Closed Loop Cards
  • Open Loop Cards
     

The report has provided a detailed breakup and analysis of the market based on the card type. This includes closed loop cards and open loop cards.

Purpose Insights:

  • Travel Cards
  • General Purpose Reloadable (GPR) Cards
  • Gift Cards
  • Gaming Cards
  • Others
     

A detailed breakup and analysis of the market based on the purpose have also been provided in the report. This includes travel cards, general purpose reloadable (GPR) cards, gift cards, gaming cards, and others.

Vertical Insights:

  • Retail
  • Government
  • Corporate/Organization
  • Others
     

The report has provided a detailed breakup and analysis of the market based on the vertical. This includes retail, government, corporate/organization, and others.

Regional Insights:

  • London
  • South East
  • North West
  • East of England
  • South West
  • Scotland
  • West Midlands
  • Yorkshire and The Humber
  • East Midlands
  • Others
     

The report has also provided a comprehensive analysis of all the major regional markets, which include London, South East, North West, East of England, South West, Scotland, West Midlands, Yorkshire and The Humber, East Midlands, and Others.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

UK Prepaid Cards Market Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Scope of the Report Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Future Market Assessment:
  • Card Type
  • Purpose
  • Vertical
  • Region
Card Types Covered Closed Loop Cards, Open Loop Cards
Purposes Covered Travel Cards, General Purpose Reloadable (GPR) Cards, Gift Cards, Gaming Cards, Others
Verticals Covered Retail, Government, Corporate/Organization, Others
Regions Covered London, South East, North West, East of England, South West, Scotland, West Midlands, Yorkshire and The Humber, East Midlands, Others
Customization Scope 10% Free Customization
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)


Key Questions Answered in This Report:

  • How has the UK prepaid cards market performed so far and how will it perform in the coming years?
  • What has been the impact of COVID-19 on the UK prepaid cards market?
  • What is the breakup of the UK prepaid cards market on the basis of card type?
  • What is the breakup of the UK prepaid cards market on the basis of purpose?
  • What is the breakup of the UK prepaid cards market on the basis of vertical?
  • What are the various stages in the value chain of the UK prepaid cards market? 
  • What are the key driving factors and challenges in the UK prepaid cards?
  • What is the structure of the UK prepaid cards market and who are the key players?
  • What is the degree of competition in the UK prepaid cards market? 

Key Benefits for Stakeholders:

  • IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the UK prepaid cards market from 2018-2032.
  • The research report provides the latest information on the market drivers, challenges, and opportunities in the UK prepaid cards market.
  • Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the UK prepaid cards industry and its attractiveness.
  • Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.

Need more help?

  • Speak to our experienced analysts for insights on the current market scenarios.
  • Include additional segments and countries to customize the report as per your requirement.
  • Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
  • For further assistance, please connect with our analysts.
UK Prepaid Cards Market Report by Card Type (Closed Loop Cards, Open Loop Cards), Purpose (Travel Cards, General Purpose Reloadable (GPR) Cards, Gift Cards, Gaming Cards, and Others), and Region 2024-2032
Purchase options




Benefits of Customization

Personalize this research

Triangulate with your data

Get data as per your format and definition

Gain a deeper dive into a specific application, geography, customer, or competitor

Any level of personalization

Get in Touch With Us
UNITED STATES

Phone: +1-631-791-1145

INDIA

Phone: +91-120-433-0800

UNITED KINGDOM

Phone: +44-753-714-6104

Email: sales@imarcgroup.com

Client Testimonials

Aktive Services

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

Read More
Greenfish S.A.

The IMARC team was very reactive and flexible with regard to our requests. A very good overall experience. We are happy with the work that IMARC has provided, very complete and detailed. It has contributed to our business needs and provided the market visibility that we required

Read More
Colruyt Group

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Read More
KRISHAK BHARTI CO-OP LTD

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

Read More
Zee Media Corp. Ltd.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Read More
Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

Read More
Sumitomo Corporation

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

Read More
Hameln Rds

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

Read More
Quality Consultants BV

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

Read More
TATA Advanced Systems Limited

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

Read More
Stax

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.

Read More