United Kingdom Prepaid Card and Digital Wallet Business and Investment Opportunities Databook Q1 2023 Update: UK Fintech Firms Are Eyeing Expansion in the Asia-Pacific Region to Accelerate Growth
DUBLIN, March 24, 2023 /PRNewswire/ — The “United Kingdom Prepaid Card and Digital Wallet Business and Investment Opportunities Databook – Market Size and Forecast, Consumer Attitude & Behaviour, Retail Spend – Q1 2023 Update” report has been added to ResearchAndMarkets.com’s offering. The United Kingdom’s prepaid card industry has been growing consistently over the last three to four years amid the ongoing digitalization among SMEs. This coupled with the fintech innovation and surging trend of online shopping has driven prepaid card transaction volume and value in the country.
With players seeking to capitalize on a growing share of the prepaid card industry in the global markets, United Kingdom-based fintech firms and neo-banks are expected to expand their geographical footprint from the short to medium-term perspective. Overall, the publisher maintains a positive growth outlook for the prepaid card industry in the United Kingdom over the next three to four years. Teen-focused prepaid card providers are raising funding round to accelerate global expansion
In the United Kingdom, teen-focused prepaid card providers have experienced high growth amid the surging demand for digital payment solutions. These fintech firms are now targeting global expansion and are raising capital to accelerate their international expansion. For instance,
- In October 2022, GoHenry, a teen-focused prepaid card, and financial education app announced that the firm had raised US£55 million, which it plans to use to further expand its footprint in the global market.
The funding comes after the firm acquired Pixpay, another teen-focused prepaid card provider, which is leading the market in Spain and France.
- In November 2022, GoHenry also entered into a strategic collaboration with Visa. The collaboration means that Visa will become the global network partner for GoHenry in the United States, the United Kingdom, and Europe. Furthermore, the partnership will also allow parents to load the GoHenry prepaid card using their Visa debit cards through Visa Direct.
From the short to medium-term perspective, the publisher expects GoHenry to further acquire teen-focused prepaid card providers, as it continues to expand its presence in Europe and globally.
UK-based fintech firms are eyeing expansion in the Asia Pacific region to accelerate growth The Asia Pacific prepaid card market has recorded strong growth over the last few years and the trend is projected to further continue from the short to medium-term perspective. To tap into this growth potential, especially in markets like India, UK-based fintech firms are eyeing expansion in the Asia Pacific region.
- Revolut, one of the leading prepaid card providers in the country, is now targeting global markets after reaching 25 million customers worldwide.
As part of its expansive growth strategy, the firm is planning to launch its super app in markets including India, New Zealand, and the Philippines, among others. The firm is also targeting the Japanese market, where it claims that the banks are not offering modern banking solutions. By 2025, Revolut aims to increase its user count from 600,000 to 10 million.
- Tide, another UK-based fintech firm but having a focus on SMEs, also announced the launch of its services in India.
In December 2022, the firm announced that is launching a business account and RuPay-powered expense card, thereby allowing SMEs to better manage their expenses. Tide is looking at India as a GBP100 million big revenue opportunity and plans to onboard half a million
SMEs onto its platform over the next two years. With the Asia Pacific market offering a lucrative growth opportunity, more fintech firms are expected to expand their prepaid card and other digital banking services to the region over the next three to four years.
Firms are forging strategic alliances to launch prepaid card products for travelers in the United Kingdom To tap into the strong user base of other firms, fintech providers are forging strategic alliances and are launching innovative products that offer travelers with discounts, cashback, and other rewards when traveling.
- In September 2022, Monavate, the UK-based fintech firm, announced that the firm had collaborated with Maps.me. Under the collaboration, the two firms have launched a Mastercard prepaid card, thereby allowing the 60 million Maps.me users to make payments wherever Mastercard is accepted.
By integrating the prepaid card into the Maps.me interface, Monavate is targeting growth through embedded finance services. With over a million users already on the waitlist, the demand for the travel prepaid card is evident.
For driving seamless consumer experiences, the publisher expects more fintech firms to launch and integrate prepaid card products into the services that are widely used by brits. This will support the growth of the industry over the next three to four years in the United Kingdom.
According to the publisher, the prepaid card market (value terms) in United Kingdom increased at a CAGR of 8.0% during 2018-2022. Over the forecast period of 2023 to 2027, the market is expected to record a CAGR of 9.8%, increasing from US£43.91 billion in 2022 to reach US£71.16 billion by 2027. 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 United Kingdom. With over 100 KPIs at country level, this report provides comprehensive understanding of prepaid card and digital wallet card market dynamics. Scope
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 Market Share Analysis by Prepaid Card Categories United Kingdom Open Loop Prepaid Card Future Growth Dynamics
- Transaction Value Trend Analysis
- Transaction Volume Trend Analysis
- Average Value per Transaction
- Number of Cards
United Kingdom Closed Loop Prepaid Card Future Growth Dynamics
- 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
- Gift Card Market Size and Forecast by Consumer Segments
- 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
Business and Administrative Expense Prepaid Card Market Size and Forecast by Consumer Segments
- 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
Payroll Prepaid Card Market Size and Forecast by Consumer Segments
- 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
Meal Prepaid Card Market Size and Forecast by Consumer Segments
- 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
Travel Forex Prepaid Card Market Size and Forecast by Consumer Segments
- 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 Reasons to buy
- In-depth understanding of prepaid card and digital wallet market dynamics: Understand market opportunity, industry dynamics, key trends and drivers across 75+ market segments and sub-segments of prepaid payment instrument in United Kingdom.
- Develop market specific strategies: Identify growth segments and target specific opportunities to formulate your prepaid card and digital wallet strategy; assess market specific key trends, drivers and risks in the industry.
- Get insights into consumer attitude and behaviour: Understand changing consumer attitude and behaviour and boost ROI.
Get detailed insights into retail spend through prepaid cards and digital wallets.
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