The latest report by IMARC Group, titled “China Prepaid Cards Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” offers a comprehensive analysis of the industry, which comprises insights on Prepaid Cards market in China. The report also includes competitor and regional analysis, and contemporary advancements in the market. The China prepaid cards market size reached US$ 333 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 527 Billion by 2027, exhibiting a growth rate (CAGR) of 7.9% during 2022-2027.
A prepaid card, also known as prepaid debit or stored-value card, contains a prepaid amount of money that can be used to pay for goods or services. It creates an alternative payment ecosystem with different incentives for consumers, merchants and payment system providers. Prepaid cards provide convenience to the public by easing everyday financial transactions like shopping, paying bills and withdrawing money from an ATM. It also offers other advantages, such as security, versatility, direct deposit, online shopping, theft protection, and no requirement of credit history or interest rates. On account of these advantages, there has been a rise in the adoption of prepaid cards in China.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
China Prepaid Cards Market Trends:
With the rising internet penetration and growing awareness about electronic payment methods, prepaid cards are gaining widespread preference among users in China. Apart from this, the expanding e-commerce industry has led to a surge in the number of online purchases made using electronic modes, such as prepaid cards. In recent years, the Government of China has also revived its efforts to regulate the issuance and circulation of commercial prepaid cards since they are safer than carrying cash. Moreover, several companies are offering prepaid cards to consumers, which is projected to increase the user base in the country. For instance, UnionPay International, a subsidiary of China UnionPay, is offering secure, cost-effective and high-quality cross-border payment services and ensures convenient local services to cardholders and merchants. Besides this, with the incorporation of the latest technologies, contactless prepaid transit is emerging as a popular option as it enables quicker transactions than swiping a card.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
China Prepaid Cards Market Segmentation:
Our report has categorized the market based on region, card type, purpose and vertical.
Market Breakup by Card Type:
- Closed Loop Cards
- Open Loop Cards
Market Breakup by Purpose:
- Payroll/Incentive Cards
- Gift Cards
- Travel Cards
- General Purpose Reloadable (GPR) Cards
- Others
Market Breakup by Vertical:
- Retail
- Corporate/Organization
- Government
- Others
Market Breakup by Region:
- Guangdong
- Jiangsu
- Shandong
- Zhejiang
- Others
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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