Europe Prepaid Card and Digital Wallet Business and Investment Report 2024-2028: Europe is Set to Make a Significant Push for Digital Wallet Adoption to Become a Cashless Society - ResearchAndMarkets.com

DUBLIN: The "Europe Prepaid Card and Digital Wallet Business and Investment Opportunities Databook - Market Size and Forecast, Consumer Attitude & Behaviour, Retail Spend - Q1 2024 Update" report has been added to ResearchAndMarkets.com's offering.

Prepaid card market (value terms) in the region increased at a CAGR of 7.6% during 2019-2023. Over the forecast period of 2024 to 2028, the market is expected to record a CAGR of 9.1%, increasing from US$251.53 billion in 2023 to reach US$395.93 billion by 2028.

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 Europe. With over 100 KPIs at country level, this report provides comprehensive understanding of prepaid card and digital wallet card market dynamics.

The prepaid card industry is poised to grow at an accelerated rate over the medium term in Europe. The growth will be driven by the rising adoption of digital wallets across the region, as the shift towards a cashless society continues to gain momentum. In the United Kingdom, cash payments have declined from 54% in 2012 to 14% in 2022, according to a report from UK Finance. The trend is set to continue further in 2024.

The adoption of digital wallets will be largely driven by the European Payments Initiative, under which an EU-wide digital wallet will be launched, initially in France, Germany, and Belgium in 2024. Payment giants like Mastercard are also launching new products to drive digital wallet uptake in Europe. Overall, the publisher maintains a robust growth outlook for the prepaid card market in Europe over the next three to four years.

Europe is set to make a significant push for digital wallet adoption to become a cashless society

The number of mobile and digital payments has grown significantly over the last few years. According to a report from eClear, transaction values have increased 30% over the last three years in Europe. This shows that the payment method is gaining strong traction among consumers across the region.

Apple Pay, PayPal, and Samsung Pay are among the most popular digital wallets, but preferences vary substantially by country.

In Russia, consumers prefer using YooMoney and QIWI for payments, while in the Netherlands, iDEAL is the popular choice, and in Germany, PayPal is widely used. In 2024, the uptake of digital wallets is poised to record further growth in many of the European nations. The publisher expects the European Payments Initiative, under which an EU-wide digital wallet will be launched in markets like France, Germany, and Belgium in 2024, to drive the uptake of prepaid payment instruments substantially over the medium term.

Mastercard launched Wallet Express to drive the uptake of digital wallets in the European region

Mastercard, in December 2023, introduced a new program in Europe that helps banks and card issuers provide their customers with more options for digital wallets on their smartphones or wearable gadgets. This program makes it easier for these financial institutions to support multiple digital wallets at once.

• Initially, the Wallet Express program included support for digital wallets like Garmin Pay, Xiaomi Pay, and Amazfit. Furthermore, Mastercard has teamed up with Samsung to enable more European banks and card issuers to offer Samsung Wallet to customers who use Galaxy mobile devices and wearables. As of December 2023, more than 90 companies that represent over 700 banks and issue over 100 million cards have joined the program. This will give consumers more options when it comes to making payments.

These innovative product launches are set to drive the uptake of digital wallets across Europe, thereby supporting the growth of the prepaid card industry in the region over the next three to four years.

UK-based banking firm launches multi-currency debit card to take on popular fintech firms

With the likes of Revolut and Wise recording strong growth in the United Kingdom market, traditional banking institutions are also making a push into the sector, thereby driving the competitive landscape in 2024.

• HSBC, in 2024, is set to launch a payments app offering cheap foreign exchange to retail customers. The firm, in January 2024, announced that it would launch a multi-currency app and debit card. This will enable customers to hold 10 different currencies. Initially, the app and the debit card will be made available in the United Kingdom, with the bank planning to expand in other markets over the medium term. The move is part of the firm's strategy to compete with neobank and fintech firms that are soaring in popularity.

HSBC, notably, is not the only banking institution to foray into the fintech sector. JPMorgan, the US-based investment bank, also forayed into the digital banking market with the launch of Chase UK in 2021. HSBC entered the fintech market with a US$35 million investment in Monese in 2022. Now, with the new app and debit card launch, HSBC is seeking to further strengthen its position in the fast-growing fintech and prepaid card industry in the United Kingdom.

A bundled offering, combining one regional and 15 country reports

• Europe Prepaid Card and Digital Wallet Business and Investment Opportunities Databook
• Austria Prepaid Card and Digital Wallet Business and Investment Opportunities Databook
• Belgium Prepaid Card and Digital Wallet Business and Investment Opportunities Databook
• Denmark Prepaid Card and Digital Wallet Business and Investment Opportunities Databook
• Finland Prepaid Card and Digital Wallet Business and Investment Opportunities Databook
• France Prepaid Card and Digital Wallet Business and Investment Opportunities Databook
• Germany Prepaid Card and Digital Wallet Business and Investment Opportunities Databook
• Greece Prepaid Card and Digital Wallet Business and Investment Opportunities Databook
• Italy Prepaid Card and Digital Wallet Business and Investment Opportunities Databook
• Netherlands Prepaid Card and Digital Wallet Business and Investment Opportunities Databook
• Norway Prepaid Card and Digital Wallet Business and Investment Opportunities Databook
• Poland Prepaid Card and Digital Wallet Business and Investment Opportunities Databook
• Spain Prepaid Card and Digital Wallet Business and Investment Opportunities Databook
• Sweden Prepaid Card and Digital Wallet Business and Investment Opportunities Databook
• Switzerland Prepaid Card and Digital Wallet Business and Investment Opportunities Databook
• United Kingdom Prepaid Card and Digital Wallet Business and Investment Opportunities Databook

Scope for Each Databook

• Prepaid Payment Instrument Market Size and Forecast
• Digital Wallet Market Size and Forecast
• Digital Wallet Market Size and Forecast by Key Segments
• Digital Wallet Spend by Key Retail Categories
• Prepaid Card Industry Market Attractiveness
• Market Share Analysis by Functional Attributes - Open Loop vs. Closed Loop
• Open Loop Prepaid Card Future Growth Dynamics
• Closed Loop Prepaid Card Future Growth Dynamics
• Prepaid Card Market Share by Key Players
• Prepaid Card Consumer Usage Trends
• Prepaid Card Spend by Key Retail Categories
• General Purpose Prepaid Card Market Size and Forecast
• Gift Card Market Size and Forecast
• Gift Card Market Size and Forecast by Functional Attribute
• Gift Card Market Size and Forecast by Consumer Segments
• Gift Card Market Share Analysis by Retail Categories
• Gift Card Market Share Analysis by Gifting Occasion
• Gift Card Market Share Analysis by Purchase Location
• Entertainment and Gaming Prepaid Card Market Size and Forecast
• Teen and Campus Prepaid Card Market Size and Forecast
• Teen and Campus Prepaid Card Market Size and Forecast by Functional Attribute
• Business and Administrative Expense Prepaid Card Market Size and Forecast
• Business and Administrative Expense Prepaid Card Market Size and Forecast by Consumer Segments
• Payroll Prepaid Card Market Size and Forecast
• Payroll Prepaid Card Market Size and Forecast by Consumer Segments
• Meal Prepaid Card Market Size and Forecast
• Meal Prepaid Card Market Size and Forecast by Consumer Segments
• Travel Forex Prepaid Card Market Size and Forecast
• Travel Forex Prepaid Card Market Size and Forecast by Consumer Segments
• Transit and Tolls Prepaid Card Market Size and Forecast
• Healthcare and Wellness Prepaid Card Market Size and Forecast
• Social Security and Other Government Benefit Programs Prepaid Card Market Size and Forecast
• Fuel Prepaid Cards Market Size and Forecast
• Utilities, and Other Prepaid Cards Market Size and Forecast
• Virtual Prepaid Card Industry Market Attractiveness
• Virtual Prepaid Card Market Size and Future Growth Dynamics by Key Categories

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Fonte: Business Wire