Forex Prepaid Cards Market to Reach $492.80 Billion, Globally, by 2032 at 15.3% CAGR

𝑭𝒐𝒓𝒆𝒙 𝑷𝒓𝒆𝒑𝒂𝒊𝒅 𝑪𝒂𝒓𝒅𝒔 𝑴𝒂𝒓𝒌𝒆𝒕 𝑬𝒙𝒑𝒆𝒄𝒕𝒆𝒅 𝒕𝒐 𝑯𝒊𝒕 $492.8 𝑩𝒊𝒍𝒍𝒊𝒐𝒏 𝑮𝒍𝒐𝒃𝒂𝒍𝒍𝒚 𝒃𝒚 2032, 𝑩𝒐𝒐𝒔𝒕𝒆𝒅 𝒃𝒚 15.3% 𝑪𝑨𝑮𝑹 𝒊𝒏 𝑪𝒓𝒐𝒔𝒔-𝑩𝒐𝒓𝒅𝒆𝒓 𝑷𝒂𝒚𝒎𝒆𝒏𝒕 𝑺𝒐𝒍𝒖𝒕𝒊𝒐𝒏𝒔 NEW CASTLE, DE, UNITED STATES, November 7, 2024 /EINPresswire.com/ -- 𝙄𝙣𝙘𝙧𝙚𝙖𝙨𝙚 𝙞𝙣 𝙞𝙣𝙩𝙚𝙧𝙣𝙖𝙩𝙞𝙤𝙣𝙖𝙡 𝙩𝙧𝙖𝙫𝙚𝙡 & 𝙘𝙧𝙤𝙨𝙨-𝙗𝙤𝙧𝙙𝙚𝙧 𝙩𝙧𝙖𝙣𝙨𝙖𝙘𝙩𝙞𝙤𝙣𝙨, 𝙩𝙝𝙚 𝙧𝙞𝙨𝙚 𝙞𝙣 𝙥𝙤𝙥𝙪𝙡𝙖𝙧𝙞𝙩𝙮 𝙤𝙛 𝙤𝙣𝙡𝙞𝙣𝙚 𝙨𝙝𝙤𝙥𝙥𝙞𝙣𝙜, 𝙖𝙣𝙙 𝙩𝙝𝙚 𝙜𝙧𝙤𝙬𝙩𝙝 𝙞𝙣 𝙖𝙬𝙖𝙧𝙚𝙣𝙚𝙨𝙨 𝙖𝙢𝙤𝙣𝙜 𝙘𝙤𝙣𝙨𝙪𝙢𝙚𝙧𝙨 𝙧𝙚𝙜𝙖𝙧𝙙𝙞𝙣𝙜 𝙩𝙝𝙚 𝙗𝙚𝙣𝙚𝙛𝙞𝙩𝙨 𝙤𝙛 𝙛𝙤𝙧𝙚𝙭 𝙥𝙧𝙚𝙥𝙖𝙞𝙙 𝙘𝙖𝙧𝙙𝙨 𝙙𝙧𝙞𝙫𝙚 𝙩𝙝𝙚 𝙜𝙧𝙤𝙬𝙩𝙝 𝙤𝙛 𝙩𝙝𝙚 𝙛𝙤𝙧𝙚𝙭 𝙥𝙧𝙚𝙥𝙖𝙞𝙙 𝙘𝙖𝙧𝙙𝙨 𝙢𝙖𝙧𝙠𝙚𝙩.

Allied Market Research published a report, titled, "Forex Prepaid Cards Market by Type (Single Currency Forex Card and Multi-Currency Forex Card) and End User (Retail, Corporate, Financial Institutions, Government, and Others): Opportunity Analysis and Industry Forecast, 2022-2032". According to the report, the global forex prepaid cards industry generated $120.5 billion in 2022 and is anticipated to generate $492.80 billion by 2032, witnessing a CAGR of 15.3% from 2023 to 2032.

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"𝑮𝒆𝒕 20% 𝑭𝒓𝒆𝒆 𝑪𝒖𝒔𝒕𝒐𝒎𝒊𝒛𝒂𝒕𝒊𝒐𝒏 𝑰𝒏 𝑻𝒉𝒊𝒔 𝑹𝒆𝒑𝒐𝒓𝒕"

Prime determinants of growth
The forex prepaid cards market is accelerated by the growth in trend of cross-border transactions brought about by the globalization of travel and businesses. This has created the requirement for convenient and secure payment solutions, which forex prepaid cards are able to fulfill. Furthermore, the increase in the popularity of online purchasing has increased the need for prepaid cards as a convenient payment option for overseas transactions. The increased awareness regarding the benefits of forex prepaid cards, which include better exchange rates and fewer foreign exchange fees, has further bolstered the growth of the market. On the contrary, emerging economies have a huge untapped market for FX prepaid card providers due to the rise in use of smartphones and internet access in these countries.

The multi-currency forex card segment to maintain its leadership status throughout the forecast period

On the basis of type, the multi-currency forex card segment held the highest market share in 2022, accounting for nearly three-fourths of the global forex prepaid cards market revenue and is projected to manifest the highest CAGR of 16.4% from 2023 to 2032. This is attributed to the fact that a multicurrency forex card simplifies payment and makes travel hassle-free. In addition, a multi-currency forex card usually gets a better exchange rate than other options such as cash or traveler's check (TC). In addition to better rates, users stand to benefit from features such as waived off ATM access fee withdrawals, zero cross-currency charges, and lower transaction charges than international credit or debit cards, with a host of exclusive discounts.

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The corporate segment to maintain its leadership status throughout the forecast period

On the basis of end user, the corporate segment held the highest market share in 2022, accounting for more than one-third of the global forex prepaid cards market revenue and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the fact that consumers go to different countries for vacations and business purposes for which they take forex cards for making any transactions. However, the government segment is projected to manifest the highest CAGR of 19.3% from 2023 to 2032. This is attributed to the fact that forex prepaid cards offer a convenient way for government agencies to manage and control expenses.

North America to maintain its dominance by 2032

On the basis of region, North America held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global forex prepaid cards market revenue and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the fact that as consumer travel spending increases, it is expected to open up a huge market in North America for banks and forex prepaid card issuers to work with travel companies and improve the consumer experience. Many issuers have AI-enabled customer onboarding to balance the need for these compliance requirements with growth in cardholder expectations for a quick and frictionless onboarding process. However, Asia-Pacific is expected to witness the fastest CAGR of 19.3% from 2023 to 2032. This is attributed to the growth in tourism industry and increasing disposable income in the region.

Leading Market Players: -
American Express Company
Axis Bank
HSBC Group
Revolut Ltd
Qantas Airways Limited
Mastercard
HDFC Bank Ltd.
Thomascook.in
Travelex International Limited
Wise Payments Limited
The report provides a detailed analysis of these key players of the global forex prepaid cards market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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Key Benefits for Stakeholders

This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the forex prepaid cards market analysis from 2022 to 2032 to identify the prevailing forex prepaid cards market opportunity.
Market research is offered along with information related to key drivers, restraints, and opportunities.
The Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the forex prepaid cards market segmentation assists to determine the prevailing forex prepaid cards market opportunities.
Major countries in each region are mapped according to their revenue contribution to the market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as forex prepaid cards market trends, key players, market segments, application areas, and market growth strategies.

"𝑻𝒉𝒆 𝒓𝒊𝒔𝒆 𝒊𝒏 𝒕𝒓𝒂𝒗𝒆𝒍 𝒂𝒏𝒅 𝒕𝒐𝒖𝒓𝒊𝒔𝒎 𝒊𝒔 𝒐𝒏𝒆 𝒐𝒇 𝒕𝒉𝒆 𝒎𝒂𝒊𝒏 𝒇𝒂𝒄𝒕𝒐𝒓𝒔 𝒕𝒉𝒂𝒕 𝒄𝒐𝒏𝒕𝒓𝒊𝒃𝒖𝒕𝒆 𝒕𝒐 𝒕𝒉𝒆 𝒏𝒆𝒆𝒅 𝒇𝒐𝒓 𝒇𝒐𝒓𝒆𝒙 𝒑𝒓𝒆𝒑𝒂𝒊𝒅 𝒄𝒂𝒓𝒅𝒔 𝒂𝒎𝒐𝒏𝒈 𝒄𝒐𝒏𝒔𝒖𝒎𝒆𝒓𝒔, 𝒂𝒄𝒄𝒆𝒍𝒆𝒓𝒂𝒕𝒊𝒏𝒈 𝒕𝒉𝒆 𝒈𝒓𝒐𝒘𝒕𝒉 𝒐𝒇 𝒕𝒉𝒆 𝒇𝒐𝒓𝒆𝒙 𝒑𝒓𝒆𝒑𝒂𝒊𝒅 𝒄𝒂𝒓𝒅𝒔 𝒎𝒂𝒓𝒌𝒆𝒕."

Forex Prepaid Cards Market Report Highlights:

By Type

Single Currency Forex Card
Multi-Currency Forex Card
By End User

Retail
Corporate
Financial Institutions
Government
Others
By Region

North America (U.S., Canada)
Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
Latin America (Brazil, Argentina, Rest of Latin America)
Middle East and Africa (Gcc Countries, South Africa, Rest of Middle East and Africa)

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