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Dublin, March 10, 2022 (GLOBE NEWSWIRE) — The “Asia Pacific Prepaid Card and Digital Wallet Business and Investment Opportunities Databook – Market Size and Forecast, Consumer Attitude & Behaviour, Retail Spend” report has been added to ResearchAndMarkets.com’s offering.
Asia Pacific prepaid card market (value terms) in increased at a CAGR of 9.8% during 2017-2021. Over the forecast period of 2022 to 2026, the market is expected to record a CAGR of 12.0%, increasing from US$598.83 billion in 2022 to reach US$940.98 billion by 2026.
In 2021, the demand for prepaid cards increased significantly in the Asia-Pacific region. Fintech companies in emerging markets attracted significant investments to expand their product portfolios and foray into new markets.
The region’s key digital wallets gained substantial market share in the last four to six quarters primarily due to rising adoption and technological advancements.
Moreover, with the strong growth of the e-commerce market in this region and the demand for cashless payment methods, the publisher expects the prepaid card segment to benefit significantly.
Digital wallets are building partnerships to launch prepaid cards in the Indian market
With higher demand for digital payments across online and brick-and-mortar stores in the country, digital wallet providers are launching innovative prepaid card solutions in order to capture more market share.
- In November 2021, Indian digital wallet company, Mobikwik, has collaborated with the National Payments Corporation of India (NPCI) and Axis Bank for the introduction of MobiKwik RuPay Prepaid Card.
- This prepaid card, together with the wallet, will provide the customers’ access to more than 40 million merchants across many countries, including MobiKwik merchant network.
- The prepaid cards will reflect up to ?2 lakh (~US$2,690) balance from the wallet balance.
- The customers of prepaid card users will get a ?30,000 credit (~US$400) in their wallet as they will automatically qualify for MobiKwik Zip, which is the buy now pay later product of the digital wallet.
Central Bank of China introduced digital yuan wallet app
China will continue the digitization process through the release of the wallet app.
- In January 2022, The People’s Bank of China (PBOC) launched a digital yuan wallet app on various app stores.
- The app will help the bank to carry…
Full story available on Benzinga.com
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