China Prepaid Cards Market to Reach US$ 720.2 Billion by 2032, Impelled by Growing Preference for Electronic Payment Methods

January 20, 2020 | Retail

The latest report by IMARC Group, titled “China Prepaid Cards Market Report by Card Type (Closed Loop Cards, Open Loop Cards), Purpose (Payroll/Incentive Cards, Gift Cards, Travel Cards, General Purpose Reloadable (GPR) Cards, and Others), Vertical (Retail, Corporate/Organization, Government, and Others), and Region 2024-2032,” finds that the China prepaid cards market reached a value of US$ 388.7 Billion in 2023. 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.

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. On account of these factors, the market is projected to reach a value of US$ 720.2 Billion by 2032, expanding at a CAGR of 6.9% during 2024-2032.

Market Summary:

Based on the card type, the market has been bifurcated into closed- and open-loop cards. Closed-loop cards are currently the most popular type of prepaid cards in China.
On the basis of the purpose, payroll/incentive cards represent the largest segment. Other major segments include gift, travel, general purpose reloadable (GPR) and other cards.
The market has been categorized based on the vertical into retail, corporate/organization, government and others. At present, the retail segment holds the leading position in the market.
Region-wise, Guangdong exhibits a clear dominance in the market. Other major regions are Jiangsu, Shandong, Zhejiang.
The competitive landscape of the market has been examined in the report, providing detailed profiles of the key players operating in the industry.

Report Scope:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Billion
Segment Coverage	Card Type, Purpose, Vertical, Region
Region Covered	Guangdong, Jiangsu, Shandong, Zhejiang, Others
Customization Scope	10% Free Customization
Report Price and Purchase Option	Single User License: US$ 3699 Five User License: US$ 4699 Corporate License: US$ 5699
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Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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China Prepaid Cards Market to Reach US$ 720.2 Billion by 2032, Impelled by Growing Preference for Electronic Payment Methods

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