UK Fintech firms are eyeing expansion in the Asia-Pacific region to accelerate growth

by James · March 24, 2023

DUBLIN, March 24, 2023 /PRNewswire/ — The “UK Prepaid Card and Digital Wallet Business and Investment Opportunities Databook – Market Size and Forecast, Consumer Attitudes and Behavior, Retail Spending – Q1 2023 Update” report has been added ResearchAndMarkets.com’s Offering.

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The Britain’s The prepaid card industry has grown consistently over the past three to four years amid the ongoing digitization of small and medium-sized businesses. This combined with fintech innovation and growing trends in online shopping have driven transaction volume and value for prepaid cards in the country.

With players looking to capitalize on a growing share of the prepaid card industry in the global markets, Great Britain-based fintech firms and neo-banks are expected to expand their geographic footprint in the short to medium term. Overall, the issuer maintains a positive growth outlook for the prepaid card industry i Great Britain over the next three to four years.

Teen-focused prepaid card provider raises funding round to accelerate global expansion

IN Great Britain, teen-focused prepaid card providers have experienced high growth amid the growing demand for digital payment solutions. These fintech companies are now targeting global expansion and raising capital to accelerate their international expansion. For example,

IN October 2022GoHenry, a teen-focused prepaid card and financial education app announced that the firm had raised 55 million dollars, which it plans to use to further expand its footprint in the global market. The funding comes after the firm acquired Pixpay, another teen-focused prepaid card provider, which leads the market in Spain and France.
IN November 2022, GoHenry also entered into a strategic partnership with Visa. The collaboration means that Visa will become the global network partner for GoHenry i the United Statesit Great Britainand Europe. Furthermore, the partnership will also allow parents to load GoHenry prepaid cards using their Visa debit cards through Visa Direct.

From a short- to medium-term perspective, the issuer expects GoHenry to further acquire teen-focused prepaid card providers as it continues to expand its presence in Europe and globally.

UK-based fintech firms looking for expansion i Asia Pacific region to accelerate growth

The Asia Pacific The prepaid card market has registered strong growth in recent years, and the trend is expected to continue in the short to medium term. To exploit this growth potential, especially in markets such as IndiaUK-based fintech firms looking for expansion i Asia Pacific region.

Revolut, one of the leading providers of prepaid cards in the country, is now targeting global markets after reaching 25 million customers worldwide. As part of its expansive growth strategy, the firm plans to launch its super app in markets including India, New Zealandand The Philippines, among others. The firm is also targeting the Japanese market, where it claims that the banks do not offer modern banking solutions. By 2025, Revolut aims to increase the number of users from 600,000 to 10 million.
Tide, another UK-based fintech firm but with a focus on SMEs, also announced the launch of its services in India. IN December 2022, the firm announced that it is launching a business account and RuPay-powered expense card, thereby allowing SMEs to better manage their expenses. Time is watching India as a major £100 million revenue opportunity and plans to bring in half a million

SMEs onto its platform over the next two years.

With Asia Pacific market that offers a lucrative growth opportunity, several fintech firms are expected to expand their prepaid cards and other digital banking services to the region over the next three to four years.

Companies enter into strategic alliances to launch prepaid card products for travelers in Great Britain

To capitalize on the strong user base of other firms, fintech providers are forming strategic alliances and launching innovative products that offer travelers discounts, cashback and other rewards when they travel.

IN September 2022, Monavate, the UK fintech firm, announced that the firm had partnered with Maps.me. During the collaboration, the two companies have launched a prepaid Mastercard card, allowing the 60 million Maps.me users to make payments wherever Mastercard is accepted. By integrating the prepaid card into the Maps.me interface, Monavate aims for growth through embedded financial services. With over a million users already on the waiting list, the demand for prepaid travel cards is clear.

To drive seamless consumer experiences, the publisher expects more fintech firms to launch and integrate prepaid card products into the services widely used by Britons. This will support the growth of the industry over the next three to four years Great Britain.

According to the publisher, the market for prepaid cards (value terms) is i Great Britain increasing at a CAGR of 8.0% during 2018-2022. During the forecast period 2023 to 2027, the market is expected to register a CAGR of 9.8%, increasing from 43.91 billion dollars in 2022 to now 71.16 billion dollars by 2027.

This report provides a detailed data-centric analysis of prepaid payment instruments, covering spending through prepaid cards and digital wallets across retail and business consumer segments. In addition, it provides a snapshot of consumer behavior and retail dynamics Great Britain. With over 100 country-level KPIs, this report provides a comprehensive understanding of prepaid card and digital wallet card market dynamics.

scope

United Kingdom Digital Wallet Market Size and Forecast

Transaction value trend analysis
Transaction volume trend analysis
Average value per transaction

United Kingdom Digital Wallet Market Size and Forecast by Key Segments

Retail trade (value, volume, average value)
Travel (value, volume, average value)
Entertainment and games (value, volume, average value)
Restaurant (value, volume, average value)
Charge up and Bill payment (Value, Volume, Average value)

UK prepaid card industry Market attractiveness

Load value trend analysis
Transaction value trend analysis
Transaction volume trend analysis
Average value per transaction
Number of cards

Market share analysis by functional attributes – open loop vs. closed loop

Market share analysis by prepaid card category

UK Open Loop Prepaid Card Future Growth Dynamics

Transaction value trend analysis
Transaction volume trend analysis
Average value per transaction
Number of cards

United Kingdom Closed Loop Prepaid Card Future Growth Dynamics

Transaction value trend analysis
Transaction volume trend analysis
Average value per transaction
Number of cards

Prepaid cards in the UK, consumer usage trends

By age group
By income group
By gender

United Kingdom General Purpose Prepaid Cards Market Size and Forecast
Great Britain – Gift Card Market Size and Forecast

Gift Card Market Size and Forecast by Functional Attribute
In the case of open loop gift cards
Gift card with closed loop
Gift Card Market Size and Forecast by Consumer Segment
By retail segment
By business consumer segment
Gift Card Market Share Analysis by Retail Category
Gift card market share analysis by gift occasion
Gift card market share analysis by place of purchase

United Kingdom Entertainment and Gaming Prepaid Cards Market Size and Forecast

United Kingdom Teens and Campus Prepaid Cards Market Size and Forecast
Youth and Campus Prepaid Cards Market Size and Forecast by Functional Attribute

United Kingdom Business and Administrative Expense Prepaid Card Market Size and Forecast
Prepaid Cards for Business and Administrative Expenses Market Size and Forecast by Consumer Segment

By small scale business segment
By Mid-Tier Business Segment
By Enterprise Business Segment
By Government Segment

UK Payroll Prepaid Card Market Size and Forecast
Salary Prepaid Card Market Size and Forecast by Consumer Segment

By small scale business segment
By Mid-Tier Business Segment
By Enterprise Business Segment
By Government Segment

United Kingdom Meal Prepaid Card Market Size and Forecast
Meal Prepaid Card Market Size and Forecast by Consumer Segments

By small scale business segment
By Mid-Tier Business Segment
By Enterprise Business Segment
By Government Segment

UK Travel Forex Prepaid Cards Market Size and Forecast
Travel Forex Prepaid Cards Market Size and Forecast by Consumer Segment

Of retail trade
By small scale business segment
By Mid-Tier Business Segment
By Enterprise Business Segment
By Government Segment

UK Transit and Toll Prepaid Card Market Size and Forecast

United Kingdom Healthcare and Wellness Prepaid Card Market Size and Forecast

UK Social Security and Other Public Benefit Programs Prepaid Card Market Size and Forecast

United Kingdom Fuel Prepaid Cards Market Size and Forecast

United Kingdom Utilities and Other Prepaid Cards Market Size and Forecast

Reasons to buy

In-depth understanding of Prepaid Card and Digital Wallet Market Dynamics: Understand market opportunities, industry dynamics, key trends and drivers across 75+ market segments and sub-segments of Prepaid Payment Instruments in Great Britain.
Develop market specific strategies: Identify growth segments and target specific opportunities to formulate the prepaid card and digital wallet strategy; assess market-specific key trends, drivers and risks in the industry.
Gain insight into consumer attitudes and behaviour: Understand changes in consumer attitudes and behaviour, and increase returns. Gain detailed insight into retail spending through prepaid cards and digital wallets.

For more information on this report, visit https://www.researchandmarkets.com/r/t2fcbb

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