The global forex prepaid cards market continues to grow as a result of an increase in international travel, cross-border transactions, and the growth of consumer awareness regarding the benefits of forex prepaid cards. Allied Market Research, a research firm, published a report titled, “Forex Prepaid Cards Market”. According to the report, the global forex prepaid cards market generated $120.5 billion in 2022 and is expected to reach $492.80 billion by 2032, experiencing a CAGR of 15.3%.
Some of the factors driving the growth of the market include the rise in cross-border transactions due to globalization, the increased popularity of online shopping, and the increased awareness of the benefits of forex prepaid cards such as better exchange rates and fewer foreign exchange fees. As a result, the FX card providers have a significant market opportunity in emerging economies due to the rise in smartphone and internet access usage in these countries.
Another significant driving force behind the growth of the market is the increased trend of cross-border transactions, which requires convenient and secure payment solutions that forex prepaid cards are able to provide.
The report also predicts that the multi-currency forex card segment will maintain its leadership status throughout the forecast period. This is attributed to the ease of payment and hassle-free travel experience. Additionally, multi-currency forex cards often provide better exchange rates than other options and offer features such as waived-off ATM withdrawal fees, zero cross-currency charges, and lower transaction charges than international credit or debit cards, making them an attractive option for travelers.
In terms of the end user, the corporate segment is expected to maintain its leadership status throughout the forecast period, accounting for more than one-third of the global forex prepaid cards market revenue. As for the geographical distribution, North America is expected to maintain its leadership in the market by 2032, owing to the increase in consumer travel spending, while Asia-Pacific is expected to witness the fastest CAGR of 19.3%.
The report also highlights key players in the market and their strategies such as new product launches, expansions, collaborations, and joint ventures to increase their market share and maintain dominance.
Allied Market Research offers bussines insights and consulting services aimed at providing stakeholders with essential information to make profit-oriented business decisions and strengthen their supplier-buyer network. For further information, you can visit their website.
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