Prepaid technology underpins a vast range of financial products and services that are transforming the way we pay and get paid. From everyday payment accounts and challenger bank accounts to corporate incentive and expense management solutions.
Prepaid has become a driving force for innovation in financial services and is enabling the fast-growing fintech sector to spearhead the development of new products and services with feature-rich, innovative technology that is solving a multitude of customer needs.
One of the most striking aspects of prepaid continues to be its growth.
The Global Prepaid Market is set to reach more than $500 billion by 2020*. Europe currently dominates the global prepaid market; the compound annual growth rate for prepaid in the region between 2014 and 2021 is forecast at 18.6%, compared with 7.8% for consumer debit and 5.8% for consumer credit.
The key driver fuelling this growth is the ability of prepaid to provide a platform that offers a multitude of payment products and services for consumers, businesses and governments.