Why prepaid card transactions, payment card tech, OEM ecommerce payments, & consumer credit card rewards will rise in the next 5 yrs
Prepaid card transaction value and payment card technology revenue are to encounter super growth in the next five years globally, driven by financial inclusion and metal and biometric cards driving change.
At the same time, ecommerce payment transactions made via OEM (original equipment manufacturer) pay will grow, fuelled by frictionless checkout demand.
Read more: FinTech India: It’s a good plan when a govt. makes business sector a part of public digitisation
Another rising star on the FinTech horizon is consumer credit card rewards, as retailers leverage loyalty benefits.
Already the banking market is offering metal credit cards and metal debit cards to differentiate with strong distinctive products and exclusive services. Financial Inclusion = Prepaid Cards Usage
Financial inclusion is driving the usage of prepaid cards, with a rise predicted for payment card technology revenue. This includes a rise in consumer credit card rewards driven by adoption of co-branded credit cards by retailers to boost repeat user engagement.
A study from Juniper Research found that prepaid card transaction value will exceed US$4.1 trillion globally in 2026, up from US$2.3 trillion in 2021, a stunning 75% growth. This growth will be driven by the ongoing replacement of cash, as economies move increasingly towards digital payments.
The research identified prepaid cards as being critical to ensuring that the unbanked are included in the rush for digital payments. The research recommends that if vendors want to milk this cow, they should focus on building robust distribution platforms that can cope with issuing cards at scale and at low cost, or they will lose out to better equipped vendors. Biometric , Metal & Dynamic CVV Cards Disruptive Trends in Next Five Years Another study found that global payment card tech revenue for technology companies will reach US$11.7 billion in 2026, from US$9.7 billion in 2022. This […]
Click here to view original web page at thetechpanda.com
I am a robot. This article is curated from another source (e.g. videos, images, articles, etc.). For the complete article please use the link provided to visit the original source or author. Content from other websites behaves in the exact same way as if the visitor has visited the other website.
Warning: The views and opinions expressed are those of the authors and do not necessarily reflect the official policy or position of MichelPaquin.com.