Forex Prepaid Cards Market to Hit $492.80 Billion by 2032, Growing at 15.3% CAGR

Forex Prepaid Cards Market to Hit $492.80 Billion by 2032, Growing at 15.3% CAGR

NEW CASTLE, WILMINGTON, UNITED STATES, March 5, 2024 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “Forex Prepaid Cards Market, By Type (Single Currency Forex Card and Multi-Currency Forex Card), By End User (Retail, Corporate, Financial Institutions, Government, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032″. The forex prepaid cards market was valued at $120.5 billion in 2022, and is estimated to reach $492.8 billion by 2032, growing at a CAGR of 15.3% from 2023 to 2032.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 & 𝐓𝐎𝐂 : https://www.alliedmarketresearch.com/request-sample/15364

A foreign exchange card (also known as a travel card) is one of the most convenient, stable, and less expensive mediums for keeping foreign currencies and paying expenses in foreign places. A foreign exchange card is a prepaid card on which customers can load one or more foreign currencies to seamlessly transact or bill for their foreign travel.

Forex prepaid cards are financial tools designed for travelers or people trading in more than one currency. They work similarly to regular prepaid cards but are used specifically for foreign exchange transactions. Users pre-load these cards with funds in their domestic currency, allowing them to spend in different currencies overseas without incurring hefty conversion costs. These cards offer easy access to many currencies at favorable rates, making them a preference for handling expenses on global trips or transacting across borders.

The multi-currency forex card segment to maintain its leadership status throughout the forecast period

On the basis of type, the multi-currency forex card segment held the highest market share in 2022, accounting for nearly three-fourths of the global forex prepaid cards market revenue and is projected to manifest the highest CAGR of 16.4% from 2023 to 2032. This is attributed to the fact that a multicurrency forex card simplifies payment and makes travel hassle-free. In addition, a multi-currency forex card usually gets a better exchange rate than other options such as cash or traveler’s check (TC). In addition to better rates, users stand to benefit from features such as waived off ATM access fee withdrawals, zero cross-currency charges, and lower transaction charges than international credit or debit cards, with a host of exclusive discounts.

𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/A14995

The corporate segment to maintain its leadership status throughout the forecast period

On the basis of end user, the corporate segment held the highest market share in 2022, accounting for more than one-third of the global forex prepaid cards market revenue and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the fact that consumers go to different countries for vacations and business purposes for which they take forex cards for making any transactions. However, the government segment is projected to manifest the highest CAGR of 19.3% from 2023 to 2032. This is attributed to the fact that forex prepaid cards offer a convenient way for government agencies to manage and control expenses.

North America to maintain its dominance by 2032

On the basis of region, North America held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global forex prepaid cards market revenue and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the fact that as consumer travel spending increases, it is expected to open up a huge market in North America for banks and forex prepaid card issuers to work with travel companies and improve the consumer experience. Many issuers have AI-enabled customer onboarding to balance the need for these compliance requirements with growth in cardholder expectations for a quick and frictionless onboarding process. However, Asia-Pacific is expected to witness the fastest CAGR of 19.3% from 2023 to 2032. This is attributed to the growth in tourism industry and increasing disposable income in the region.

Leading Market Players: –

American Express Company
Axis Bank
HSBC Group
Revolut Ltd
Qantas Airways Limited
Mastercard
HDFC Bank Ltd.
Thomascook.in
Travelex International Limited
Wise Payments Limited

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧: https://www.alliedmarketresearch.com/request-for-customization/A14995

The report provides a detailed analysis of these key players of the global forex prepaid cards market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

Key Findings of the Study
On the basis of type, the multi-currency forex card segment accounted for the highest forex prepaid cards market share, in terms of revenue in 2022.
On the basis of end user, the corporate segment attained the highest market share in 2022.
On the basis of region, North America generated the highest revenue in 2022.

𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬: 𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅

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About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports Insights” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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Allied Market Research
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