Business Research & Analysis
Global open loop prepaid cards market size is expected to reach USD 1.3 trillion by 2022 which is driven by large section of unbanked consumers across every market, innovative service features, increased adoption of online transactions, and convenient e-payment solutions. Among emerging markets, key countries in Asia Pacific and Latin America have seen steady growth of prepaid cards in past couple of years. One of the popular usage of prepaid cards has been towards international travel, public transport, online or offline retail purchases and as part of rewards system.Recently, transport companies in emerging markets have taken initiative of venturing into open loop prepaid card segment. Below are two key initiatives, explaining this up-coming trend.
Uber Bankaool Debit Card was launched in Mexico in partnership with Uber, Mexican online bank Bankaool and MasterCard which is linked to mobile payment application of Uber. To attract customers, additional benefits were also provided such as first ride free, compatibility with physical retail stores as well as e-commerce sites and fund transfers, and other financial services similar to banking. The Mexico Prepaid Cardsis also now popular which offers some additional benefits to the user. This shows strengthening of payment infrastructure for transport companies along with venturing into financial service segment for alternative business expansion. For more Click Here
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