DUBLIN--(BUSINESS WIRE)--The "Mexico Prepaid Card and Digital Wallet Business and Investment Opportunities Databook - Market Size and Forecast, Consumer Attitude & Behaviour, Retail Spend" report has been added to ResearchAndMarkets.com's offering.
The prepaid card market (value terms) in Mexico increased at a CAGR of 11.7% during 2017-2021. Over the forecast period of 2022 to 2026, the market is expected to record a CAGR of 14.6%, increasing from US$19.57 billion in 2022 to reach US$33.80 billion by 2026.
Emergence of innovative prepaid card solutions has accelerated the growth of the prepaid card market in Mexico. With a rising fintech industry coupled with a large unbanked population, Mexico is a country of contrasts. This creates a very thriving environment for the growth of digital payments.
The last four to eight quarters have witnessed a high usage of prepaid cards in the country. This can be attributed to the rising fintech and neobanks activity in the country. These firms are launching innovative, low-cost prepaid solutions to attract more customers, thereby boosting the prepaid card market in the country.
Another key driver of growth in the prepaid card market in Mexico is the usage of welfare cards offered by the government, such as transport cards, payroll cards, and gift cards. The publisher expects the prepaid card market to witness robust growth over the next four to six quarters in Mexico as the fintech firms keep exploring the market with their innovative product launches.
Digital payment providers are partnering with lending companies to launch prepaid card solutions in Mexico
In Mexico, there is almost 40 million unbanked population. With the change in the payment trends in the country, fintechs are entering into strategic partnerships to launch prepaid card solutions with the intention of providing financial inclusion in the country.
- In August 2021, Mexico-based i2c, a digital payment provider partnered with KEO, a lending company and Mexican customer loyalty program PAYBACK to launch KEO PAYBACK American Express Card, a prepaid card solution,
- This new card will help customers to access a financial alternative that will enable them to build credit history.
- Moreover, this prepaid card will provide customers to receive the benefits of the loyalty program and also access the American Express network for both online and international purchases.
- The customers will be provided quick credit approval on the basis of the underwriting process done, and they will not require any credit check or paperwork for the same.
Global players are expanding their prepaid card solutions in Mexico
The huge unbanked population, together with the transition towards cashless payments among consumers, have attracted global players to expand the prepaid card solutions in the country.
- In November 2021, Tipalti, a global payables automation company, announced a partnership with a leading global prepaid card payment solution, Intercash, to expand their prepaid debit card solutions for international payees and partners.
- The partnership will allow Tipalti users to use Intercash prepaid debit cards in 192 countries, including Latin America and Southeast Asia.
- This Tipalti Intercash prepaid debit card is a Mastercard that can be used for online and offline transactions and also at ATMs for immediate purchases and cash withdrawals.
- This prepaid card is an alternative payment option for especially for the unbanked and underbanked population. Moreover, it is helpful for those companies that rely on partners in countries and regions with limited financial infrastructure.
Mexican digital wallets are raising funds to expand their business
- In May 2021, Mexico-based blockchain and bank-connected digital wallet, Airtm, attracted US$15 million investments from Stellar Development Foundation.
- The funds will be used by Airtm to develop its platform through integration with Stellar, which will make its payment services more seamless, cost-effective, and safe.
The publisher expects, with this integration between two platforms, consumers and businesses across Latin America and other emerging markets, which is catered by Airtm, will be benefitted from stable money transfers.
Companies Mentioned
- Wal-Mart Stores Inc
- Organizacion Soriana SAB de CV
- Grupo Comercial Chedraui Sa de CV
- Controladora Comercial Mexicana SAB de CV
- Farmacias Similares SA de CV
- Corporativo Fragua Sa de CV
- Home Depot Inc, The
Scope
Mexico Digital Wallet Market Size and Forecast
- Transaction Value Trend Analysis
- Transaction Volume Trend Analysis
- Average Value per Transaction
Mexico Digital Wallet Market Size and Forecast by Key Segments
- Retail Shopping (Value, Volume, Avg. Value)
- Travel (Value, Volume, Avg. Value)
- Entertainment and Gaming (Value, Volume, Avg. Value)
- Restaurant (Value, Volume, Avg. Value)
- Recharge and Bill Payment (Value, Volume, Avg. Value)
Mexico Prepaid Card Industry Market Attractiveness
- Load Value Trend Analysis
- Transaction Value Trend Analysis
- Transaction Volume Trend Analysis
- Average Value per Transaction
- Number of Cards
Market Share Analysis by Functional Attributes - Open Loop vs. Closed Loop, 2016 - 2025
Market Share Analysis by Prepaid Card Categories
Mexico Open Loop Prepaid Card Future Growth Dynamics, 2016 - 2025
- Transaction Value Trend Analysis
- Transaction Volume Trend Analysis
- Average Value per Transaction
- Number of Cards
Mexico Closed Loop Prepaid Card Future Growth Dynamics, 2016 - 2025
- Transaction Value Trend Analysis
- Transaction Volume Trend Analysis
- Average Value per Transaction
- Number of Cards
Mexico Prepaid Card Consumer Usage Trends
- By Age Group
- By Income Group
- By Gender
Mexico General Purpose Prepaid Card Market Size and Forecast
Mexico Gift Card Market Size and Forecast
Gift Card Market Size and Forecast by Functional Attribute
- By Open Loop Gift Card
- By Closed Loop Gift Card
- By Retail Consumer Segment
- By Corporate Consumer Segment
Gift Card Market Share Analysis by Retail Categories
Gift Card Market Share Analysis by Gifting Occasion
Gift Card Market Share Analysis by Purchase Location
Mexico Entertainment and Gaming Prepaid Card Market Size and Forecast
Mexico Teen and Campus Prepaid Card Market Size and Forecast
Teen and Campus Prepaid Card Market Size and Forecast by Functional Attribute
- By Open Loop Teen and Campus Prepaid Card
- By Closed Loop Teen and Campus Prepaid Card
Mexico Business and Administrative Expense Prepaid Card Market Size and Forecast
- By Small Scale Business Segment
- By Mid-Tier Business Segment
- By Enterprise Business Segment
- By Government Segment
Mexico Payroll Prepaid Card Market Size and Forecast
- By Small Scale Business Segment
- By Mid-Tier Business Segment
- By Enterprise Business Segment
- By Government Segment
Mexico Meal Prepaid Card Market Size and Forecast
- By Small Scale Business Segment
- By Mid-Tier Business Segment
- By Enterprise Business Segment
- By Government Segment
Mexico Travel Forex Prepaid Card Market Size and Forecast
- By Retail
- By Small Scale Business Segment
- By Mid-Tier Business Segment
- By Enterprise Business Segment
- By Government Segment
Mexico Transit and Tolls Prepaid Card Market Size and Forecast
Mexico Healthcare and Wellness Prepaid Card Market Size and Forecast
Mexico Social Security and Other Government Benefit Programs Prepaid Card Market Size and Forecast
Mexico Fuel Prepaid Cards Market Size and Forecast
Mexico Utilities, and Other Prepaid Cards Market Size and Forecast
For more information about this report visit https://www.researchandmarkets.com/r/y3zx1w
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