Prepaid e-gift cards are gradually becoming all the rage, with the global prepaid e-card market expected to grow at a compound annual growth rate (CAGR) of about 8.8% to over $16 billion by the end of 2023.
That’s no small feat.
But it also isn’t a surprise.
After all, prepaid e-gift cards bring a number of benefits – including ease of cross-border transactions and remittances.
2022 was a great year for the prepaid e-card market as adoption increased at an accelerated rate to bring the market to about $15 billion globally. Coupled with a post-pandemic world and increasing digitization, the industry is poised to continue growing tremendously. Read ahead to know about some exciting trends in the prepaid e-gift card industry in 2023!
Prepaid e-gift cards are becoming increasingly popular amongst freelancers and gig workers, especially due to the ease of cross-border transactions they bring. Their flexibility and convenience make them an ideal payment solution for those who are often on the move or working remotely.
With greater flexibility than traditional bank accounts, prepaid e-gift cards are increasingly sought after by freelancers. Prepaid cards can offer several perks and enable multiple utility services like data top-ups, mobile top-ups with mobile recharges, and prepaid top-ups in other services.
One of the primary benefits of using prepaid e-gift cards for business payments is the increased security and control that they offer. Prepaid e-gift cards remove the need to provide sensitive bank account information to either the payer or the payee.
Prepaid e-gift cards also offer businesses a way to better manage and control their spending. When using a prepaid e-gift card, businesses can set spending limits and track spending activity in real time. This can help businesses control costs and avoid overspending. Additionally, businesses can use prepaid e-gift cards to pay contractors and vendors.
Prepaid e-gift cards are growing in popularity as a convenient and easy-to-use payment method. More and more businesses are offering e-gift cards as a payment option, and consumers are increasingly using them for online purchases. E-gift cards are particularly popular with the younger generations, who are more likely to shop online and use mobile devices for purchases.
There are many reasons for the growing popularity of e-gift cards. For example:
There’s more than one reason for the growing popularity of white-label prepaid e-gift card programs. They offer a way for companies to brand their prepaid card products without investing in the infrastructure needed to issue and manage the cards themselves.
A company can choose to offer a loyalty program or cash-back rewards on its branded prepaid e-gift card, which can help to differentiate it from other products in the market. White-label programs can also provide a more cost-effective solution for companies that want to offer prepaid e-gift cards to their employees or customers.
We hope this post gives you insight into a few top prepaid e-gift card industry trends of 2023! If you are looking for an easy solution to recharge your business, your search ends at Prepay Nation! Join us today to benefit from our huge global distribution network, and give your customers the ease of sending e-gift cards across borders!
Paolo Montessori, CEO