UK to Lead Europe Prepaid Card Market
The UK will become Europe's largest single market for prepaid card spending, according to research from MasterCard Europe and Boston Consulting Group (BCG).
The UK prepaid card market will reach US$34 billion by 2010, representing 5.3 percent of the US$645 billion global prepaid market. Total spending on prepaid cards in Europe will reach US$164 billion by 2010, 25.4 percent of the global total, the MasterCard-BCG study says. The study says that Russia and Poland will achieve the deepest penetration of prepaid spending as a proportion of total spending made using payment cards. In Poland, total prepaid card spending will reach US$11 billion by 2010, while Russia will see prepaid card spending reach US$23 billion in 2010. The need to reduce welfare fraud will be an important driver in the growth of prepaid cards in Europe. The report predicts that in Russia, US$13 billion, or 23.2 percent, of total government benefit spending will be routed through prepaid cards by 2010. Gift cards will be the second largest growth area for prepaid cards across Europe after government benefits, the study predicts. Other important categories will be corporate prepaid cards which will reach US$14 billion by 2010 in Europe, and prepaid travel cards. The U.S. prepaid card market will reach US$296 billion by 2010, accounting for 45.9 percent of the global total, while Japan will account for US$59 billion or 9.1 percent of the global total, the study says. Related Links
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