2.3 billion prepaid card transactions in Europe by 2010
Source: Payment Systems Europe (PSE)
Type: Research
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The European prepaid card market is set to explode in the next five years:
- A total of 2.3 billion prepaid card transactions per annum anticipated by 2010,representing 5% of total card transaction volumes and 3% of total card spending.
- €75 billion spend expected across 360 million prepaid cards. This represents substantial growth on the 40 million cards and 150 million prepaid transactions anticipated in 2006.
- Forecasts are that annual growth rates of the prepaid card market will exceed 110% for the next five years, and prepaid gifting products (card replacement for gift vouchers) will fuel a significant proportion (almost 30%) of total spent.
- Travel products, designed to offer an alternative to traveler’s checks and foreign cash, will account for 15% of spending.
- Internet payment cards, which provide a secure alternative to credit cards, are expected to generate 13% of spending.
- Company rewards and incentives programs are set to account for 12% of spending.
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