Permanent improvements in identity management, privacy, and security measures are the key points for cashless society’s shift
ResearchAndMarkets’ report reveals that although there is the dominant trend towards mobile and contactless payments, the prepaid card market remains vibrant and dynamic. The demand for prepaid cards remains strong for youth, unbanked, and underbanked segments
Physical cards are still the major payment method along with cash. In the US, prepaid cards remain the preferred payment choice both for the unbanked market segment and the market for under the table transactions.
The study also shows that the rush towards a cashless society is substantial, further driving the prepaid card market. Although, there is a transition from physical cards to virtual ones. Virtual prepaid cards are becoming popular due to online spending habits.