Corporate spending to power commercial prepaid growth in 2021-2024

Tuesday 5 January 2021 12:11 CET | News

Mercator Advisory Group has released a report that sizes up the US and Canadian prepaid share and growth, taking into account the effect of the pandemic.

According to the press release, the report is called Commercial Prepaid North America Open Loop Market Review and Forecast, 2019–2024 and highlights how non-cash electronic payments continue to grow at rates exceeding global gross domestic product (GDP) and the rate of commerce in general, as consumers and businesses move to modern channels and as older systems relying on traditional payment methods are replaced. Not least important of these segments is commercial prepaid cards.

Furthermore, the full pandemic impact to commercial e-payments in 2020 is not yet known, but Mercator has previously forecast commercial credit card spend to decline by about 22% year-on-year from 2019 given the massive reduction in travel-related expense. Commercial prepaid, however, will continue to hold its own, accounting for nearly one-fifth of total commercial card spend. Besides, among uptrends are FSA/HSA, payroll, business time and expense, and gift cards. Downtrends include government, travel, and campus.

Highlights of this research report include: leading factors impacting commercial prepaid, growth projections through 2024, analysis of leading and lagging indicators in commercial prepaid, impact of ecommerce on the segment, and more.

More: Link

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Keywords: Mercator Advisory Group, research, report, US, Canadia, prepaid, pandemic, COVID-19, payment methods, prepaid cards, digital payments, payroll, ecommerce
Categories: Payments & Commerce
Countries: Canada, United States
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Payments & Commerce

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