The global forex card market size was US$ 260.3 billion in 2021. The global forex card market size is estimated to reach US$ 1,196.5 billion by 2030, growing at a compound annual growth rate (CAGR) of 16.6% during the forecast period from 2022 to 2030.
A forex card is a prepaid card that the user can use to pay for shopping, hotel bills, and different transactions while traveling abroad. These are preloaded and take care of the forex demands of the user. Users can use the card to withdraw cash in foreign currency, make payments while making purchases and check their balance. It not only allows the user to transact hassle-free overseas, but it also protects them from any fluctuations in exchange rates. Furthermore, users will be notified about all their transactions instantly via email or text messages.
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Factors Affecting Marketing Growth
The rise in tourism has led to an increase in the adoption of forex cards among users. Moreover, it protects users from paying additional charges while making transactions in a foreign country. These are the primary driving factors for the growth of the global market
Forex card charges an ATM withdrawal fee while withdrawing money from an ATM in any foreign country. Furthermore, the possibility of physical card theft is the primary factor hindering the growth of the global market.
The growth in demand for cash alternatives among users while traveling to other countries is anticipated to provide lucrative growth opportunities in the global market.
Impact on COVID-19 Analysis
The COVID-19 pandemic had a negative impact on the global forex market as the tourism industry came to a standstill during the pandemic. Furthermore, as people halted going on holidays to other countries, the demand for forex prepaid cards decreased, which inadequately impacted the growth of the global market. In addition, foreign trade encountered a downfall resulting in a decline in the number of visitors traveling to other countries for business. Hence, there has been a huge reduction in the demand for forex cards.
Regional Analysis
North America achieved the highest growth in 2021. This is attributed to the fact that as client travel spending rises, it opens up a massive market for banks and forex card issuers in the region to work with travel companies and enhance the client experience. Thus, driving the growth of the global market in the region.
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Leading Competitors
The prominent players in the global forex card market are:
Thomas Cook
Royal Bank of Canada
Niyo Global Card
Morgan Stanley
JP Morgan Chase & Co.
CREDIT SUISSE GROUP
Citigroup Inc.
Charles Schwab & Co.
Bank of America Corporation
Others
Segmentation Analysis
The global forex cards market segmentation focuses on Type, Industry Vertical, End User, and Region.
Segmentation on the basis of Type
Single Currency Forex Card
Multi-currency Forex Card
Segmentation on the basis of Industry Vertical
Education
Consumer Goods
Hospitality
Others
Segmentation on the basis of End User
Individuals
Businesses
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Segmentation on the basis of Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
Reasons to Buy This Report
(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.
(B) The report offers comprehensive analysis of Forex Cards market revenues on a global, regional, and country level, projecting trends until 2031. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the Forex Cards market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.
(D) Analysis of the Forex Cards market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.
(F) The study helps evaluate Forex Cards business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
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