According to a new report by Expert Market Research titled, “Global Travel Card Market Share, Size, Report and Forecast 2024-2032″, the global travel card market size is projected to grow at a CAGR of 6.50% between 2024 and 2032. Aided by the increasing trend of cashless transactions and the growing demand for convenient and secure payment options while travelling, the market is expected to grow significantly by 2032.
Travel cards, also known as prepaid travel money cards, are a popular payment solution for travellers, offering a convenient and secure way to manage funds when abroad. These cards allow users to preload multiple currencies, lock in exchange rates, and make purchases or withdraw cash from ATMs without incurring high transaction fees.
One of the key drivers of the global travel card market growth is the increasing trend of cashless transactions. With the rise of digital payment solutions and the growing acceptance of electronic payments worldwide, travellers are increasingly opting for travel cards as a convenient and cashless way to manage their finances while travelling.
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Furthermore, the demand for travel cards is being fuelled by the growing need for secure payment options. As per the travel card market analysis, travel cards offer enhanced security features such as chip and PIN technology, fraud protection, and the ability to freeze and unfreeze the card if lost or stolen. These features provide peace of mind to travellers and reduce the risk of financial loss.
The market is also benefiting from technological advancements and the integration of additional features such as mobile app management, real-time notifications, and rewards programs. As per the travel card market outlook, these innovations are enhancing the user experience and making travel cards more attractive to a wider range of travellers. In addition, the resurgence of international travel post-pandemic is expected to boost the demand for travel cards. As travel restrictions ease and global tourism recovers, the need for convenient and secure payment solutions for travellers is likely to increase.
Travel card providers are offering more personalised and customisable options to cater to the specific needs and preferences of travellers which can support the travel card market expansion. This includes the ability to choose from a variety of card designs, select preferred currencies, and set spending limits. Travel card issuers are forming partnerships with airlines, hotels, and other travel-related businesses to offer co-branded cards that provide additional benefits such as loyalty points, discounts, and exclusive offers to travellers.
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In response to concerns about security and fraud, travel card providers are implementing advanced security features such as biometric authentication, virtual card numbers, and real-time fraud monitoring to protect users’ funds and personal information. Some travel card companies in the travel card market are focusing on sustainability by offering eco-friendly cards made from recycled materials and promoting environmentally responsible travel practices through their products and services.
The demand for multi-currency travel cards is growing, as they offer the convenience of carrying multiple currencies on a single card, making it easier for travellers to manage their finances across different countries. With the recovery of business travel, there is an increased focus on travel cards tailored for business travellers, offering features such as expense management tools, higher spending limits, and enhanced customer support which can contribute to the overall travel card market share. Contactless payment technology is becoming more prevalent in travel cards, allowing for faster and more convenient transactions, particularly in regions with widespread acceptance of contactless payments.
Market Segmentation
The market can be divided based on type, currency type, application, industry vertical, and region.
Market Breakup by Type
• Prepaid Card
• Credit Card
Market Breakup by Currency Type
• One Currency Card
• Multiple Currency Card
Market Breakup by Application
• Transaction
• Communication
• Security And Access Control
• Others
Market Breakup by Industry Vertical
• Corporate/Organisation
• Retail
• Government
• Others
Market Breakup by Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global travel card market. Some of the major players explored in the report by Expert Market Research are as follows:
• American Express Company
• Bank Of America Corporation
• Citigroup Inc.
• JPMorgan Chase & Co.
• Capital One Group
• HSBC Holdings plc
• Caxton Payments Limited
• Revolut Ltd.
• Monese Credit Limited
• Wise Payments Limited
• Others
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