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Prepaid Cards: A Critical Market Foundation for Europe's SEPA Plans

Published by: TowerGroup

Published: Sep. 18, 2006 - 10 Pages


Table of Contents



TowerGroup Take-Aways

Report Coverage

Background

The Impact of Changing Payment Mechanisms on Europe's Business

The Impact of Changing Payment Mechanisms on Europe's Consumers

Exhibit 1 European Annual Bank Card Fees Before and After EC Regulation 2560/2001 by Country (2001 vs. 2005)

Exhibit 2 European Transactions by Electronic Payment Instrument and Country (2002-04)

Why Prepaid Cards Will Succeed in Europe

The Market Opportunity for Prepaid Cards in Europe

The Market Barriers for Prepaid Cards in Europe

Banks Do Not See the Business Case

Corporations Are Opposed to the Programs

Consumer Markets Are Lacking

Europe Is Different

Infrastructures Are Not Built for Prepaid Solutions

Barriers' Effect on the Future of Prepaid Cards

Exhibit 3 European Prepaid Cards by Card Type (2005-10)

How Europe's Bankers Can Be Successful with Prepaid Cards

Leverage existing delivery channels via branch and employee-employer relationships

Build card solutions that offer easy electronic top-up rather than cash top-up.

Summary








Abstract

This TowerGroup Research Note is one in a series reviewing the harmonization of European financial markets as the Single European Payments Area (SEPA) and the Payment Services Directive (PSD) are finalized. One of the biggest changes will be in the use of paper payments, with cash targeted for replacement by cards. As a result, TowerGroup expects to see a major rise in the deployment of prepaid products to support the transition. This Note examines the trends for these products and predicts major growth through 2010 to achieve a market worth EUR75 billion (USD$84 billion).

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