Open-loop prepaid cards witnessed upheaval in 2025, in stark comparison to the consistent growth in closed-loop pre-paid cards, particularly transit fare cards. The shortage of social pre-paid cards led to a decline in volume share for leading player South African Postbank (SOC) Ltd.

The number of pre-paid cards in the Czech Republic continued to rise in 2025. The number of open loop pre-paid cards continued to rise at a faster rate than that of closed loop pre-paid cards. This was partly due to this growth being derived from a lower base, but also because some consumers were put off by using cards restricted to one retailer, when wider-ranging options were available. Closed loop cards are mostly used for transportation and gifting, rather than everyday spending. Meanwhile,

Pre-paid cards increasingly focusing on closed loop products, which remain the key method of payment for transportation in many cities in Colombia. Open loop products, in contrast, are losing relevance as the range of digital payment solutions expands and debit and credit card providers look to improve access. Cryptocurrencies are expected to play a key role in the future of pre-paid cards, with these products enabling crypto users access to the financial system and the ability to pay for goods

Pre-paid cards in Chile saw a fast circulation increase in 2025, especially via open loop pre-paid cards. This performance reflected consumers adopting in larger numbers wallet adoption and being more comfortable with digital onboarding and digital cards. Players in the category have embraced this development, with most of them requiring consumers to actively request the physical card, rather than it being an automatic offering. As many users use digital wallets, they can be easily added and lev

Transaction volume and the number of pre-paid cards in the market continued to decline in 2025, due in large part to the phasing out of the Geldkarte function. Demand is now focused mainly of gift cards and transport, with consumers mostly turning to credit and debit cards or mobile wallets for everyday purchases, as well as travel and entertainment. On the positive side, there is seen to be potential in the rolling out of Bezahlkarten” (Payment Cards) for use by refugees.

Pre-paid cards is suffering from the declining use of closed loop pre-paid cards to pay for public transport, with such payments moving to apps (which often use debit cards) and contactless payments with physical debit cards. However, merchant issued gift cards are becoming increasingly popular.

Pre-paid cards saw significant growth in the number of cards in circulation, transaction volume and transaction value in 2025. Growth is being supported by the shift towards digital cards and increased travel and commuting. Gift cards are also becoming more popular.

In 2025, closed loop pre-paid cards in Mexico saw strong growth across metrics, thanks to government initiatives. Major cities continue their modernisation strategy for pre-paid transportation cards.

The development of pre-paid cards is being influenced by key players engaging in shifts in strategy and structural changes. The leading company, JR East, is working to develop its flagship transportation product into a more comprehensive payment tool, while Nanaco’s role is shifting as Seven & i Holdings restructures its operations.

Pre-paid cards in China contracted again in 2025, as consumers continued to shift everyday spending to real-time digital wallets that use linked debit or credit credentials and remove the need for top-ups. Regulatory scrutiny remained a further drag, particularly for open loop products, limiting issuance and reinforcing a gradual retreat toward closed loop use cases such as transport and merchant gift cards. While initiatives such as Shanghai Pass show how open loop prepaid can support inbound t

Pre-paid cards in the United Arab Emirates witnessed strong growth in the number of cards in circulation, led by the dominant closed loop format, in 2025. This growth was underpinned by rising consumer demand for budget control and gifting solutions. Closed loop pre-paid cards linked to retail groups and transportation systems benefited from everyday use during shopping trips and when commuting, while open loop pre-paid cards gained traction among unbanked and younger consumers seeking flexible

Pre-paid cards saw growth in both transaction value and circulation, and in open loop and closed loop terms in the UK in 2025, with this growth increasingly tied to digital wallets and app-led journeys that allow instant top-ups. Corporate employers prefer closed loop rewards for perceived value and to nudge spend with partner brands. Retailers have reciprocated by bundling bonus points and discounts on gift cards and redemptions.

Pre-paid cards saw an increase in both circulation and transactions in Australia in 2025, in both closed- and open-loop terms. Open-loop cards are a popular gifting option in Australia, while closed-loop cards are regularly used by many local consumers for public transport travel.

Pre-paid cards is seeing growth in both the open loop and closed loop segments. The PAT plays a strong role in the performance of closed loop pre-paid cards, while Nubank’s use of open loop pre-paid cards in place of debit cards, which it is prohibited from issuing, is key to the expansion of this card type.

Both open loop and closed loop pre-paid cards are seeing growth. Open loop pre-paid cards are increasingly being used as a daily payment instrument amongst urban Millennials and Gen Z consumers. Meanwhile, closed loop pre-paid cards continue to be used within controlled payment environments.

Pre-paid cards in Singapore saw a small decrease in the number of cards in circulation in 2025, albeit following three years of consistent growth. The use of pre-paid cards benefits as these products are perceived to offer convenient, secure and easy-to-use alternatives to cash, thereby being considered ideal for everyday transactions. Companies like DCS Card Centre, formerly Diners Club Singapore, have pivoted from traditional card issuance to offering future-ready payment solutions. DCS, which

The biggest headline in pre-paid cards in 2024 in Austria was a further decline in open loop pre-paid cards, which have become significantly less important since the beginning of the review period. The sector was traditionally dominated by general purpose reloadable cards and travel cards, which were used for travel or e-commerce by consumers who did not have a charge card or credit card, who wanted a backup card, or who preferred the lower risk of loss with limited-load volume of pre-paid cards

Although pre-paid cards is expected to see static current value transactions in 2024, it is expected to see a decline in the number of cards in circulation, and a decline in volume transactions, as consumers increasingly prefer debit card offerings, and their greater flexibility in transactions. The category also faces intensified competition from digital wallets, which have been benefiting from improved internet penetration, with such options gaining traction for online transactions, as consume

Cryptocurrency continues to be linked closely to both open loop as well as closed loop pre-paid cards in the US. On the purchasing side, cryptocurrency is linked to purchasing of both open and closed loop gift cards. Various sites and functions exist which allow consumers who hold cryptocurrency to exchange their currency for gift cards which can be used at restaurants, retailers, and other locations. This is a useful function for cardholders, because most merchants in the US do not natively acc

Pre-paid cards in Denmark posted a strong performance in 2024, with a record number of cards driving transaction volumes and values to new highs. This trend aligns with broader developments in the Danish payments landscape, which is characterised by a high level of digitalisation and one of the lowest cash usage rates globally. Pre-paid cards are used for a variety of purposes, supporting their continued expansion. However, despite this growth, the potential for further expansion is somewhat con

The number of pre-paid cards continues to rise rapidly in Nigeria. More households are embracing these forms of payments which can enhance control over spending and help consumers avoid additional bank fees. Open loop pre-paid cards have benefitted from expansion in digital offerings which facilitate secure online payments. Such cards are attractive to the growing number of tech-savvy shoppers in Nigeria. The momentum gained by pre-paid cards can be linked to road infrastructure developments and

Pre-paid cards maintained a positive performance in Greece in 2024. Open-loop pre-paid cards remained fairly stable in terms of number of cards and saw volume and value of transactions increase in the year, following a similar trend with other card types in a context of stability and slow growth of the economy.

Open-loop pre-paid cards have benefitted from the continued expansion of retail e-commerce in Turkey, which witnessed strong growth over the review period. Such cards are perceived to be a safe and secure means of shopping online as they are not linked to a bank account and have no overdraft facility, which minimises the risk of potential online fraud. Furthermore, there are a range of online marketplaces where consumers can obtain open-loop pre-paid cards. A prime example of this is Paycell, wh

With pre-paid cards, open loop cards remained unavailable in Ukraine in 2024, having disappeared from the local market in 2023 following years of minimal demand. The decline stems from their limited advantages compared to debit cards, which offer comprehensive features such as direct access to bank accounts, enhanced security and broad acceptance both domestically and internationally. Further, consumers increasingly prefer debit cards due to their versatility and seamless integration with digita