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(MoneyNewsWire.Net, March 26, 2018 ) Prepaid Cards will vary from a payroll card, gift card to a travel card and are not linked to any holding bank accounts of the user. The customers can add the required value to their cards from debit or credit cards, bank transfer or cash and use them for purchases. The cards can be utilized for travel, commute, online purchases and gifts. The introduction of Universal Credit Program in 2013 greatly promoted the growth of prepaid cards market in the United Kingdom.
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The Universal Credit is provided to the low-income populace with the monthly payment option for the benefits availed. These payments can be made to basic bank account, Credit Union current account, Post Office card account, Prepaid card account or Jam jar account. Prepaid cards mainly benefit the youth and unbanked population along with the aim to support the low-income families. Many such user-friendly cards, like the MasterCard branded prepaid card Pockit introduced by WireCard Card Solutions, an UK-based payment solution provider have helped the customers.
The UK prepaid market is growing steadily and estimated to cross GBP 40 billion by 2020 with a compound annual growth rate more than 5%. The main factors driving the market are the incorporation of these cards by both the government and corporate organizations. Gift card market is predicted to grow rapidly by 2020 as they are used in many business organizations to reward their employees. The UK government also encourages the use of prepaid cards to distribute pensions, child benefits, job seekers’ allowances and so on.
Gift cards play a significant role in the prepaid cards market with their expanded use in corporate companies. For instance, Barclays offers prepaid gift cards to its business customers. One of the most popular gift cards in the UK is the One4all card offered by Post Office, which can be used at more than 48,000 merchant stores in the UK and load up to a maximum value of GBP 400.
Travel cards are also widely accepted in the vicinity and the card issuers offer various types of traveler attractive prepaid cards. One of the popular travel cards is the Travel Money Card offered by the Post Office, which can be available in 13 currencies and load values from a minimum amount of GBP 50 to a maximum amount of GBP 5000. Other popular travel cards include WeSwap Prepaid Mastercard, FairFX Euro Currency Card, easyFX One Card, T24 Black Visa Prepaid Card and Tuxedo Travel Currency Prepaid Card.
The most popular prepaid card companies in the United Kingdom are Post Office, U account, WeSwap, Travelex, Thomas Cook, Sainsbury’s Bank, Skrill, Soldo, Pockit, Optimum, Monzo, Moneycorp, FairFX, Tuxedo, T24 Black, Bread, British Airways, ACE-FX, Avios and others.
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