PUBLISHER: Allied Market Research | PRODUCT CODE: 1140179
PUBLISHER: Allied Market Research | PRODUCT CODE: 1140179
A forex card is a type of prepaid card in which the cardholder can load money in foreign currency. It is globally accepted, and users can either pay for their expenses using their forex card or withdraw cash in foreign currency at an ATM. A forex card is one of the easiest ways of carrying foreign currency when the user is travelling abroad. It can be used as a prepaid card which the can load with several popular currencies such as USD, EUR, CAD, GBP, AED, SGD and others. Once loaded, the card can then be used just like a debit card to pay for all the travel expenses in the local currency of the place the card holder is visiting.
Surge in tourism has led to the rise of adoption of forex card among users. In addition, forex cards protects users from fluctuations in foreign currency prices. Moreover, it protects users from paying additional charges while making transactions in a foreign country. Therefore, these are the major driving factors for the growth of the market. However, forex card charge ATM withdrawal charges while withdrawing money from any foreign country ATM. In addition, chances of getting the physical card stolen are some of the major factors limiting the growth of the forex card market. On the contrary, rise in demand for cash alternatives among users while travelling to other countries is expected to provide lucrative growth opportunities in the coming years.
The forex card market is segmented on the basis of type, industry vertical, end user, and region. By type, it is segmented into multi-currency forex card, and single currency forex card. By industry vertical, it is bifurcated into hospitality, consumer goods, education, and others. Based on end user, it is segregated into businesses and individuals. By region, it is analyzed across Asia-Pacific, Europe, North America, and LAMEA.
The report analyzes the profiles of key players operating in the forex card market such as Bank of America Corporation, Charles Schwab & Co., Inc., Citigroup Inc., CREDIT SUISSE GROUP AG, FINNEW SOLUTIONS PVT. LTD., JPMorganChase & Co., Morgan Stanley, Royal Bank of Canada, Thomascook.in, and UBS. These players have adopted various strategies to increase their market penetration and strengthen their position in the forex card industry.
Key Benefits For Stakeholders
Key Market Segments
By Type
By Industry Vertical
By End User
By Region