MasterCard’s prepaid card business recorded a strong growth of 40% in gross dollar volume (GDV) across Asia/Pacific, Middle East & Africa (APMEA) for 2013 (y-o-y), driven in part by significant partnerships over the past few years. View the full press release.
This growth is expected to continue given the potential for driving further financial inclusion in emerging markets as well as the increasing cross border and e-commerce transactions in markets like China.
Commenting on the cross border potential, Jason Tymms, MasterCard’s Head of Prepaid, Asia/Pacific, Middle East & Africa, said, “We are seeing the biggest potential for prepaid growth come out of China given it had the highest number of outbound tourists and amount of overseas spending in the world last year. Coupled with the Chinese’ higher purchasing power, this presents an obvious need for electronic payments acceptance when abroad and multi-currency travel prepaid cards such as the MasterCard Cash Passport fit the bill as it takes away the hassle and risk of carrying a lot of cash while also enabling cardholders to lock in exchange rate at the time of loading to avoid fluctuations.”
Some of the significant partnerships announced regionally over the past few years include:
- The OneSmart dual-faced loyalty and prepaid card with Air New Zealand, a world first
- An innovative MasterCard mobile companion prepaid card for underserved consumers in India in collaboration with Beam Money
- The roll out of MasterCard-branded National Identity Smart Cards with the Nigerian government, which comes with prepaid capability embedded in the card and is the largest roll-out of a formal electronic payment solution in the country