Global payroll card market projected to reach $981.4 billion by 2032, driven by technology advancements

From GlobeNewswire: 2024-08-02 03:17:00

Allied Market Research published a report on the global payroll card market, valuing it at $218.7 billion in 2023 and projecting a CAGR of 17.9% to reach $981.4 billion by 2032. Factors driving growth include financial inclusion via prepaid cards, payment technology advancements, and fintech collaborations. However, alternative payment methods and fraud risks pose challenges.

The branded payroll card segment led the market in 2023, driven by retail establishment demand and the integration of digital financial solutions. Large enterprises dominate the market due to diverse workforce needs and employee satisfaction. Retail establishments account for the largest market share, benefiting from improved accessibility, convenience, and security with payroll cards.

North America held the highest market share in 2023 and is expected to maintain dominance through 2032. Factors contributing to growth in this region include rising demand for travel cards, established business and government programs, and increased digitalization. Key players such as Banco Bilbao Vizcaya Argentaria, S.A., PayPal Holdings, Inc., and Wise Payments Limited are focusing on new product launches and collaborations to drive market share.



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