Forex Cards Market

The type segment of the Forex Cards Market is divided into Debit Forex Cards and Prepaid Forex Cards. In 2023, Debit Forex Cards dominated the global forex card market, contributing to more than 60% of the shares. The convenience and widespread acceptance of Forex cards for travel and games are among the major factors that influence their dominance. The Prepaid Forex Cards are estimated to grow rapidly during the review period from 2021 to 2028, as they offer significant benefits to the end-users. Debit Forex Cards offer lower transaction fees, high-widespread acceptance, and real-time usage.

The cards are linked to a user’s bank account and provide easy access to funds without carrying a high amount of cash anywhere.

The Forex Cards Market is segmented by transaction type into online and offline Forex cards. In 2023, the Online Forex Cards segment held a larger market share, accounting for 63.2% of the Forex Cards Market revenue. This dominance is attributed to the increasing adoption of e-commerce and the convenience of online transactions. The Offline Forex Cards segment, on the other hand, is expected to witness significant growth in the coming years due to the rising popularity of travel and tourism.

Online Forex Cards offer several benefits, including the ability to make purchases and withdrawals in multiple currencies at competitive exchange rates. They are also widely accepted by online retailers and service providers, making them a convenient option for online shoppers. Offline Forex Cards, on the other hand, are physical cards that can be used at ATMs and POS terminals to make purchases and withdrawals in foreign currencies. They are particularly useful for travelers who need to access cash while abroad.

The Forex Cards Market segmentation by Merchant Participation can be divided into Single-Merchant Forex Cards and Multi-Merchant Forex Cards. Single-Merchant Forex Cards are issued by a single merchant and can only be used at that merchant's locations. Multi-Merchant Forex Cards can be used at multiple merchants and offer greater flexibility and convenience to cardholders. In 2023, the Single-Merchant Forex Cards segment accounted for a market share of approximately 38.5%, while the Multi-Merchant Forex Cards segment accounted for 61.5% of the Forex Cards Market revenue.

The Multi-Merchant Forex Cards segment is expected to continue to grow at a faster rate due to the increasing popularity of online shopping and the growing number of merchants accepting Forex Cards. By 2028, the Multi-Merchant Forex Cards segment is projected to account for over 70% of the Forex Cards Market revenue.

The Forex Cards Market is segmented based on End User into Individual Travelers, Business Travelers, and Corporates. In 2023, the Individual Travelers segment held the largest market share of 62.4%, primarily driven by the increasing number of leisure travelers seeking convenience and security while managing their travel expenses. The Business Travelers segment is projected to grow at a significant CAGR of 10.2% during the forecast period, owing to the rising demand for seamless and cost-effective payment solutions for business trips.

The Corporates segment is also expected to witness steady growth, with an estimated CAGR of 8.9%, as companies increasingly adopt forex cards for employee travel and expense management.

Application segment insights The market is segmented by application into travel and tourism, cross-border transactions, and international shopping and e-commerce. The travel and tourism segment currently accounts for the largest share of the market due to the increasing number of people traveling for business and leisure. The cross-border transactions segment is expected to grow at a faster rate in the coming years due to the increasing globalization of businesses.