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Strategic collaborations to offer bonus-value gift cards to inflation-hit consumers

The nature of this gift card offering is expected to aid its popularity and adoption in 2023. Prizeout partner brands offer an average bonus value of 11% on gift card purchases from the online marketplace. At a time when inflation is hitting hard on consumers, these bonus value offering gift cards can provide some relief for Brits that are seeking to extend the budget through the month.

[paynxt360]

Innovation takes the lead into the fast-growing global BNPL market in H2 2023

The uncertain economic conditions and inflationary pressures have prompted consumers to delay their purchase payments by leveraging buy now pay later (BNPL) schemes. The growing user base is, therefore, leading to the launch of new and innovative products catering to the needs of different demographics.

Juni, in June 2023, announced that the firm is introducing a new product Juni Invoices, which revolves around the concept of buy media pay later.

Click here to read more — https://www.paynxt360.com/view-point/innovation-takes-the-lead-into-the/713

[techinsight360]

Innovation in metaverse expected to intensify in 2023 with increased investment

The investment in the metaverse sector, which has been led by Meta, has resulted in investors asking questions about the potential future of the metaverse industry. While adoption of the technology, termed as the future of the internet, has remained below expectations in 2022, tech firms have continued to invest billions of dollars into the development of new projects and metaverse-related infrastructure. Although Meta might not have anything substantial just yet to prove to investors that the metaverse is indeed the future of the internet, other smaller firms have continued to launch innovative metaverse platforms.

Read More - Meta continues to push its way into the metaverse world with mergers and acquisitions

MeetKai, one of the metaverse-focused firms, has launched several products over the last few quarters to help developers in building components of the virtual worlds. At the 2023 Consumer Electronics Show, the firm launched more innovative platforms that are geared toward users and creators of the metaverse. Notably, the firm launched MeetKai Reality, a 3D-digitizing service, that brings various objects and spaces from the real world into the metaverse.

The platform will allow developers and creators to record a video and then upload the footage to MeetKai Reality. The service then renders the captured space in virtual reality. While there are already platforms, such as Matterport, Coohom, and Zillow, which render spaces from photos, the MeetKai Reality service is the first that is specifically tailored for the metaverse use cases. PayNXT360 expects the MeetKai Reality service launched by the firm to further drive innovation in the real estate, interior design, engineering, and architecture fields.

Read More - Zepeto accelerates global expansion plan to compete with big tech giants in the metaverse sector

Along with MeetKai Reality, the firm also launched another product at the 2023 Consumer Electronics Show. The MeetKai Metaverse Editor, a bit more differentiating product compared to MeetKai Reality, allows users and developers without coding experience to build spaces and structures in the metaverse. Of course, there are tools such as Tripolygon that allow developers to build metaverse spaces, but they are not no-code applications such as MeetKai Metaverse Editor.

The firm is also launching MeetKai Cloud AI, the service that will allow developers to integrate voice assistants into an existing metaverse environment. According to the firm, the voice assistants will take the form of avatars that will be conversing on any given topic in the metaverse. Furthermore, these avatars will have reasoning capabilities when interacting with the end users.

Along with MeetKai, a number of different firms announced various innovative initiatives and projects in the metaverse sector at the 2023 Consumer Electronics Show. LG Electronics, for instance, announced a plethora of metaverse-related initiatives at the 2023 Consumer Electronics Show. The firm has increased its investment to bring the metaverse to smart TVs. Integration of the metaverse with smart TVs can potentially drive mass popularity and adoption of the virtual worlds among consumers globally.

Read More - Brands are using metaverse as a marketing tool for reaching and educating prospective customers

Like smart TVs, firms such as Sony are also seeking to drive the mass adoption of the metaverse by bringing the virtual world to customers through their smartphone devices. The firm had launched a sensor-based product, which when attached to the human body, allows consumers to experience their movements in the metaverse through their smartphone devices. In 2023, TechInsight360 expects these firms to further increase their investment in the space and launch innovative products and services, thereby supporting the growth of the market from the short to medium-term perspective.

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Are you searching for the market trends of prepaid cards or gift cards or mobile wallets? Then, contact PayNXT360. 

[paynxt360-blog]

Mexico’s prepaid card market to reach US$ 29.7 billion by 2021

Mexico is the second-largest economy in Latin America, after Brazil and has a strong growth potential for Mexico prepaid cards market. Government-issued benefits cards and payroll cards are drivingthe open loop prepaid cards’ growth in Mexico, whereas transport cards and merchant issued gift cards dominate the closed loop prepaid card category. The prepaid card market in Gross Dollar Value terms increased at a CAGR of 29% during 2012-2016. Over the forecast period of 2017 to 2021, the category is expected to record a CAGR of over 20% to reach US$ 29.7billion by 2021.

 As per The World Bank’s Financial Inclusion Data / Global Findex, only about 40% of Mexicans aged more than 15 years have bank accounts. This low rate of financial inclusion can be attributed to the fact that about 55% of municipalities in Mexico do not have even a single bank or microfinance institution branch. The Mexican Government is focusing on enhancing financial inclusion in the country through its Financial Inclusion Strategy which seeks to achieve the objective by creating new laws and regulations or amending existing ones, to facilitate private financial services institutions to develop products and services that expand financial reach. Prepaid card issuers can therefore benefit from the initiative to introduce new and innovative products in the market. The Mexican government is also encouraging prepaid card use by utilizing the card category to disburse social benefits.

 The Mexican economy had to cope with challenges in 2015 that included lower oil prices, depreciating peso vis-à-vis the US dollar, and an overall difficult global economic environment, that led to lower than expected pace of economic recovery. In the coming few years as well the complicated global environment is likely to contain Mexico’s economic growth prospects to a moderate annual rate of growth.PayNXT360’s Global Consumer Survey suggests that in many emerging economies, consumers’ adoption of prepaid cards such as general purpose reloadable (GPR) cards, increases during an economically uncertain time. 

For instance, in Brazil as well as Italy it was observed that consumers, even those belonging to banked and higher income groups opted for GPR cards to budget their spending and limit fraud potential. With economic uncertainty expected to continue in Mexico, card issuers can promote GPR cards for retail customers as an expense management tool that is both convenient and secure to use. During an economically uncertain time businesses also come under pressure to control their costs and streamline their business operations to improve sustainability and competitiveness. Corporate prepaid cards such as business expense cards, payroll cards, and procurement cards, which help businesses achieve theseobjectives, have significant growth opportunity in the country.

Mexico has a significant youth population. The country’s median age is estimated to be 27.3 years, with about 45% of population being under 24 years of age and about 33% of population (almost 40 million people) is between 12 and 29 years of age. This demographic constitutes an important target group for prepaid card issuers. Mexican millennials are highly digital, attributing to more than 50% of the country’s total online population and close to 60% of them owns a smartphone. According to PayNXT360’s Global Consumer Survey results,millennialsare one of the key drivers for prepaid card adoption. This trend is expected to hold true for Mexico as well where the digital savvy millennials are likely to be at forefront of driving prepaid card adoption.

[dorothydeaton62]

Mexico Mobile Payment Business and Investment Opportunities - Market Size and Forecast (2014-2020) by Mobile Commerce, P2P transfer, Bill Payment, Retail Spend, Consumer Attitude & Behaviour, Market Risk, Competitive Landscape and Market Innovation

LONDON, Jan. 23, 2017 /PRNewswire/ -- This report from PayNXT360 provides a strategic analysis of mobile payment market dynamics, offering a wealth of insights to help companies understand business and investment opportunities along with risks and innovation.- Market Dynamics: Provides a...

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[paynxt360fintech]

Buy Now Pay Later (BNPL) Market Research Report

PayNXT360's Buy Now Pay Later Market Intelligence Platform analyzes thousands of data points online and offline on strategy, innovation, and consumer behavior. This helps clients spot unique opportunities that directly impact revenues. With over 200 market segments in the Buy Now Pay Later payment industry across the top 50 economies, PayNXT360's market opportunity database offers the most detailed view.

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PhonePe acquired another US$200 million in a funding round despite the market slump in 2023

In 2023, PhonePe also launched a UPI transaction facility for its users traveling overseas. The move is aimed at building long-term loyalty among its users by building products and services to boost user retention. Learn more

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Zip retreats from most international markets to meet investors' profitability expectations

In 2022, Zip announced its exit from various markets, including Singapore, the United Kingdom, the Middle East, and Mexico. Despite recording strong growth in these markets, the firm has backtracked from its global expansion plan. In Mexico, for instance, the firm reported a growth of 210% month by month. With more than 350 merchant partners in the market and over 120,000 users, the firm also predicted growth of 600% in Mexico in 2023. Read more

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Soaring inflation is driving community gift card program launches

With deadlines approaching fast to allocate and spend the money, Lemon Grove is expected to launch more such community gift card programs in the city over the next 12 months in 2023. La Habra, Upland, and Portland are among the other cities in the United States that have launched similar community gift card programs to support residents and local businesses in the respective region. Read more

[paynxt360fintech]

Rising airfare and inflation driving the demand for BNPL schemes in the travel segment

BNPL firms, globally, are seeking to leverage the current dynamics of the global travel market to their advantage, and are subsequently aiming to drive their gross merchandise volume and value. On the other hand, through strategic collaborations with BNPL providers, online travel booking platforms are aiming to offer affordable travel opportunities to all. Learn more

[paynxt360fintech]

The global pandemic outbreak fueled the growth of the B2C e-commerce market. However, in 2022, the sector has been severely impacted by adverse macroeconomic conditions. Declining valuations of leading e-commerce players and mounting losses have also affected investor confidence in the sector. Read more

[paynxt360fintech]

Develop strategy on the basis of a comprehensive view of prepaid card payment market size and growth dynamics. Also industry dynamics, retail spending, consumer attitudes, and behavior, and the competitive landscape. Our Prepaid Card Market Intelligence Platform analyzes payment strategy, innovation, and consumer behavior to help clients identify unique revenue opportunities.

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The prepaid card ecosystem is also undergoing a profound transformation in the Southeast Asian region. Driven by the rapid adoption of prepaid payment instruments among Gen Z and millennial consumers and modernization initiatives by governments, the Southeast Asian payments landscape is poised to record another strong growth year in 2023. Read More

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Develop strategy on the basis of a comprehensive view of digital lending market size and growth dynamics, industry dynamics, retail spending, consumer attitudes and behavior, and the competitive landscape. Our insights help companies understand business and investment opportunities along with risks in the digital lending industry.

[paynxt360]

Hong Kong bets on consumption voucher schemes to revive pandemic-hit economic growth

In response to the economic crisis, the Hong Kong government has been running a consumption voucher for the last three years, including 2023. Designed to stimulate consumer spending, this scheme is aimed at uplifting the economy by providing direct financial support to residents. As part of the 2023 consumption voucher scheme, authorities in Hong Kong distributed the second installment of e-vouchers to eligible citizens in July 2023. The second installment of the scheme is expected to inject HK$13 billion into the local market, thus supporting the recovery of the domestic economy.

Click here to read more - https://www.paynxt360.com/view-point/hong-kong-bets-on-consumption-vouc/712