The India prepaid cards market exhibited strong growth during 2015-2020. Looking forward, IMARC Group expects the market to grow at a CAGR of 35.2% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
The monetary value of prepaid card is stored in itself, so these cards do not require opening of a direct deposit or lending account with a bank. Some prepaid cards are not reloadable, i.e. gift cards, and such cards are disposed after their virtual amount is entirely used. On the other hand, reloadable prepaid cards can be replenished with funds repeatedly. Prepaid cards can be obtained online as well as from retailers including supermarkets, gas stations, office supply stores and drug stores. Market Trends:
A prepaid card is a convenient mode of payment, and it requires very little time or cost to get one. Prepaid cards, in addition, to be an alternative to cash, offer security and greater ease of transaction to consumers. Owing to the increasing penetration of smartphones and internet, India has witnessed significant growth in the e-commerce industry in the last decade, which has catalyzed the growth of online payments using prepaid cards. The growth has also been driven by demonetization and the government’s encouragement towards cashless economy. In addition to this, increasing number of organized retailers has also contributed to the growth of the prepaid cards market in India.
IMARC Group’s latest report provides a deep insight into the India prepaid cards market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the India prepaid cards market in any manner.
Historical, Current and Future Market Trends
Market Breakup by Card Type
Closed Loop Cards
Open Loop Cards
Market Breakup by Purpose
Payroll/ Incentive Cards
General Purpose Reloadable (GPR) Cards
Market Breakup by Vertical
Market Breakup by Region
West and Central India
The competitive landscape of the industry has also been examined with some of the key player being Axis Bank, Itz Cash, ICICI Bank, SBI, HDFC, PNB, Yes Bank, Sodexo, Kotak Mahindra Bank, Oxyigen, Hermes, India Transact Services and Western Union.