According to IMARC Group latest report titled “India Prepaid Cards Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on prepaid cards market size in India. The report also includes competitor and regional analysis, and contemporary advancements in the market.
The India prepaid cards market size reached US$ 119.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 759.2 Billion by 2028, exhibiting a growth rate (CAGR) of 35.96% during 2023-2028.
Prepaid cards are payment cards that are pre-loaded with funds and can be used by the cardholder to make transactions up to the amount available on the card. They function similarly to debit or credit cards but do not require a bank account or extend a credit line to the user. Types of prepaid cards include general-purpose reloadable cards, gift cards, and specific-purpose cards such as travel cards or healthcare cards. Key aspects of prepaid cards are their convenience, security, and control over spending, as they limit the user’s expenditure to the pre-funded amount. They offer a myriad of advantages, especially to those without access to traditional banking facilities, enabling financial inclusion. Additionally, these cards facilitate online purchases and transactions in a cashless manner, making them increasingly relevant in the digital economy.
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Market Trends:
The market for prepaid cards in India is majorly driven by the rise in the adoption of digital payment solutions, steered by supportive government policies aiming to enhance financial inclusion and reduce dependency on cash. Along with this, the demographic dividend, with a substantial young population embracing technology-driven services, is positively influencing the market. In addition, the rising smartphone penetration and expanding internet infrastructure are also significantly supporting the market.
Moreover, consumers are rapidly shifting towards convenient payment methods, of which prepaid cards are a cornerstone. Therefore, this is favoring the market. Apart from this, the tourism industry’s growth catalyzes the demand for travel-related prepaid cards. In confluence with this, the convenience of these cards for gifting purposes, combined with promotional activities by banks and financial institutions, is propelling the market. Furthermore, the evolution of the e-commerce sector, coupled with the growing gig economy, where prepaid cards are often used for payouts, is creating a positive market outlook.
View Full Report with TOC & List of Figure: https://www.imarcgroup.com/india-prepaid-cards-market
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- Axis Bank
- Itz Cash
- ICICI Bank
- SBI
- HDFC
- PNB
- Yes Bank
- Sodexo
- Kotak Mahindra Bank
- Oxyigen
- Hermes
- India Transact Services
- Western Union
Explore Top Companies Blog by IMARC Group: https://www.imarcgroup.com/indian-prepaid-cards-companies
India Prepaid Cards Market Segmentation:
Our report has categorized the market based on region, card type, purpose and vertical.
Breakup by Card Type:
- Closed Loop Cards
- Open Loop Cards
Breakup by Purpose:
- Payroll/ Incentive Cards
- Travel Cards
- General Purpose Reloadable (GPR) Cards
- Remittance Cards
- Others
Breakup by Vertical:
- Corporate/Organization
- Retail
- Government
- Others
Breakup by Region:
- West and Central India
- South India
- North India
- East India
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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