According to IMARC Group latest report titled “India Prepaid Cards Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which comprises insights on India prepaid cards market growth. The report also includes competitor and regional analysis, and contemporary advancements in the market. The India prepaid cards market reached a value of US$ 86.6 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 557.7 Billion by 2027, exhibiting at a CAGR of 36.2% during 2022-2027.
Prepaid cards refer to payment cards that have previously deposited funds and act as an alternative to cash payment options. These cards do not need any bank account linked to them and can be broadly categorized into close-loop cards and open-loop cards. Prepaid cards can be utilized by anyone, irrespective of income, credit rating, or status, thereby making card-based purchases convenient without the hassle of dealing with a financial institution. They even offer other advantages, including versatility, security, theft protection, and the ability to perform direct deposits and online transactions. As a result, prepaid cards are in extensive demand among consumers across India.
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Market Trends:
The growing e-commerce industry and the shifting preferences toward online shopping are among the key factors driving the India prepaid cards market. In addition to this, the expanding penetration of smartphones and high-speed internet connectivity that facilitate easy online payments using prepaid cards is acting as another significant growth-inducing factor. Apart from this, the launch of various favorable initiatives and policies by government bodies aimed at promoting a cashless economy is also positively influencing the market across the country. Moreover, the rising number of organized retailers and the elevating popularity of prepaid travel cards as a safe alternative to traveler checks are further stimulating market growth. Besides this, the escalating sale of these cards by leading retailers to improve brand awareness and customer loyalty and increase footfalls and the increasing usage of this payment solution in restaurants, vending machines, buses, and other forms of public transport are expected to propel the India prepaid cards market over the forecasted period.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
- Axis Bank
- Itz Cash
- ICICI Bank
- SBI
- HDFC
- PNB
- Yes Bank
- Sodexo
- Kotak Mahindra Bank
- Oxyigen
- Hermes
- India Transact Services
- Western Union
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 (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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