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 industry 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 card that allows users to load a specific amount of money onto the card in advance. These cards are often used as an alternative to traditional credit or debit cards, especially for people who may need access to those types of cards or who want to avoid the risk of overspending. They are available from various financial institutions, including banks, credit unions, and other companies specializing in financial services. They are used for various purchases, including online, in-store, and ATM withdrawals. One of the main benefits of prepaid cards is that they provide a way to control spending since users can only spend the amount of money they have loaded onto the card. They are also useful for budgeting or managing expenses when traveling.
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Market Trends:
The market in India is primarily driven by the increasing trend of digital payments. In line with this, the rising popularity of online shopping is significantly contributing to market growth. Furthermore, the attractive cashback and rewards offered by prepaid cards are positively influencing the market. Apart from this, the key companies are offering a range of prepaid card products, including gift cards, payroll cards, travel cards, and more, catering to different consumer needs and preferences. Moreover, the convenience offered by the product, similar to that of a credit or debit card with the ability to allow the end user to set the spending limit according to the budget, is expected to catalyze the market. Besides, the Indian banking sector is trying to overcome problems such as using traditional banking products like cheques and demand drafts by offering prepaid credit cards. This is acting as another growth-inducing factor. Additionally, the significant expansion of the e-commerce industry has forced customers to use plastic money instead of keeping cash. This, in turn, is providing a boost to product demand across the country.
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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
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
Note: We are in the process of updating our reports. If you want to receive the latest research data covering the time period from 2023 to 2028, along with industry trends, market size, and competitive analysis, click on the request sample report. The team would be able to deliver the latest version of the report in a quick turnaround time.
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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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