India Prepaid Cards Market to Reach US$ 2,017.6 Billion by 2032, Impelled by Emerging E-Commerce Industry

January 12, 2022 | Retail

As per the latest report by IMARC Group, titled “India Prepaid Cards Market Report by Card Type (Closed Loop Cards, Open Loop Cards), Purpose (Payroll/Incentive Cards, Travel Cards, General Purpose Reloadable (GPR) Cards, Remittance Cards, and Others), Vertical (Corporate/Organization, Retail, Government, and Others), and Region 2024-2032,” the India prepaid cards market reached a value of US$ 161.8 Billion in 2023. A prepaid card is a payment card with previously deposited funds that can be used as an alternative to cash payment. These cards do not require any bank account linked to them as they can be used by anyone, irrespective of their credit rating, income, or status, making card-based purchases easier without the inconvenience of dealing with a financial institution. They also offer other advantages, such as security, versatility, theft protection, and the ability to perform online transactions and direct deposits. Owing to such benefits, prepaid cards have rapidly gained traction in India.


India Prepaid Cards Market Trends:

The emerging e-commerce industry is one of the primary factors driving the market growth across the country. At present, more people are paying through prepaid cards as they are a convenient mode of payment and require very little time or cost to acquire. In addition, the increasing penetration of smartphones and the internet has increased the number of online payments using prepaid cards. Besides this, the market is also driven by demonetization and the government’s encouragement toward a cashless economy. Moreover, the increasing number of organized retailers is also creating a positive market outlook across the country. Furthermore, prepaid cards are also being used in restaurants, stores, vending machines, buses and other forms of public transport. On account of these factors, IMARC Group expects the market value to reach US$ 2,017.6 Billion by 2032, expanding at a CAGR of 31.4% during the forecast period (2024-2032). 


Market Summary:

  • On the basis of the card type, the market has been bifurcated into closed and open loop cards. 
  • Based on the purpose, the market has been segmented into payroll/incentive, travel, general purpose reloadable (GPR), remittance, and other cards. 
  • On the basis of the vertical, the market has been classified into corporate/organization, retail, government, and others. 
  • Region-wise, the market has been divided into West and Central India, South India, North India, and East India. 
  • The competitive landscape of the industry has also been examined, with some of the key players being Axis Bank Limited, EbixCash (Ebix Inc.), HDFC Bank Limited, Hermes Bank Limited, ICICI Bank Limited, Kotak Mahindra Bank Limited, Oxigen Services (India) Pvt. Ltd., Punjab National Bank, State Bank of India, Sodexo India, The Western Union Company and Yes Bank.


Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Card Type, Purpose, Vertical, Region
Region Covered  West and Central India, South India, North India, East India
Companies Covered Axis Bank Limited, EbixCash (Ebix Inc.), HDFC Bank Limited, Hermes Bank Limited, ICICI Bank Limited, Kotak Mahindra Bank Limited, Oxigen Services (India) Pvt. Ltd., Punjab National Bank, State Bank of India, Sodexo India, The Western Union Company and Yes Bank
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2699
Five User License: US$ 3699
Corporate License: US$ 4699
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)


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.

Contact Us:

IMARC Group

USA: +1-631-791-1145
Email: sales@imarcgroup.com
Website: https://www.imarcgroup.com
Follow us on twitter : @imarcglobal

Need more help?

  • Speak to our experienced analysts for insights on the current market scenarios.
  • Include additional segments and countries to customize the report as per your requirement.
  • Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
  • For further assistance, please connect with our analysts.
India Prepaid Cards Market to Reach US$ 2,017.6 Billion by 2032, Impelled by Emerging E-Commerce Industry
Purchase options




Benefits of Customization

Personalize this research

Triangulate with your data

Get data as per your format and definition

Gain a deeper dive into a specific application, geography, customer, or competitor

Any level of personalization

Get in Touch With Us
UNITED STATES

Phone: +1-631-791-1145

INDIA

Phone: +91-120-433-0800

UNITED KINGDOM

Phone: +44-753-713-2163

Email: sales@imarcgroup.com

Client Testimonials

Aktive Services

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

Read More
Greenfish S.A.

The IMARC team was very reactive and flexible with regard to our requests. A very good overall experience. We are happy with the work that IMARC has provided, very complete and detailed. It has contributed to our business needs and provided the market visibility that we required

Read More
Colruyt Group

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Read More
KRISHAK BHARTI CO-OP LTD

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

Read More
Zee Media Corp. Ltd.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Read More
Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

Read More
Sumitomo Corporation

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

Read More
Hameln Rds

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

Read More
Quality Consultants BV

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

Read More
TATA Advanced Systems Limited

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

Read More
Stax

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.

Read More