As per the latest report by IMARC Group, titled “India Prepaid Cards Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the India prepaid cards market size reached US$ 86.6 Billion in 2021. 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.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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$ 557.7 Billion by 2027, expanding at a CAGR of 36.2% during the forecast period (2022-2027).
- 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 Ltd., Itz Cash Card Ltd., ICICI Bank Ltd., State Bank of India (SBI), HDFC Bank Ltd., Punjab National Bank (PNB), Yes Bank Ltd., Sodexo, Kotak Mahindra Bank Ltd., Oxigen Services, Hermes International S.A., India Transact Services Ltd., and Western Union Company.
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