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India Prepaid Cards Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026
Market Outlook 2021-2026:
The India prepaid cards market reached a value of US$ 63 Billion in 2020. Looking forward, IMARC Group expects the market to grow at a CAGR of 35.2% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
The monetary value of prepaid card is stored in itself, so these cards do not require opening of a direct deposit or lending account with a bank. Some prepaid cards are not reloadable, i.e. gift cards, and such cards are disposed after their virtual amount is entirely used. On the other hand, reloadable prepaid cards can be replenished with funds repeatedly. Prepaid cards can be obtained online as well as from retailers including supermarkets, gas stations, office supply stores and drug stores.
Market Trends:
A prepaid card is a convenient mode of payment, and it requires very little time or cost to get one. Prepaid cards, in addition, to be an alternative to cash, offer security and greater ease of transaction to consumers. Owing to the increasing penetration of smartphones and internet, India has witnessed significant growth in the e-commerce industry in the last decade, which has catalyzed the growth of online payments using prepaid cards. The growth has also been driven by demonetization and the government’s encouragement towards cashless economy. In addition to this, increasing number of organized retailers has also contributed to the growth of the prepaid cards market in India.
IMARC Group’s latest report provides a deep insight into the India prepaid cards market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the India prepaid cards market in any manner.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the India prepaid cards market report, along with forecasts for growth at the country and regional level from 2021-2026. Our report has categorized the market based on 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
Competitive Landscape:
The competitive landscape of the industry has also been examined with some of the key player being Axis Bank, Itz Cash, ICICI Bank, SBI, HDFC, PNB, Yes Bank, Sodexo, Kotak Mahindra Bank, Oxyigen, Hermes, India Transact Services and Western Union.
Report Coverage:
| Report Features | Details |
|---|---|
| Base Year of the Analysis | 2020 |
| Historical Period | 2015-2020 |
| Forecast Period | 2021-2026 |
| 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, Itz Cash, ICICI Bank, SBI, HDFC, PNB, Yes Bank, Sodexo, Kotak Mahindra Bank, Oxyigen, Hermes, India Transact Services and Western Union |
| Customization Scope | 10% Free Customization |
| Report Price and Purchase Option | Single User License $ 1999 Five User License $ 2999 Corporate License $ 3999 |
| 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) |
Key Question Answered in this Report
We expect the India prepaid cards market to exhibit a CAGR of 35.2% during 2021-2026.
The expanding use of prepaid cards as a cost-effective and secured alternative to cash owing to its convenient mode of payment and greater ease of transaction, represents one of the factors catalyzing the India prepaid cards market.
Sudden outbreak of the COVID-19 pandemic had led to a growing shift from cash-based transactions towards prepaid cards that are connected via WiFi or NFC technologies for interaction-free transactions to mitigate the spread of coronavirus infection.
Based on the card type, the India prepaid cards market can be bifurcated into closed loop cards and open loop cards, where open loop cards currently hold the majority of the total market share.
Based on the purpose, the India prepaid cards market has been divided into payroll/ incentive cards, travel cards, general purpose reloadable (GPR) cards, remittance cards, and others. Among these, payroll/ incentive cards represent the largest segment.
Based on the vertical, the India prepaid cards market can be segmented into corporate/organization, retail, government, and others. Currently, the corporate/organization sector accounts for majority of the market share.
On a regional level, the market has been classified into West and Central India, South India, North India, and East India, where West and Central India dominates the India prepaid cards market.
Some of the major players in the India prepaid cards market include Axis Bank, Itz Cash, ICICI Bank, SBI, HDFC, PNB, Yes Bank, Sodexo, Kotak Mahindra Bank, Oxyigen, Hermes, India Transact Services and Western Union.
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