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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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