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The India prepaid cards market was valued at US$ 86.6 Billion in 2021.
We expect the India prepaid cards market to exhibit a CAGR of 36.2% during 2022-2027.
The growing prominence of cashless economy system as it offers high financial security and ease of
transaction to the consumers, is primarily catalyzing the India prepaid cards market.
The sudden outbreak of the COVID-19 pandemic has led to the increasing demand for prepaid cards,
owing to the rising consumer inclination towards cashless transactions, especially during the lockdown
scenario in the country.
Based on the card type, the India prepaid cards market can be segmented into closed loop cards and
open loop cards. Currently, open loop cards 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 currently exhibit a clear dominance in the market.
Based on the vertical, the India prepaid cards market can be categorized into corporate/organization,
retail, government, and others. Currently, the corporate/organization segment accounts for the largest
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 currently dominates the 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
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