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India Prepaid Cards Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

Market Outlook 2022-2027:

The India prepaid cards market reached a value of US$ 86.6 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 557.7 Billion by 2027, exhibiting at a CAGR of 36.2% during 2022-2027. 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 on different end use industries. 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.

 

 
 

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Note: Values and trends in the above chart consists of dummy data and are only shown here for representation purpose. Kindly contact us for the actual market size and trends.

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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, along with forecasts at the country and regional level from 2022-2027. Our report has categorized the market based on card type, purpose and vertical.

Breakup by Card Type:

 

 
 

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  • 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 2021
Historical Period 2016-2021
Forecast Period 2022-2027
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 $ 2299
Five User License $ 3399
Corporate License $ 4499
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)

1   Preface
2   Scope and Methodology

    2.1    Objectives of the Study
    2.2    Stakeholders
    2.3    Data Sources
        2.3.1    Primary Sources
        2.3.2    Secondary Sources
    2.4    Market Estimation
        2.4.1    Bottom-Up Approach
        2.4.2    Top-Down Approach
    2.5    Forecasting Methodology
3   Executive Summary
4   Introduction

    4.1    Overview
    4.2    Key Industry Trends
5   India Prepaid Cards Market
    5.1    Market Overview
    5.2    Market Performance
    5.3    Impact of COVID-19
    5.4    Market Breakup by Card Type
    5.5    Market Breakup by Purpose
    5.6    Market Breakup by Vertical
    5.7    Market Breakup by Region
    5.8    Market Forecast
    5.9    SWOT Analysis
        5.9.1    Overview
        5.9.2    Strengths
        5.9.3    Weaknesses
        5.9.4    Opportunities
        5.9.5    Threats
    5.10    Value Chain Analysis
    5.11    Porters Five Forces Analysis
        5.11.1    Overview
        5.11.2    Bargaining Power of Buyers
        5.11.3    Bargaining Power of Suppliers
        5.11.4    Degree of Competition
        5.11.5    Threat of New Entrants
        5.11.6    Threat of Substitutes
    5.12    Key Success and Risk Factors
6   Market Breakup by Card Type
    6.1    Open Loop Cards
        6.1.1    Market Trends
        6.1.2    Market Forecast
    6.2    Closed Loop Cards
        6.2.1    Market Trends
        6.2.2    Market Forecast
7   Market Breakup by Purpose
    7.1    Payroll/Incentive Cards
        7.1.1    Market Trends
        7.1.2    Market Forecast
    7.2    Travel cards
        7.2.1    Market Trends
        7.2.2    Market Forecast
    7.3    General Purpose Reloadable (GPR) Cards
        7.3.1    Market Trends
        7.3.2    Market Forecast
    7.4    Remittance Cards
        7.4.1    Market Trends
        7.4.2    Market Forecast
    7.5    Others
        7.5.1    Market Trends
        7.5.2    Market Forecast
8   Market Breakup by Vertical
    8.1    Corporate/Organization
        8.1.1    Market Trends
        8.1.2    Market Forecast
    8.2    Retail
        8.2.1    Market Trends
        8.2.2    Market Forecast
    8.3    Government
        8.3.1    Market Trends
        8.3.2    Market Forecast
    8.4    Others
        8.4.1    Market Trends
        8.4.2    Market Forecast
9   Market Breakup by Region
    9.1    West and Central India
        9.1.1    Market Trends
        9.1.2    Market Forecast
    9.2    South India
        9.2.1    Market Trends
        9.2.2    Market Forecast
    9.3    North India
        9.3.1    Market Trends
        9.3.2    Market Forecast
    9.4    East India
        9.4.1    Market Trends
        9.4.2    Market Forecast
10  Competitive Landscape
    10.1    Market Structure
    10.2    Key Players
    10.3    Profiles of Key Players
        10.3.1    Axis Bank
        10.3.2    Itz Cash
        10.3.3    ICICI Bank
        10.3.4    SBI
        10.3.5    HDFC
        10.3.6    PNB
        10.3.7    Yes Bank
        10.3.8    Sodexo
        10.3.9    Kotak Mahindra Bank
        10.3.10    Oxyigen
        10.3.11    Hermes
        10.3.12    India Transact Services
        10.3.13    Western Union

List of Figures

Figure 1: India: Prepaid Cards Market: Major Drivers and Challenges
Figure 2: India: Prepaid Cards Market: Value Trends (in Billion US$), 2016-2021
Figure 3: India: Prepaid Cards Market: Breakup by Card Type (in %), 2021
Figure 4: India: Prepaid Cards Market: Breakup by Purpose (in %), 2021
Figure 5: India: Prepaid Cards Market: Breakup by Vertical (in %), 2021
Figure 6: India: Prepaid Cards Market: Breakup by Region (in %), 2021
Figure 7: India: Prepaid Cards Market Forecast: Value Trends (in Billion US$), 2022-2027
Figure 8: India: Prepaid Cards Industry: SWOT Analysis
Figure 9: India: Prepaid Cards Industry: Value Chain Analysis
Figure 10: India: Prepaid Cards Industry: Porter’s Five Forces Analysis
Figure 11: India: Prepaid Cards Market (Open Loop Cards): Value Trends (in Billion US$), 2016 & 2021
Figure 12: India: Prepaid Cards Market Forecast (Open Loop Cards): Value Trends (in Billion US$), 2022-2027
Figure 13: India: Prepaid Cards Market (Closed Loop Cards): Value Trends (in Billion US$), 2016 & 2021
Figure 14: India: Prepaid Cards Market Forecast (Closed Loop Cards): Value Trends (in Billion US$), 2022-2027
Figure 15: India: Prepaid Cards Market (Payroll/Incentive Cards): Value Trends (in Billion US$), 2016 & 2021
Figure 16: India: Prepaid Cards Market Forecast (Payroll/Incentive Cards): Value Trends (in Billion US$), 2022-2027
Figure 17: India: Prepaid Cards Market (Travel Cards): Value Trends (in Billion US$), 2016 & 2021
Figure 18: India: Prepaid Cards Market Forecast (Travel Cards): Value Trends (in Billion US$), 2022-2027
Figure 19: India: Prepaid Cards Market (General Purpose Reloadable- GPR Cards): Value Trends (in Billion US$), 2016 & 2021
Figure 20: India: Prepaid Cards Market Forecast (General Purpose Reloadable- GPR Cards): Value Trends (in Billion US$), 2022-2027
Figure 21: India: Prepaid Cards Market (Remittance Cards): Value Trends (in Billion US$), 2016 & 2021
Figure 22: India: Prepaid Cards Market Forecast (Remittance Cards): Value Trends (in Billion US$), 2022-2027
Figure 23: India: Prepaid Cards Market (Other Purposes): Value Trends (in Billion US$), 2016 & 2021
Figure 24: India: Prepaid Cards Market Forecast (Other Purposes): Value Trends (in Billion US$), 2022-2027
Figure 25: India: Prepaid Cards Market (Corporate/Organization): Value Trends (in Billion US$), 2016 & 2021
Figure 26: India: Prepaid Cards Market Forecast (Corporate/Organization): Value Trends (in Billion US$), 2022-2027
Figure 27: India: Prepaid Cards Market (Retail): Value Trends (in Billion US$), 2016 & 2021
Figure 28: India: Prepaid Cards Market Forecast (Retail): Value Trends (in Billion US$), 2022-2027
Figure 29: India: Prepaid Cards Market (Government): Value Trends (in Billion US$), 2016 & 2021
Figure 30: India: Prepaid Cards Market Forecast (Government): Value Trends (in Billion US$), 2022-2027
Figure 31: India: Prepaid Cards Market (Others): Value Trends (in Billion US$), 2016 & 2021
Figure 32: India: Prepaid Cards Market Forecast (Others): Value Trends (in Billion US$), 2022-2027
Figure 33: West and Central India: Prepaid Cards Market: Value Trends (in Billion US$), 2016 & 2021
Figure 34: West and Central India: Prepaid Cards Market Forecast: Value Trends (in Billion US$), 2022-2027
Figure 35: South India: Prepaid Cards Market: Value Trends (in Billion US$), 2016 & 2021
Figure 36: South India: Prepaid Cards Market Forecast: Value Trends (in Billion US$), 2022-2027
Figure 37: North India: Prepaid Cards Market: Value Trends (in Billion US$), 2016 & 2021
Figure 38: North India: Prepaid Cards Market Forecast: Value Trends (in Billion US$), 2022-2027
Figure 39: East India: Prepaid Cards Market: Value Trends (in Billion US$), 2016 & 2021
Figure 40: East India: Prepaid Cards Market Forecast: Value Trends (in Billion US$), 2022-2027

List of Tables

Table 1: India: Prepaid Cards Market: Key Industry Highlights, 2021 and 2027
Table 2: India: Prepaid Cards Market Forecast: Breakup by Card Type (in Billion US$), 2022-2027
Table 3: India: Prepaid Cards Market Forecast: Breakup by Purpose (in Billion US$), 2022-2027
Table 4: India: Prepaid Cards Market Forecast: Breakup by Vertical (in Billion US$), 2022-2027
Table 5: India: Prepaid Cards Market Forecast: Breakup by Region (in Billion US$), 2022-2027
Table 6: India: Prepaid Cards Market Structure
Table 7: India: Prepaid Cards Market: Key Players

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Key Questions Answered in This Report

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
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 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
Western Union.

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