India Prepaid Cards Market to Reach US$ 2,017.6 Billion by 2032, Impelled by Emerging E-Commerce Industry

January 12, 2022 | Retail

As per the latest report by IMARC Group, titled “India Prepaid Cards Market Report by Card Type (Closed Loop Cards, Open Loop Cards), Purpose (Payroll/Incentive Cards, Travel Cards, General Purpose Reloadable (GPR) Cards, Remittance Cards, and Others), Vertical (Corporate/Organization, Retail, Government, and Others), and Region 2024-2032,” the India prepaid cards market reached a value of US$ 161.8 Billion in 2023. 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.

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$ 2,017.6 Billion by 2032, expanding at a CAGR of 31.4% during the forecast period (2024-2032). 

Market Summary:

  • 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 Limited, EbixCash (Ebix Inc.), HDFC Bank Limited, Hermes Bank Limited, ICICI Bank Limited, Kotak Mahindra Bank Limited, Oxigen Services (India) Pvt. Ltd., Punjab National Bank, State Bank of India, Sodexo India, The Western Union Company and Yes Bank.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
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 Limited, EbixCash (Ebix Inc.), HDFC Bank Limited, Hermes Bank Limited, ICICI Bank Limited, Kotak Mahindra Bank Limited, Oxigen Services (India) Pvt. Ltd., Punjab National Bank, State Bank of India, Sodexo India, The Western Union Company and Yes Bank
Customization Scope 10% Free Customization
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Corporate License: US$ 4699
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)

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

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India Prepaid Cards Market to Reach US$ 2,017.6 Billion by 2032, Impelled by Emerging E-Commerce Industry
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