According to IMARC Group latest report titled “India Prepaid Cards Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which comprises insights on prepaid cards industry in India 2022. The report also includes competitor and regional analysis, and contemporary advancements in the market. 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.
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.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
- Axis Bank
- Itz Cash
- ICICI Bank
- Yes Bank
- Kotak Mahindra Bank
- India Transact Services
- Western Union
India Prepaid Cards Market Segmentation:
Our report has categorized the market based on region, card type, purpose and vertical.
Market Breakup by Card Type:
- Closed Loop Cards
- Open Loop Cards
Market Breakup by Purpose:
- Payroll/ Incentive Cards
- Travel Cards
- General Purpose Reloadable (GPR) Cards
- Remittance Cards
Market Breakup by Vertical:
Market Breakup by Region:
- West and Central India
- South India
- North India
- East India
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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