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 market share in India. 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 preloaded with money that does not use a bank account as a source of credit. Therefore, it is a convenient and secure alternative payment method, and it facilitates transactions more easily for consumers than its conventional counterparts. Usually issued by banks or financial institutions, it ensures faster checkouts, safeguards against fraudulent activities, and works with both closed- and open-loop networks.
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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.
Market Trends:
The market is primarily driven by the increasing encouragement towards a cashless economy by the government of India. In line with this, the rising utilization of mobile payments and considerable growth in the e-commerce industry are also providing an impetus to the market. The market is driven by the widespread integration of these cards with artificial intelligence (AI) and the Internet of Things (IoT). Some of the other factors that are contributing to the market growth include rapid urbanization, inflating per capita income levels and the penetration of high-speed internet.
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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
- SBI
- HDFC
- PNB
- Yes Bank
- Sodexo
- Kotak Mahindra Bank
- Oxyigen
- Hermes
- 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
- Others
Market Breakup by Vertical:
- Corporate/Organization
- Retail
- Government
- Others
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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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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