India Prepaid Cards Market

The India prepaid cards market reached a value of US$ 63 Billion in 2020. IMARC Group expects the market to grow at a CAGR of 35.2% during 2021-2026.

SHERIDAN, WYOMING, UNITED STATES, November 26, 2021 /EINPresswire.com/ -- According to IMARC Group latest report titled” India Prepaid Cards Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the reached a value of US$ 63 Billion in 2020. Looking forward, IMARC Group expects the Prepaid Cards market in India to grow at a CAGR of 35.2% during 2021-2026. A prepaid card refers to a payment card that has been pre-stored with money. It is a secure alternative payment method, which does not draw on a line of credit from a bank account. As compared to traditional modes of payment, a prepaid card is more convenient, provides faster checkout, protects against fraudulent activities, and works with both closed- and open-loop networks. This card is usually obtained from a financial service provider and can be used by anyone irrespective of income and credit rating.

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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 prepaid card market in India is majorly being driven by rapid urbanization and the increasing proliferation of smartphones, along with the availability of high-speed internet in the country. This is further supported by significant growth in the e-commerce sector, which is supporting the rising shift toward online payments through prepaid cards. Additionally, the Government of India (GoI) introduced demonetization in the country to promote a cashless economy, which is creating a positive outlook for the market.

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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 (2015-2020)
• Market Outlook (2021-2026)
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

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