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The India prepaid cards market size is expected to grow at a CAGR of about 40.5% between 2020 and 2025 and is estimated to reach USD 340 billion by 2025.
The India prepaid cards market is being driven by the rising disposable incomes of the consumers and the varied gift cards offered by companies and retail outlets. The monetary value of the prepaid card is stored on its own, so that such products do not require the opening of a direct deposit or credit account with a bank. Few prepaid cards are not rechargeable, that is, gift cards, so these cards are disposed of off after their virtual sum is completely utilised. On the other hand, rechargeable prepaid cards can be regularly replenished with funds. Prepaid cards can also be bought online as well as from retailers, such as supermarkets, gas stations, office supplies stores, and drug stores.
A prepaid card is a convenient form of payment, and it takes very little time or money to get one. Moreover, prepaid cards are an alternative to cash, provide protection, and make purchases easier for consumers.
Based on the card type, the market can be divided into:
The purpose of the industry can be segmented into:
Based on the vertical, the industry can be divided into:
The major regional markets included in the report are West and Central, South, North, and East India.
The India prepaid market is rapidly rising due to the booming urbanisation in the country. Due to the growing penetration of smartphones and the internet in the industry, India has seen tremendous growth in the e-commerce sector over the last decade, which has fuelled the growth of online payments through prepaid cards. The development of the industry was also driven by the demonetization and the government's promotion of a cashless economy. In addition, a growing number of organised retailers have also added to the expansion of the prepaid card market in India. Lowering airfares, along with rising per capita incomes, have led to a rising number of Indians travelling abroad, which has led to the growth of the prepaid travel cards in the country. Meal cards are also proving to be popular in the country due to major companies offering such cards like Sodexo and Zeta as a part of their employee benefits schemes.
The report gives a detailed analysis of the following key players in the India prepaid cards market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
The comprehensive EMR report provides an in-depth assessment of the industry based on the Porter's five forces model along with giving a SWOT analysis.
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 India Prepaid Cards Market Snapshot
7 Industry Opportunities and Challenges
8 India Prepaid Cards Market Analysis
8.1 Key Industry Highlights
8.2 India Prepaid Cards Historical Market (2015-2019)
8.3 India Prepaid Cards Market Forecast (2020-2025)
8.4 India Prepaid Cards Market by Card Type
8.4.1 Open Loop Cards
126.96.36.199 Market Share
188.8.131.52 Historical Trend (2015-2019)
184.108.40.206 Forecast Trend (2020-2025)
8.4.2 Closed Loop Cards
220.127.116.11 Market Share
18.104.22.168 Historical Trend (2015-2019)
22.214.171.124 Forecast Trend (2020-2025)
8.5 India Prepaid Cards Market by Purpose
8.5.1 Payroll/Incentive Cards
126.96.36.199 Market Share
188.8.131.52 Historical Trend (2015-2019)
184.108.40.206 Forecast Trend (2020-2025)
8.5.2 Travel Cards
220.127.116.11 Market Share
18.104.22.168 Historical Trend (2015-2019)
22.214.171.124 Forecast Trend (2020-2025)
8.5.3 General Purpose Reloadable (GPR) Cards
126.96.36.199 Market Share
188.8.131.52 Historical Trend (2015-2019)
184.108.40.206 Forecast Trend (2020-2025)
8.5.4 Remittance Cards
220.127.116.11 Market Share
18.104.22.168 Historical Trend (2015-2019)
22.214.171.124 Forecast Trend (2020-2025)
8.6 India Prepaid Cards Market by Vertical
126.96.36.199 Market Share
188.8.131.52 Historical Trend (2015-2019)
184.108.40.206 Forecast Trend (2020-2025)
220.127.116.11 Market Share
18.104.22.168 Historical Trend (2015-2019)
22.214.171.124 Forecast Trend (2020-2025)
126.96.36.199 Market Share
188.8.131.52 Historical Trend (2015-2019)
184.108.40.206 Forecast Trend (2020-2025)
8.7 India Prepaid Cards Market by Region
8.7.1 Market Share
220.127.116.11 West and Central India
18.104.22.168 South India
22.214.171.124 North India
126.96.36.199 East India
9 Regional Analysis
9.1 West and Central India
9.1.1 Historical Trend (2015-2019)
9.1.2 Forecast Trend (2020-2025)
9.2 South India
9.2.1 Historical Trend (2015-2019)
9.2.2 Forecast Trend (2020-2025)
9.3 North India
9.3.1 Historical Market (2015-2019)
9.3.2 Market Forecast (2020-2025)
9.4 East India
9.4.1 Historical Market (2015-2019)
9.4.2 Market Forecast (2020-2025)
10 Market Dynamics
10.1 SWOT Analysis
10.2 Porter’s Five Forces Analysis
10.2.1 Supplier’s Power
10.2.2 Buyers Power
10.2.3 Threat of New Entrants
10.2.4 Degree of Rivalry
10.2.5 Threat of Substitutes
10.3 EMR’s Key Indicators for Demand
10.4 EMR’s Key Indicators for Price
11 Competitive Landscape
11.1 Market Structure
11.2 Company Profiles
11.2.1 Axis Bank
188.8.131.52 Company Overview
184.108.40.206 Product Portfolio
220.127.116.11 Demographic Reach and Achievements
18.104.22.168 Financial Summary
11.2.2 ICICI Bank
22.214.171.124 Company Overview
126.96.36.199 Product Portfolio
188.8.131.52 Demographic Reach and Achievements
184.108.40.206 Financial Summary
11.2.3 State Bank of India
220.127.116.11 Company Overview
18.104.22.168 Product Portfolio
22.214.171.124 Demographic Reach and Achievements
126.96.36.199 Financial Summary
11.2.4 HDFC Bank
188.8.131.52 Company Overview
184.108.40.206 Product Portfolio
220.127.116.11 Demographic Reach and Achievements
18.104.22.168 Financial Summary
11.2.5 Punjab National Bank
22.214.171.124 Company Overview
126.96.36.199 Product Portfolio
188.8.131.52 Demographic Reach and Achievements
184.108.40.206 Financial Summary
11.2.6 Yes Bank
220.127.116.11 Company Overview
18.104.22.168 Product Portfolio
22.214.171.124 Demographic Reach and Achievements
126.96.36.199 Financial Summary
11.2.7 Kotak Mahindra Bank
188.8.131.52 Company Overview
184.108.40.206 Product Portfolio
220.127.116.11 Demographic Reach and Achievements
18.104.22.168 Financial Summary
12 Industry Events and Developments
List of Figures and Tables
1. India Prepaid Cards Market: Key Industry Highlights, 2015 and 2025
2. India Prepaid Cards Historical Market: Breakup by Card Type (USD Billion), 2015-2019
3. India Prepaid Cards Market Forecast: Breakup by Card Type (USD Billion), 2020-2025
4. India Prepaid Cards Historical Market: Breakup by Purpose (USD Billion), 2015-2019
5. India Prepaid Cards Market Forecast: Breakup by Purpose (USD Billion), 2020-2025
6. India Prepaid Cards Historical Market: Breakup by Vertical (USD Billion), 2015-2019
7. India Prepaid Cards Market Forecast: Breakup by Vertical (USD Billion), 2020-2025
8. India Prepaid Cards Historical Market: Breakup by Region (USD Billion), 2015-2019
9. India Prepaid Cards Market Forecast: Breakup by Region (USD Billion), 2020-2025
10. India Prepaid Cards Market Structure
In the forecast period of 2020-2025, the India prepaid cards market projected to grow at a CAGR of nearly 40.5%.
By 2025, the market is estimated to reach USD 340 billion.
The major drivers of the market such as rising disposable incomes, increasing population, increasing urbanisation, growing penetration of smartphones, growing digitization, demonetization, and government policies encouraging a cashless economy are expected to aid the market growth.
The rising number of Indians travelling abroad and growing number of companies offering meal cards as a part of their employee benefits are the major trends driving the growth of the market.
The major regions in the markets are West and Central, South, North, and East India.
The leading card types in the market are open loop and closed loop cards.
The significant purpose types in the industry are payroll/incentive, travel, general purpose reloadable (GPR), and remittance cards, among others.
Corporate/organization, retail, and government, among others, are the dominant verticals in the market.
The key players in the market are Axis Bank, ICICI Bank, State Bank of India, HDFC Bank, Punjab National Bank, Yes Bank, and Kotak Mahindra Bank, among others.
The India prepaid cards market is driven by demonetization and government policy encouraging a cashless economy. Aided by the growing demand meal and travel prepaid cards, the market is expected to witness a robust growth in the forecast period of 2020-2025, growing at a CAGR of 40.5%. The market is projected to reach USD 340 billion by 2025.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on the card type, the market can be segmented into open loop and closed loop cards. On the basis of purpose, the industry can be divided into payroll/incentive, travel, general purpose reloadable (GPR), and remittance cards, among others. Corporate/organization, retail, and government, among others, are the major verticals in the market. The major regional markets for prepaid cards in India are West and Central, South, North, and East India.The key players in the above market include Axis Bank, ICICI Bank, State Bank of India, HDFC Bank, Punjab National Bank, Yes Bank, and Kotak Mahindra Bank, among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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