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India Prepaid Cards Market Size, Share, Trends, Growth: By Card Type: Open Loop Cards, Closed Loop Cards; By Purpose: Payroll/Incentive Cards, Travel Cards, General Purpose Reloadable (GPR) Cards, Remittance Cards, Others; By Vertical: Corporate/Organization, Retail, Others; Regional Analysis; Competitive Landscape; 2024-2032
India Prepaid Cards Market Outlook
The India prepaid cards market size is expected to grow at a CAGR of about 40.5% between 2024 and 2032 and is estimated to reach USD 2615.40 billion by 2032.
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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.
Market Segmentation
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.
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Based on the card type, the market can be divided into:
- Open Loop
- Closed Loop
The purpose of the industry can be segmented into:
- Payroll/Incentive
- Travel
- General Purpose Reloadable (GPR)
- Remittance
- Others
Based on the vertical, the industry can be divided into:
- Corporate/Organization
- Retail
- Government
- Others
The major regional markets included in the report are West and Central, South, North, and East India.
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Market Analysis
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.
Competitive Landscape
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:
- Axis Bank
- ICICI Bank
- State Bank of India
- HDFC Bank
- Punjab National Bank
- Yes Bank
- Kotak Mahindra Bank
- Others
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Card Type |
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| Breakup by Purpose |
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| Breakup by Vertical |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
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
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 India Prepaid Cards Market Snapshot
7 Opportunities and Challenges in the Market
8 India Prepaid Cards Market Analysis
8.1 Key Industry Highlights
8.2 India Prepaid Cards Historical Market (2018-2023)
8.3 India Prepaid Cards Market Forecast (2024-2032)
8.4 India Prepaid Cards Market by Card Type
8.4.1 Open Loop Cards
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Closed Loop Cards
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.5 India Prepaid Cards Market by Purpose
8.5.1 Payroll/Incentive Cards
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Travel Cards
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 General Purpose Reloadable (GPR) Cards
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.5.4 Remittance Cards
8.5.4.1 Historical Trend (2018-2023)
8.5.4.2 Forecast Trend (2024-2032)
8.5.5 Others
8.6 India Prepaid Cards Market by Vertical
8.6.1 Corporate/Organization
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Retail
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Government
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Others
8.7 India Prepaid Cards Market by Region
8.7.1 West and Central India
8.7.2 South India
8.7.3 North India
8.7.4 East India
9 Regional Analysis
9.1 West and Central India
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 South India
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
9.3 North India
9.3.1 Historical Market (2018-2023)
9.3.2 Market Forecast (2024-2032)
9.4 East India
9.4.1 Historical Market (2018-2023)
9.4.2 Market Forecast (2024-2032)
10 Market Dynamics
10.1 SWOT Analysis
10.1.1 Strengths
10.1.2 Weaknesses
10.1.3 Opportunities
10.1.4 Threats
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 Key Indicators for Demand
10.4 Key Indicators for Price
11 Competitive Landscape
11.1 Market Structure
11.2 Company Profiles
11.2.1 Axis Bank
11.2.1.1 Company Overview
11.2.1.2 Product Portfolio
11.2.1.3 Demographic Reach and Achievements
11.2.1.4 Financial Summary
11.2.1.5 Certifications
11.2.2 ICICI Bank
11.2.2.1 Company Overview
11.2.2.2 Product Portfolio
11.2.2.3 Demographic Reach and Achievements
11.2.2.4 Financial Summary
11.2.2.5 Certifications
11.2.3 State Bank of India
11.2.3.1 Company Overview
11.2.3.2 Product Portfolio
11.2.3.3 Demographic Reach and Achievements
11.2.3.4 Financial Summary
11.2.3.5 Certifications
11.2.4 HDFC Bank
11.2.4.1 Company Overview
11.2.4.2 Product Portfolio
11.2.4.3 Demographic Reach and Achievements
11.2.4.4 Financial Summary
11.2.4.5 Certifications
11.2.5 Punjab National Bank
11.2.5.1 Company Overview
11.2.5.2 Product Portfolio
11.2.5.3 Demographic Reach and Achievements
11.2.5.4 Financial Summary
11.2.5.5 Certifications
11.2.6 Yes Bank
11.2.6.1 Company Overview
11.2.6.2 Product Portfolio
11.2.6.3 Demographic Reach and Achievements
11.2.6.4 Financial Summary
11.2.6.5 Certifications
11.2.7 Kotak Mahindra Bank
11.2.7.1 Company Overview
11.2.7.2 Product Portfolio
11.2.7.3 Demographic Reach and Achievements
11.2.7.4 Financial Summary
11.2.7.5 Certifications
11.2.8 Others
12 Key Trends and Developments in the Market
List of Key Figures and Tables
1. India Prepaid Cards Market: Key Industry Highlights, 2018 and 2032
2. India Prepaid Cards Historical Market: Breakup by Card Type (USD Billion), 2018-2023
3. India Prepaid Cards Market Forecast: Breakup by Card Type (USD Billion), 2024-2032
4. India Prepaid Cards Historical Market: Breakup by Purpose (USD Billion), 2018-2023
5. India Prepaid Cards Market Forecast: Breakup by Purpose (USD Billion), 2024-2032
6. India Prepaid Cards Historical Market: Breakup by Vertical (USD Billion), 2018-2023
7. India Prepaid Cards Market Forecast: Breakup by Vertical (USD Billion), 2024-2032
8. India Prepaid Cards Historical Market: Breakup by Region (USD Billion), 2018-2023
9. India Prepaid Cards Market Forecast: Breakup by Region (USD Billion), 2024-2032
10. India Prepaid Cards Market Structure
Key Questions Answered in the Report
The market is expected to grow at a CAGR of 40.5% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach around USD 2615.40 billion by 2032.
The major drivers of the market are rising disposable incomes, increasing population, increasing urbanisation, growing penetration of smartphones, and government policies encouraging a cashless economy.
The rising number of Indians travelling abroad and growing usage of prepaid cards for employee benefits are the major trends driving the growth of the market.
The major regions for prepaid cards in India are West and Central India, South India, North India, and East India.
The leading card types in the market are open loop cards and closed loop cards.
The significant purposes of prepaid cards in the market are payroll/incentive cards, travel cards, general purpose reloadable (GPR) cards, and remittance cards, among others.
Corporate/organisation, retail, and government, among others, are the dominant verticals in the market.
The key players in the India prepaid cards market are Axis Bank, ICICI Bank, State Bank of India, HDFC Bank, Punjab National Bank, Yes Bank, and Kotak Mahindra Bank, among others.
Analyst Review
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 2024-2032, growing at a CAGR of 40.5%. The market is projected to reach USD 2615.40 billion by 2032.
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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