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India Prepaid Cards Market Size, Share, Trends, Growth, Industry Outlook and Analysis Report 2025-2033

09-09-2025 07:47 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: IMARC Group

India Prepaid Cards Market Size, Share, Trends, Growth,

As indicated in the latest market research report published by IMARC Group, titled "India Prepaid Cards Market Report by Card Type (Closed Loop Cards, Open Loop Cards), Purpose (Payroll/Incentive Cards, Travel Cards, General Purpose Reloadable (GPR) Cards, Remittance Cards, Others), Vertical (Corporate/Organization, Retail, Government, Others), and Region 2025-2033," this report provides an in-depth analysis of the industry, featuring insights into the market. It encompasses competitor and regional analyses, as well as recent advancements in the market.

Market Size & Future Growth Potential:

The India prepaid cards market size reached USD 213.0 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 2,277.0 Billion by 2033, exhibiting a growth rate (CAGR) of 30.1% during 2025-2033.

Request Free Sample Report: https://www.imarcgroup.com/india-prepaid-cards-market/requestsample

Latest Market Trends:

The India prepaid cards market is experiencing remarkable transformation driven by the government's push towards a cashless economy and digital financial inclusion. The integration of RuPay cards with the Unified Payments Interface (UPI) has revolutionized how consumers interact with prepaid payment solutions, making transactions more seamless and accessible. With UPI processing over 14 billion transactions monthly and contributing to 85% of retail payment volumes, prepaid cards have become integral to India's digital payments ecosystem.

The market is witnessing increased adoption across rural and semi-urban areas, supported by smartphone penetration and improved internet connectivity. Corporate organizations are increasingly leveraging prepaid cards for employee payroll and incentive programs, while the retail sector uses them for customer loyalty and gift card programs. The COVID-19 pandemic accelerated the shift towards contactless payments, significantly boosting prepaid card usage as consumers prioritized hygiene and convenience in their financial transactions.

Market Scope and Growth Factors:

The scope of India's prepaid cards market extends beyond traditional payment methods, encompassing diverse applications across multiple sectors. Government initiatives play a crucial role in market expansion, with the Interim Budget 2024-25 allocating INR 14.41 billion specifically for promoting RuPay debit cards and low-value UPI transactions. This financial incentive scheme offers rewards to banks that encourage RuPay card usage at Point-of-Sale terminals and e-commerce platforms.

Open loop prepaid cards are gaining significant traction due to their flexibility and widespread acceptance across multiple merchant networks. The ability to use these cards wherever the card brand is accepted makes them particularly attractive to consumers seeking convenience. Meanwhile, payroll and incentive cards dominate the market as organizations adopt digital salary disbursement methods, reducing administrative costs and improving employee satisfaction. The integration with UPI has made RuPay cards particularly competitive, with the domestic payment network capturing 50% of new credit card issuances as organizations prioritize indigenous payment solutions.

Ask Analyst For Customization: https://www.imarcgroup.com/request?type=report&id=1443&flag=C

Comprehensive Market Report Highlights & Segmentation Analysis:

Segmentation by Card Type:

• Closed Loop Cards
• Open Loop Cards

Segmentation by Purpose:

• Payroll/Incentive Cards
• Travel Cards
• General Purpose Reloadable (GPR) Cards
• Remittance Cards
• Others

Segmentation by Vertical:

• Corporate/Organization
• Retail
• Government
• Others

Segmentation by Region:

• West and Central India
• South India
• North India
• East India

Competitor Landscape:

The report offers an in-depth examination of the competitive landscape. It includes a thorough competitive analysis encompassing market structure, key player positioning, leading strategies for success, a competitive dashboard, and a company evaluation quadrant.

Major players in the India prepaid cards market include:

• American Express Company
• Axis Bank Limited
• EbixCash
• HDFC Bank Ltd.
• ICICI Bank Ltd
• Kotak Mahindra Bank Limited
• Pluxee India
• Punjab National Bank
• State Bank of India
• Yes Bank Ltd.

Recent News and Developments:

• RuPay-UPI Integration Success: RuPay accounted for 50% of all new credit cards issued in India in June 2024, demonstrating the success of the government's strategy to promote domestic payment networks over international players like Visa and Mastercard.
• Government Financial Support: The Indian government allocated INR 14.41 billion in Budget 2024-25 to incentivize banks for promoting RuPay debit cards and low-value UPI transactions, showing strong institutional backing for prepaid card adoption.
• UPI Transaction Milestone: UPI processed over 14 billion transactions in May 2024 alone, with RuPay cards being seamlessly integrated into this ecosystem, enabling cardholders to make quick, card-less payments using smartphones.
• Credit Integration Expansion: The Reserve Bank of India's 2022 decision to allow RuPay credit card linking with UPI platforms has been fully implemented, with almost all major card issuers now offering RuPay credit cards with UPI functionality.
• Market Expansion: The prepaid card and digital wallet market in India is anticipated to grow annually by 30.3%, reaching an estimated value of USD 81.65 billion in 2025, driven by increased digital adoption and government support.
• Corporate Adoption: Major corporations are increasingly adopting prepaid cards for employee benefits, payroll distribution, and incentive programs, with the corporate/organization segment accounting for the largest market share.

Key highlights of the Report:

• Historical Market Performance
• Future Market Projections
• Impact of COVID-19 on Market Dynamics
• Industry Competitive Analysis (Porter's Five Forces)
• Market Dynamics and Growth Drivers
• SWOT Analysis (Strengths, Weaknesses, Opportunities, Threats)
• Market Ecosystem and Value Creation Framework
• Competitive Positioning and Benchmarking Strategies

Major Advantages of the Report:

• This report provides market leaders and new entrants with accurate revenue estimates for the overall market and its key subsegments.
• Stakeholders can leverage this report to gain a deeper understanding of the competitive landscape, enabling them to strategically position their businesses and develop effective go-to-market strategies.
• The report provides stakeholders with valuable insights into the market dynamics, offering a comprehensive analysis of key drivers, restraints, challenges, and opportunities.

Why Choose IMARC Group:

• Extensive Industry Expertise
• Robust Research Methodology
• Insightful Data-Driven Analysis
• Precise Forecasting Capabilities
• Established Track Record of Success
• Reach with an Extensive Network
• Tailored Solutions to Meet Client Needs
• Commitment to Strong Client Relationships and Focus
• Timely Project Delivery
• Cost-Effective Service Options

Note: Should you require specific information not included in the current report, we are pleased to offer customization options to meet your needs.

IMARC Group

134 N 4th St. Brooklyn, NY 11249, USA
Email: Sales@imarcgroup.com
Tel No:(D) +91 120 433 0800
Americas: +1-201971-6302 | Africa and Europe: +44-702-409-7331

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

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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