India Prepaid Card and Digital Wallet Market Analysis/Opportunity Report 2022: Market to Reach $105.43 Billion by 2026 from $35.69 Billion in 2022, Growing at a CAGR of 31.1%
DUBLIN, Sept. 7, 2022 /PRNewswire/ -- The "India Prepaid Card and Digital Wallet Business and Investment Opportunities Databook - Market Size and Forecast, Consumer Attitude & Behaviour, Retail Spend" report has been added to ResearchAndMarkets.com's offering.
The prepaid card market (value terms) in India increased at a CAGR of 19.9% during 2017-2021. Over the forecast period of 2022 to 2026, the market is expected to record a CAGR of 31.1%, increasing from US$35.69 billion in 2022 to reach US$105.43 billion by 2026.
This report provides a detailed data centric analysis of prepaid payment instruments, covering spend through prepaid cards and digital wallets across retail and corporate consumer segments. In addition, it provides a snapshot of consumer behaviour and retail spend dynamics in India. With over 100 KPIs at country level, this report provides comprehensive understanding of prepaid card and digital wallet card market dynamics.
In 2021, the Indian fintech industry recorded strong growth. With the changing digital landscape of the country, various fintech companies are either engaging in business expansion through partnerships or developing innovative solutions targeting various sets of consumers. With a future-looking mindset, these companies are likely to attract significant investment in the next four to six quarters.
Digital wallets are building partnerships to launch prepaid cards in the Indian market
With higher demand for digital payments across online and brick-and-mortar stores in the country, digital wallet providers are launching innovative prepaid card solutions in order to capture more market share.
- In November 2021, Indian digital wallet company, Mobikwik, has collaborated with the National Payments Corporation of India (NPCI) and Axis Bank for the introduction of MobiKwik RuPay Prepaid Card.
- This prepaid card, together with the wallet, will provide the customers' access to more than 40 million merchants across many countries, including MobiKwik merchant network.
- The prepaid cards will reflect up to 2 lakh (~US$2,690) balance from the wallet balance.
- The customers of prepaid card users will get a 30,000 credit (~US$400) in their wallet as they will automatically qualify for MobiKwik Zip, which is the buy now pay later product of the digital wallet.
Financial service and digital wallet providers introducing unified prepaid transit cards in the Indian market
With the rising usage of cashless payments in the country, fintechs are approaching various sectors to capture customers with their innovative products. For instance,
- In November 2021, Indian financial service and digital wallet provider Paytm introduced its stand-alone transit card for riding the metro, bus, and train in India.
- The Paytm Transit Card, which is a prepaid card, will help the person to take care of the parking expenses, food, fuel, and online shopping expenses, coupled with travel expenses.
- For top-ups and transactions, the Paytm Transit card is linked to the Paytm Payments Bank and the wallet.
Banks are tying up with fintechs to launch payroll cards for MSME workers in India
Targeting the workers of micro, small, and medium enterprises (MSMEs), various partnerships are witnessed in the country to provide prepaid payroll cards for these blue collared employees.
- In January 2021, Indian private sector bank, ICICI, tied up with fintech Niyo to launch ICICI Bank Niyo Bharat Payroll Card for the MSME workers.
- The MSME can upload the salaries in these prepaid cards, which the workers can use as per their needs.
- The MSME workers can receive funds up to 1 lakh in these payroll cards, which are powered by Visa.
Financial service and digital wallet providers are introducing unified prepaid transit cards in the Indian market
With the rising usage of cashless payments in the country, fintechs are approaching various sectors to capture customers with their innovative products.
- In November 2021, Indian financial service and digital wallet provider Paytm introduced its stand-alone transit card for riding the metro, bus, and train in India.
- The Paytm Transit Card, which is a prepaid card, will help the person to take care of the parking expenses, food, fuel, and online shopping expenses, coupled with travel expenses.
- For top-ups and transactions, the Paytm Transit card is linked to the Paytm Payments Bank and the wallet.
Scope
India Digital Wallet Market Size and Forecast
- Transaction Value Trend Analysis
- Transaction Volume Trend Analysis
- Average Value per Transaction
India Digital Wallet Market Size and Forecast by Key Segments
- Retail Shopping (Value, Volume, Avg. Value)
- Travel (Value, Volume, Avg. Value)
- Entertainment and Gaming (Value, Volume, Avg. Value)
- Restaurant (Value, Volume, Avg. Value)
- Recharge and Bill Payment (Value, Volume, Avg. Value)
India Prepaid Card Industry Market Attractiveness
- Load Value Trend Analysis
- Transaction Value Trend Analysis
- Transaction Volume Trend Analysis
- Average Value per Transaction
- Number of Cards
Market Share Analysis by Functional Attributes - Open Loop vs. Closed Loop, 2017 - 2026
Market Share Analysis by Prepaid Card Categories
India Open Loop Prepaid Card Future Growth Dynamics, 2017 - 2026
- Transaction Value Trend Analysis
- Transaction Volume Trend Analysis
- Average Value per Transaction
- Number of Cards
India Closed Loop Prepaid Card Future Growth Dynamics, 2017 - 2026
- Transaction Value Trend Analysis
- Transaction Volume Trend Analysis
- Average Value per Transaction
- Number of Cards
India Prepaid Card Consumer Usage Trends
- By Age Group
- By Income Group
- By Gender
India General Purpose Prepaid Card Market Size and Forecast
India Gift Card Market Size and Forecast
Gift Card Market Size and Forecast by Functional Attribute
- By Open Loop Gift Card
- By Closed Loop Gift Card
Gift Card Market Size and Forecast by Consumer Segments
- By Retail Consumer Segment
- By Corporate Consumer Segment
Gift Card Market Share Analysis by Retail Categories
Gift Card Market Share Analysis by Gifting Occasion
Gift Card Market Share Analysis by Purchase Location
India Entertainment and Gaming Prepaid Card Market Size and Forecast
India Teen and Campus Prepaid Card Market Size and Forecast
Teen and Campus Prepaid Card Market Size and Forecast by Functional Attribute
- By Open Loop Teen and Campus Prepaid Card
- By Closed Loop Teen and Campus Prepaid Card
India Business and Administrative Expense Prepaid Card Market Size and Forecast
Business and Administrative Expense Prepaid Card Market Size and Forecast by Consumer Segments
- By Small Scale Business Segment
- By Mid-Tier Business Segment
- By Enterprise Business Segment
- By Government Segment
India Payroll Prepaid Card Market Size and Forecast
Payroll Prepaid Card Market Size and Forecast by Consumer Segments
- By Small Scale Business Segment
- By Mid-Tier Business Segment
- By Enterprise Business Segment
- By Government Segment
India Meal Prepaid Card Market Size and Forecast
Meal Prepaid Card Market Size and Forecast by Consumer Segments
- By Small Scale Business Segment
- By Mid-Tier Business Segment
- By Enterprise Business Segment
- By Government Segment
India Travel Forex Prepaid Card Market Size and Forecast
Travel Forex Prepaid Card Market Size and Forecast by Consumer Segments
- By Retail
- By Small Scale Business Segment
- By Mid-Tier Business Segment
- By Enterprise Business Segment
- By Government Segment
India Transit and Tolls Prepaid Card Market Size and Forecast
India Healthcare and Wellness Prepaid Card Market Size and Forecast
India Social Security and Other Government Benefit Programs Prepaid Card Market Size and Forecast
India Fuel Prepaid Cards Market Size and Forecast
India Utilities, and Other Prepaid Cards Market Size and Forecast
For more information about this report visit https://www.researchandmarkets.com/r/8dtx7x
Media Contact:
Research and Markets
Laura Wood, Senior Manager
[email protected]
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg
SOURCE Research and Markets
Share this article