Booming Prepaid Card Market in India: A Closer Look at Fintech Innovations: Ken Research REQUEST FOR SAMPLE REPORT Buy Now Request For sample Report × Report Title Name Email Designation Phone No Comapny Name Comapny URL Country -- Please Select Your Country -- Afganistan Africa Albania Algeria Andorra Angola Anguilla Antigua and Barbuda Argentina Armenia Aruba Asia Australasia Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bonaire Bosnia Herzegovina Botswana Brazil BRICS British Virgin Islands Brunei Darussalam Bulgaria Burkina Faso Cambodia Cameroon Canada Cape Verde Cayman Islands Central African Republic Central and South America Chad Chile China Colombia Comoros Congo Costa Rica Cote d'Ivoire Croatia Cuba Curacao Cyprus Czech Republic Denmark Djibouti Dominica Dominican Republic Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Europe European Union Falkland Islands Faroe Islands Fiji Finland France French Guiana French Polynesia Gabon Gambia Georgia Germany Ghana Gibraltar Global Great Britain Greece Greenland Grenada Guadeloupe Guam Guatemala Guerney & Alderney Guinea Guinea-Bissau Guyana Haiti Honduras Hong Kong Hungary Iceland India Indonesia Iran Iraq Ireland Isle of Man Israel Italy Ivory Coast Jamaica Japan Jersey Jordan Kazakhstan Kenya Kiribati Kosovo Kuwait Kyrgyzstan Laos Latvia Lebanon Lesotho Liberia Libyan Arab Jamahiriya Liechtenstein Lithuania Luxembourg Macao Macau Macedonia Madagascar Malawi Malaysia Maldives Mali Malta Man (Island of) Marshall Islands Martinique Mauritania Mauritius Mayotte Mexico Micronesia Middle East Minnesota Moldova Monaco Mongolia Monserrat Montenegro Morocco Morroco Mozambique Myanmar Namibia Nepal Netherlands New Caledonia New Zealand Nicaragua Niger Nigeria Niue North America North Korea Norway Oman Pakistan Palau Palestine Panama Papua New Guinea Paraguay Peru Philippines Poland Portugal Puerto Rico Qatar Reunion Romania Russia Rwanda Saint Helena Saint Lucia Saint Martin Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa Samoa (American) San Marino Sao Tome and Principe Saudi Arabia Scandinavia Senegal Serbia Seychelles Sierra Leone Singapore Sint Maarten Slovakia Slovenia Solomon (Islands) Somalia South Africa South Korea South Sudan Spain Sri Lanka Sudan Suriname Svalbard and Jan Mayen Islands Swaziland Sweden Switzerland Syria Taiwan Tajikistan Tanzania Thailand Timor Leste Togo Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Uganda Ukraine United Arab Emirates United Kingdom United States Uruguay Uzbekistan Vanuatu Vatican City Venezuela Vietnam Virgin Islands Western Sahara Yemen Zambia Zimbabwe Requirement Submit The market is fueled by the country’s rising interest in digital payments & ‘Digital India’ initiative. Digital Wallets Revolutionize Payments: Mobikwik partners with NPCI and Axis Bank, introducing MobiKwik RuPay Prepaid Card for global transactions. Seamless Transit Payments: Paytm’s prepaid transit card simplifies travel expenses, extends to shopping, parking, and more. Empowering MSME Workers: ICICI collaborates with Niyo to launch ICICI Bank Niyo Bharat Payroll Card, boosting financial inclusion. Fintech’s Impact: Indian fintech firms drive prepaid card growth, catering to diverse needs and accelerating the shift towards cashless transactions. As per Ken Research, India’s prepaid card market is experiencing exponential growth, driven by the country’s increasing shift towards digital payments India’s prepaid card market has witnessed a robust growth in the recent years registering a remarkable growth rate. As the country’s digital landscape continues to evolve, fintech companies are actively capturing opportunities to expand their services and offer innovative solutions in order to meet the increasing demand coming in for digital payments. In this article, we uncover some of the recent developments in the Indian prepaid card market, underlining the efforts of financial service providers and digital wallet companies to capture more market share. 1. Digital Wallets Introducing Prepaid Card Solutions Read More: India’s Cashless payment Market As a response to the rising demand for digital payments across online and offline merchants, digital wallet providers are introducing innovative prepaid card solutions. One such instance is of the collaboration between Mobikwik, the Indian digital wallet company, the National Payments Corporation of India (NPCI), and Axis Bank. Together, they launched the MobiKwik RuPay Prepaid Card (November 2021). The said card, combined with the wallet, grants customers unlimited access to over 40 million merchants worldwide, including the popular MobiKwik’s extensive merchant network. The card mirrors up to 2 lakhs (~US$2,690) from the wallet balance, allowing users the convenience of digital payments on a worldwide scale. Moreover, users of the prepaid card are automatically qualified for MobiKwik Zip, a ‘Buy Now Pay Later (BNPL)’ product, further enhancing the appeal of this financial offering. 2. Unified Prepaid Transit Cards for Easy Payments To learn more about this report Download a Free Sample Report With the rising popularity of cashless transactions in India, fintech companies are entering into various sectors with innovative products. Paytm, a prominent financial service and digital wallet provider, launched its stand-alone transit card which is specifically aimed at fulfilling commuters’ needs. The Paytm Transit Card, a prepaid card, facilitates seamless travel experiences on metros, buses, and trains. However, its utility doesn’t stop there. Users can even make use of the card for parking expenses, food, fuel, online shopping, and other travel-related expenses thereby streamlining the entire payment process. The card is linked to Paytm Payments Bank and the wallet, allowing easy top-ups and transactions, making it an attractive proposition for travelers seeking convenience and efficiency. 3. Fintech Collaborations for MSME Workers: Visit this Link: – Request for custom report Recognizing the importance of the micro, small, and medium enterprises (MSME) sector, several financial institutions have now collaborated with fintech companies in order to launch prepaid payroll cards for blue-collar employees. In one such instance, ICICI, a private sector bank in India, joined hands with fintech company ‘Niyo’ to introduce the ICICI Bank Niyo Bharat Payroll Card. Aimed at MSME workers, this prepaid card allows employers to load their salaries onto the cards, empowering workers with hassle-free access to their funds. These payroll cards, powered by Visa, provide workers with the flexibility to use funds as per their requirement thereby supporting financial inclusion and promoting digital payment adoption. Conclusion: As per Ken Research, India’s prepaid card market is experiencing exponential growth, driven by the country’s increasing shift towards digital payments. Fintech companies, recognizing the potential, are introducing innovative prepaid card solutions and forming strategic partnerships to cater to various consumer segments. As India embraces a cashless future, prepaid cards are poised to play a pivotal role in transforming the nation’s payment landscape. Major Players Mentioned in the Report: India Gift Card Market Players Uber Amazon Paytm Ajio Nykaa Myntra India Co-Branded Cards Market Apollo Pharmacy Big bazaar Oyo Make My Trip Yatra India Prepaid Reloadable Card Market Axis Bank SBI ICICI Bank Kotak Mahindra India NCMC Card Market SBI Canara Bank Union bank of India Bank of Baroda ICICI Bank Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report: Investors Risk-Averse Individuals Fixed Income Seekers Small Business Owners Non-Profit Organizations Fixed-Time Investors Time Period Captured in the Report: Period: 2022-2023 For more insights on market intelligence, refer to the link below: – India Prepaid Cards & Retail Fuel Spend Market Related Reports By Ken Research:- KSA Lending Market Outlook to 2027 South Africa Buy Now Pay Later Market Outlook to 2027F Tags: Axis Bank India Market Share, Challenges India Prepaid Cards Market, Competition India Prepaid Cards Market, Emerging Companies India Prepaid Cards Market, HDFC India Market Revenue, ICICI Bank India Market Share, India Prepaid Cards and Retail Fuel Spend Industry, India Prepaid Cards and Retail Fuel Spend Market, India Prepaid Cards Market, India Prepaid Cards Market Opportunities, India Prepaid Digital Wallet Sector, India Prepaid Payment Instruments Market, India Prepaid Solutions Market Report, Investment India Prepaid Cards Market, Itz Cash India Annual Revenue, Leading Players India Prepaid Cards Market, Major Companies India Prepaid Cards Market, Major Competitors India Prepaid Cards Market, PNB India Market Revenue, Top 10 Players India Prepaid Cards Market, Trends India Prepaid Cards Market, Western Union India Market Share, Yes Bank India Market Share