India Prepaid Cards & Retail Fuel Spend Market Outlook to 2023
Driven by growing financial inclusion payment and a rise in digital payments
August 2023
108
About the Report
About the Report
Market Overview:
A rapidly evolving market with immense growth potential India Prepaid Cards & Retail Fuel market is being driven bythe 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 utilized. 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.
There are multiple regulatory bodies involved in regulating prepaid cards, including the Reserve Bank of India, the Department of Payment and Settlement Systems, and the Ministry of Finance. This can lead to confusion and delays in launching prepaid card programs.Prepaid cards are not accepted at all merchants particularly in rural or remote areas where digital payment infrastructure is less developed.The India Prepaid Cards Market is with major players in this market are ICICI Bank, HDFC, Rupay, Yes Bank amongst others.
India Prepaid Cards Market Analysis
- The Prepaid Instruments market in India has been experiencing significant growth due to increasing adoption and acceptance of digital payment methods, rising e-commerce transactions, and government initiatives promoting a cashless economy.
- India Prepaid Instruments is majorly driven by the growing e-commerce market which creates a demand for digital payments and a move towards financial inclusion.
- The major recommended strategies for new entrants in the market include offering various incentives, discounts, referral programs and developing user friendly websites or mobile apps.
Key Trends by Market Segment:
By Mode of Payment: The India Prepaid Card & Retail Fuel Market is segmented by mode of payment into Cash, Debit Card, Mobile Wallet & UPI. As of 2022-23, the Cash mode of payment registered the highest share, capturing a whooping 52% of the market. The debit card mode of payment stood second in line with a market share of 23%, followed by mobile wallets & UPI.
By Petrol Fleet: The India Prepaid Instruments & Retail Fuel Market is segmented by petrol fleet into 2W, Private Car, private SUV, Taxis, Taxi SUV & 3W (Goods & Passengers) with 2W capturing the highest share of market, a massive 59, followed by private care (28%), private SUV (8.5%), Taxi (1.9%) & Taxi SUV (1.3%) & 3W (1.2%).
Competitive Landscape:
- HDFC Bank has the highest number of merchant partners up to 2 Mn and lowest churn rate of 5-10% among the major players
- The latest acquisition of Citibank by Axis Bank for its consumer businesses and its non-banking finance arm has helped the bank become the biggest player in the market
- The average revenue per card depends on multiple fees charged by banks like issuance fees, annual fees, amount loading fees among others
Recent Developments:
- Fortum Charge & Drive India Introduces Innovative RuPay Pre-paid Card for EV Charging
- In December 2022, Amara Raja Batteries Limited (ARBL) announced its plans to invest over USD 1,148.89 million over ten years in setting up research and development and a greenfield manufacturing plant for lithium-ion Prepaid Cards production in Telangana's Mahbubnagar district.
- In June 2022, researchers at IIT Madras worked on a new Prepaid Cards technology for electric vehicles. They are developing mechanically rechargeable zinc-air batteries instead of the lithium-ion batteries now used in EVs.
Future Outlook:
- The Prepaid Cards Market is estimated to grow robustly with increasing usage and acceptance of cards at multiple merchant locations
- The online security and protection against cyber threats remain an important consideration for users while purchasing gift cards
- Technologies such as Biometric Authentication, Internet of Things (IoT) and Artificial Intelligence (AI) are expected to drive Industry growth in future
Scope Of The Report
Scope of the Report
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India Prepaid Cards and Retail Fuel Spend Market Segmentation |
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By Mode of Payment |
Cash Debit card/Credit Card Mobile Wallet UPI
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By Petrol Fleet |
2W Private car Private SUV Private Taxi Taxi 3W |
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By Diesel Fleet |
Trucks SUV Private car Bus Commercial Taxi |
Products
Products
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
Companies
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
Table of Contents
Table of Contents
1.Executive Summary
1.1 Executive Summary – India Pre-Paid Instruments
2.Country Overview
2.1 India Population Analysis
2.2 Banking Sector Overview
2.3 Fuel Spend Overview
3.Gift Cards
3.1 Ecosystem
3.2 Value Chain Analysis
3.3 Growth Drivers of India Gift Cards Market
3.4 Challenges in India Gift Cards Market
3.5 Trends in India Gift Cards Market
3.6 Regulations in India Gift Cards Market
3.7 Market Size of India Gift Card Market
3.8 Cross Comparison of Major Gift Card Players
3.9 Future Technological Innovations in India Gift Cards
4.Prepaid (Reloadable) Cards
4.1 Ecosystem
4.2 Value Chain Analysis
4.3 Growth Drivers of India Prepaid Cards Market
4.4 Challenges in India Prepaid Cards Market
4.5 Trends in India Prepaid Cards Market
4.6 Regulations in India Prepaid Cards Market
4.7 Market Size of India Prepaid Cards Market
4.8 Cross Comparison of Major Prepaid Cards Players in India
4.9 Future Technological Innovations in India Prepaid Cards Market
5.Co-Branded Cards
5.1 Ecosystem
5.2 Value Chain Analysis
5.3 Growth Drivers of India Co-Branded Prepaid Cards Market
5.4 Challenges in India Co-Branded Prepaid Cards Market
5.5 Trends in India Co-Branded Prepaid Cards Market
5.6 Regulations in India Co-Branded Prepaid Cards Market
5.7 Market Size of India Co-Branded Prepaid Card Market
5.8 Cross Comparison of Co-Branded Prepaid Market Players
5.9 Future Technological Innovations in India Co-Branded Prepaid Cards
6.NCMC Cards
6.1 Ecosystem
6.2 Value Chain Analysis
6.3 Growth Drivers of NCMC Cards Market
6.4 Challenges in NCMC Cards Market
6.5 Regulations in NCMC Cards Market
6.6. Market Size of NCMC Cards Market
6.7 Cross Comparison of NCMC Cards Market Players
6.8 Future Technological Innovations in India NCMC Cards Market
7.Fuel Spend in India
7.1 Ecosystem – India Fuel Spend Market
7.2 Market Size: India Fuel Spend Value of Transactions, FY17- FY23
7.3 Market Size: India Fuel Spend Value of Transactions, FY17- FY23
7.4 Market Segmentation by Mode of Payment (Cash, Cards, UPI and mobile wallets)
7.5 Market Segmentation by Type of Fleet (2W, Private Car, SUV, Taxis, Taxis SUV, 3W)
7.6 Market Segmentation by Type of Fleet (Trucks, Private Car, Buses, Commercial Taxis, Others)
7.7 Major Districts with Highest Fuel Spend in India, FY23
7.8 Major Highways and Routes with Highest Fuel Spend in India, FY23
7.9 Growth Drivers of India Fuel Spend Market
7.10 Trends in India Fuel Spend Market
7.11 Challenges in India Fuel Spend Market
7.12 Government Regulations and Policies in India Fuel Spend Market
7.13 Market Segmentation by Location of Total Amount of Petrol Spent in India (Highway, Urban Pumps, Rural)
7.14 Market Segmentation by Location of Total Amount of Diesel Spent in India (Highway, Urban Pumps, Rural)
8.Analyst Recommendations
8.1 Cross Comparison of Prepaid Instruments
8.2 Understanding the Purchasing Decision Making Parameters
8.3 Customer Journey and Promotion Strategy
8.4 Sales and Marketing Strategies
8.5 Recommendations for New Entrants
9. Research Methodology
9.1 Market Definitions and Assumptions and Abbreviations
9.2 Market Sizing Approach
9.3 Consolidated Research Approach
9.4 Sample Size Inclusion
9.5 Limitation and Future Conclusion
Disclaimer
Contact Us
Research Methodology
Research Methodology
Step:1 Identifying Key Variables:
Ecosystem creation for all the major entities and referring to multiple secondary and proprietary databases to perform desk research around market to collate industry level information.
Step:2 Market Building:
Collating statistics on India Prepaid Cards market over the years, penetration of marketplaces and service providers ratio to compute revenue generated for India Prepaid Cards market. We will also review service quality statistics to understand revenue generated which can ensure accuracy behind the data points shared.
Step:3 Validating and Finalizing:
Building market hypothesis and conducting CATIs with industry exerts belonging to different companies to validate statistics and seek operational and financial information from company representatives.
Step:4 Research output:
Our team will approach multiple prepaid card and fuel providing channels and understand nature of product segments and sales, consumer preference and other parameters, which will support us validate statistics derived through bottom to top approach from India Prepaid cards Providers
Frequently Asked Questions
Frequently Asked Questions
01 How big is the India Prepaid Cards & Retail Fuel Spend Market?
India prepaid cards market revenue is about 200 Bn and retail fuel isclose to 9 Bn approx. in 2022.
02 Who are the major Players in India Prepaid Cards Market?
Axis Bank, HDFC Bank, Canara Bank, Ebix Cash, SBI and Union Bank.
03 Who are the major Players in India Retail Fuel Spend Market?
ONGC, BPCL, HPCL, IOCL and Reliance Petroleum Limited.
04 What are the factors driving the India Prepaid Cards Market?
Technologies such as Biometric Authentication, Internet of Things (IoT) and Artificial Intelligence (AI) are expected to drive prepaid cards market growth in future.
05 What are the factors driving the India Retail Fuel Spend Market?
Discounted Crude Oil from Russia, E-Commerce Industry, Sale of Passenger Vehicles, Increased Public Mobility are some of them important factors.
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