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, and Others), Vertical (Corporate/Organization, Retail, Government, and Others), and Region 2025-2033

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, and Others), Vertical (Corporate/Organization, Retail, Government, and Others), and Region 2025-2033

Report Format: PDF+Excel | Report ID: SR112025A1443

Market Overview 2025-2033:

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.

Report Attribute
 Key Statistics
Base Year
2024
Forecast Years
2025-2033
Historical Years
2019-2024
Market Size in 2024 USD 213.0 Billion
Market Forecast in 2033 USD 2,277.0 Billion
Market Growth Rate (2025-2033) 30.1%


The monetary value of prepaid card is stored in itself, so these cards do not require opening of a direct deposit or lending account with a bank. Some prepaid cards are not reloadable, i.e. gift cards, and such cards are disposed after their virtual amount is entirely used. On the other hand, reloadable prepaid cards can be replenished with funds repeatedly. Prepaid cards can be obtained online as well as from retailers including supermarkets, gas stations, office supply stores and drug stores.

India Prepaid Cards Market Trends:

A prepaid card is a convenient mode of payment, and it requires very little time or cost to get one. Prepaid cards, in addition, to be an alternative to cash, offer security and greater ease of transaction to consumers. Owing to the increasing penetration of smartphones and internet, India has witnessed significant growth in the e-commerce industry in the last decade, which has catalyzed the growth of online payments using prepaid cards. The growth has also been driven by demonetization and the government’s encouragement towards cashless economy. In addition to this, increasing number of organized retailers has also contributed to the growth of the prepaid cards market in India.

IMARC Group’s latest report provides a deep insight into the India prepaid cards market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the India prepaid cards market in any manner.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the India prepaid cards market report, along with forecasts at the country and regional level from 2025-2033. Our report has categorized the market based on card type, purpose and vertical.

Breakup by Card Type:

India Prepaid Cards Market

  • Closed Loop Cards
  • Open Loop Cards

Breakup by Purpose:

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

Breakup by Vertical:

  • Corporate/Organization
  • Retail
  • Government
  • Others

Breakup by Region:

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

Competitive Landscape:

The competitive landscape of the industry has also been examined with some of the key player being Axis Bank Limited, EbixCash (Ebix Inc.), HDFC Bank Limited, Hermes Bank Limited, ICICI Bank Limited, Kotak Mahindra Bank Limited, Oxigen Services (India) Pvt. Ltd., Punjab National Bank, State Bank of India, Sodexo India, The Western Union Company and Yes Bank.

Report Coverage:

Report Features Details
Base Year of the Analysis 2024
Historical Period 2019-2024
Forecast Period 2025-2033
Units Billion USD
Segment Coverage Card Type, Purpose, Vertical, Region
Region Covered West and Central India, South India, North India, East India
Companies Covered Axis Bank Limited, EbixCash (Ebix Inc.), HDFC Bank Limited, Hermes Bank Limited, ICICI Bank Limited, Kotak Mahindra Bank Limited, Oxigen Services (India) Pvt. Ltd., Punjab National Bank, State Bank of India, Sodexo India, The Western Union Company and Yes Bank
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Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Key Questions Answered in This Report

The India prepaid cards market was valued at USD 213.0 Billion in 2024.

We expect the India prepaid cards market to exhibit a CAGR of 30.1% during 2025-2033.

The growing prominence of cashless economy system as it offers high financial security and ease of transaction to the consumers, is primarily catalyzing the India prepaid cards market.

The sudden outbreak of the COVID-19 pandemic has led to the increasing demand for prepaid cards, owing to the rising consumer inclination towards cashless transactions, especially during the lockdown scenario in the country.

Based on the card type, the India prepaid cards market can be segmented into closed loop cards and open loop cards. Currently, open loop cards hold the majority of the total market share.

Based on the purpose, the India prepaid cards market has been divided into payroll/incentive cards, travel cards, General Purpose Reloadable (GPR) cards, remittance cards, and others. Among these, payroll/incentive cards currently exhibit a clear dominance in the market.

Based on the vertical, the India prepaid cards market can be categorized into corporate/organization, retail, government, and others. Currently, the corporate/organization segment accounts for the largest market share.

On a regional level, the market has been classified into West and Central India, South India, North India, and East India, where West and Central India currently dominates the market.

Some of the major players in the India prepaid cards market include Axis Bank Limited, EbixCash (Ebix Inc.), HDFC Bank Limited, Hermes Bank Limited, ICICI Bank Limited, Kotak Mahindra Bank Limited, Oxigen Services (India) Pvt. Ltd., Punjab National Bank, State Bank of India, Sodexo India, The Western Union Company and Yes Bank.

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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, and Others), Vertical (Corporate/Organization, Retail, Government, and Others), and Region 2025-2033
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