Top 10 Prepaid Cards Companies in India

The India prepaid cards market size reached USD 213.0 Billion in 2024. As per the analysis by IMARC Group, the market is expected to reach USD 2,277.0 Billion by 2033, exhibiting a growth rate (CAGR) of 30.1% during 2025-2033. The leading companies in the India prepaid cards market are engaged in expanding their product portfolio and gaining a competitive edge. These companies are consequently focusing on introducing mobile wallets that enable users to load funds onto their prepaid cards and make purchases using their smartphones. These wallets also eliminate the need for users to carry their physical cards and make the payment process more convenient.

In addition, key players operating in India are integrating advanced technologies, such as machine learning (ML), artificial intelligence (AI), and near field communication (NFC), in prepaid cards to enable contactless payments and allow users to make transactions by simply tapping their card on a payment terminal. These advancements also help prepaid card providers to analyze user behavior and detect fraudulent activities, thereby allowing them to quickly identify and prevent unauthorized transactions.

Learn about opportunities, challenges, and trends in the Indian Prepaid Cards market with IMARC’s market research report. Try a free sample today!

List of Top India Prepaid Cards Companies:

The India prepaid cards market has several major players including 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, and Yes Bank Ltd. More information about these companies has been provided below. 

1. American Express Company

American Express Company offers a variety of financial products and services, such as credit cards, charge cards, travel-related services, and business and individual expense management solutions. It caters to individuals, businesses, and merchants with solutions spanning consumer payments, corporate expense management, and merchant acquiring. Its online sites and mobile apps provide easy-to-use services like account management, rewards redemption, and secure payments. American Express focuses on corporate responsibility and sustainability with efforts toward environmental stewardship, extending financial inclusion, and supporting community development across the world.

2. Axis Bank Limited

Axis Bank Limited is one of the leading private sector banks that offers a wide range of financial products and services, including retail banking, corporate banking, and treasury operations. It has a network of over 4,000 branches and 17,000 ATMs across the country. It has won several awards and recognitions for its innovative products, customer service, and digital initiatives. It has launched several innovative products and services to enhance the banking experience of its customers.

3. EbixCash

EbixCash (Ebix Inc.) offers a wide range of payment services, including money transfer and bill, insurance premium and e-commerce payments. It has a strong focus on leveraging technology to offer seamless payment experiences to its customers. It has developed a range of digital payment platforms, including the EbixCash mobile app and the EbixCash World ATM network, which offer a convenient and secure way to transact. It has also invested in developing cutting-edge technologies, such as artificial intelligence and blockchain, to improve its operations and enhance customer experience.

4. HDFC Bank Ltd.

HDFC Bank Limited produces a variety of financial products and services, including personal banking, corporate banking, and wealth management. It has been at the forefront of adopting new technologies to enhance the banking experience of its customers. Its digital banking platforms, including the HDFC mobile banking app and HDFC NetBanking, offer a range of services like fund transfers, bill payments, and investment management. It has implemented several initiatives to reduce its carbon footprint, promote financial inclusion, and support community development.

5. ICICI Bank Ltd

ICICI Bank Limited has a network of over 5,275 branches and 15,589 ATMs across the country. It offers a wide range of banking and financial products and services, including personal banking, corporate banking, and wealth management. Its digital banking platforms like the ICICI mobile banking app and ICICI Internet Banking provide a range of services, including fund transfers, bill payments, and investment management.

6. Kotak Mahindra Bank Limited

Kotak Mahindra Bank Limited offers digital banking platforms, including the Kotak mobile banking app and Kotak Net Banking, which support a range of services. Its commitment to adopting new technologies and providing high-quality services has helped it establish a strong brand reputation and a loyal customer base. It operates through a network of branches and ATMs across the country and has a presence in several international locations, including the United States, United Kingdom, Dubai, and Singapore.

7. Pluxee India

Pluxee India, a former member of the Sodexo Group, provides employee engagement and benefits solutions aimed at increasing workplace productivity and employee wellness. Its digital platforms, including app-based meal cards and benefit management programs, deliver services like food and meal vouchers, fuel, wellness, and gifting solutions. Pluxee India focuses on sustainability and social responsibility by advocating digital-first solutions, reducing paper consumption, advancing the financial accessibility of employees, and enabling community-based programs.

8. Punjab National Bank

Punjab National Bank offers a range of financial products and services, such as personal banking, corporate banking, and international banking. Its digital banking platforms, including the PNB mobile banking app and PNB Internet Banking, offer a range of services like fund transfers, bill payments, and investment management. It is committed to promoting sustainability and social responsibility and has implemented several initiatives to reduce its carbon footprint, promote financial inclusion, and support community development.

9. State Bank of India

State Bank of India offers a wide range of financial products and services, including personal banking, corporate banking, and international banking. It has a network of over 22,000 branches and 58,000 ATMs across the country. It has also expanded its operations overseas with branches in over 30 countries. It has won several awards and recognitions for its innovative products, customer service, and digital initiatives.

10. Yes Bank Ltd

Yes BANK offers a wide range of financial products and services, including personal banking, corporate banking, and investment banking. It has also launched innovative products, such as the 'YES Pay Wallet' app, which allows customers to make payments using just their mobile phone. It has implemented various measures to reduce its carbon footprint, promote financial inclusion, and support community development.
 

Get an inside look at the India prepaid cards market with exclusive insights, including:

• CAGR projections during the 2025-2033 forecast period.
• In-depth information on the factors that will fuel the India prepaid cards market growth in the next five years.
• Precise predictions regarding upcoming trends and potential changes in consumer behavior.
• Analysis of the India prepaid cards industry's expansion at the regional and country level.
• A thorough review of the market's competitive landscape and detailed information on key players.
• Detailed explanations of the challenges that could impede the growth of the India prepaid cards market.

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