During the review period (2007-2011), the Indian prepaid travel cards category grew at a CAGR of over 50%.
Prepaid cards are becoming more popular than credit cards in India where the number of outstanding credit cards in the country decreased from 27.6 million in March 2008 to 18 million in March 2011.
A rising number of retail companies and brands in India are now offering prepaid cards as a strategy to retain customers and increase sales.
Indians prefer conducting financial transactions through cash rather than payment cards where about 97% of the total retail transactions in the country are cash-based.
The Indian prepaid cards market is highly consolidated among three companies that include Axis Bank, ICICI Bank and Itz Cash Card.
The full report ‘Emerging Opportunities in the Indian Prepaid Card Market: Market Size, Strategies, Products and Competitive Landscape’ is available from BRICdata. Click here for more details.
