The Indian economy is still largely cash-based and more than 40% of people are unbanked. But driven by consumer demand, there will be demand for prepaid cards by the relatively young populace; the CAGR Is predicted to be around 35%. The prepaid card market in India is pegged at $19 billion (2015) and expected to reach $85 billion by the end of 2020 with a CAGR of around 35%. Convenience (not carrying cash) is the most cited reason by consumers for purchasing a prepaid card.
Prepaid gift cards is a smart gifting solution which essentially works like gift voucher. A prepaid gift card is magnetic strip-based prepaid card which looks similar to credit or debit card. However, prepaid gift card is neither a card nor a debit card entirely. More number of corporate and individual consumers are opting for gift cards; the market for such items in the country is slated to hit a billion dollars. Players are coming up with a flexible technology platform, which facilitates retailers to create custom gift cards.
The LTP report on 'India Prepaid & Gift Cards Market Analysis' gives an overview of Indian Prepaid Card Market Analysis, Prepaid Card Market Split by Players, Recent Developments in the Prepaid card market and Challenges for prepaid cards in India and similarly report highlights the Indian Gift Card Market, it also talka about technology enablers and gift card providers in India and gives Value proposition of Gift Card market in India.
The LTP report