Government Push Towards Financial Inclusion Drives Prepaid Cards

“The prepaid card market in India is expected to continue growing at a cumulative annual growth rate of around 40% during 2012-2017” RNCOS Study.


Noida, UP -- (SBWIRE) -- 08/26/2013 -- Prepaid cards are rapidly evolving as an easy and convenient way to provide financial assistance to the underserved. While on one hand, consumer to Government (C2G) payments are on rise through prepaid cards that can be swapped at PoS terminals or used for online transactions, on the other hand, numerous Government schemes have propped up to provide financial aid to the poor through better option of prepaid cards which restricts the misuse of money being transferred from the Government authorities to the deserving hands.

In a bid to increase transparency in payment systems, Government is trying to channel wage payments through prepaid cards. For instance, in near future, NREGS (National Rural Employment Guarantee Scheme) workers shall be entitled to payments through prepaid cards. In another effort, Delhi Government has launched the ‘Saral Money Prepaid card’ to provide banking services to those people who are unable to open a bank account due to lack of supporting documents for their ‘know your customer’ (KYC) verification. Many such initiatives are underway to enhance transparency in the payment system and streamline cumbersome payment processes.

RNCOS research report titled “Indian Prepaid Card Market Outlook to 2017”, provides insights on the global and Indian prepaid card market. Current and future growth prospects of key market segments such as travel cards, payroll cards, multipurpose cards, remittance cards and other cards have been presented keeping in view the influencing factors and expert opinions. Consumer perception mapping depicts the percentage share of most demanded services by end users such as utility bill payments, rail/air ticketing, DTH subscriptions etc. Describing the industry trends and challenges, the research report also contains the business profiles and product portfolio of leading banking and non-banking players in the prepaid card industry.

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