Number of Payroll Cards Witnessing Growth in the Indian Market

Number of payroll cards in the country is expected to grow at a significant rate, says RNCOS.


Noida, UP -- (SBWIRE) -- 07/01/2014 -- Prepaid cards are slowly gaining popularity in the Indian market. Among various types of prepaid cards, the share of payroll cards is the highest in volume terms in the country. According to a new report by RNCOS, “Indian Prepaid Card Market Outlook 2018”, payroll cards are becoming a favorite alternative for the corporate institutions and hence is witnessing wide acceptance in the market.

According to our report, payroll cards are becoming popular among corporate as they provide an easy transference and maintenance of employees transaction data through KYC (Know Your Customer) forms, whereas, a normal salary account needs a permanent account number and involves a documentation procedure. Thus, the corporations do not have to deal with tedious paperwork and can easily include new employees in the payment system. Further, employees also find it convenient to get salaries by payroll cards. With the inclination of corporate houses and employees towards payroll cards coupled with various banks entering into the payroll card segment, the number of payroll cards is set to increase in the future.

The report “Indian Prepaid Card Market Outlook 2018”, provides an indepth and rational analysis of the prepaid card market in India. It provides a detailed overview of the prepaid card market both in value and volume terms. The sections covering details of the value and volume market respectively provide a detailed market forecast of the market till 2018. Further, these sections also provide a brief outlook till 2018 for types of prepaid cards like payroll cards, remittance cards and travel cards. Besides, a section covering the preferred services of prepaid cards as used by consumers has also been included in the report to highlight the major application areas of prepaid cards in the country. The report also sheds light on the single purpose prepaid cards and major drivers which would drive the market in the future. Further, various roadblocks affecting the growth of the market have also been focused upon in the report. A brief competitive landscape covering the business overview and product portfolio of major players have also been provided in the report.

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RNCOS is a leading industry research and consultancy firm incorporated in 2002. As a pioneer in syndicate market research, our vision is to be a global leader in the industry research space by providing research reports and actionable insights to companies across a range of industries such as Healthcare, IT and Telecom and Retail etc. We offer comprehensive industry research studies, bespoke research and consultancy services to Fortune 1000, Trade associations, and Government agencies worldwide.