Payroll cards and travel cards are expected to see increased penetration in the coming years, says RNCOS.
Noida, India -- (SBWIRE) -- 07/23/2014 -- Though the popularity of payroll and travel cards is increasing in the country, their penetration is still less. According to a new report by RNCOS, “Indian Prepaid Card Market Outlook 2018”, the penetration of travel cards and payroll cards is very low in the urban areas and almost negligible in the rural areas. However, with efforts of several banking and non-banking institutions, to increase the popularity of such cards, coupled with growing acceptance of these cards among consumers, the penetration of payroll and travel cards is expected to increase in the future.
According to our report, the urban branches of private banks have laid emphasis on promoting various prepaid cards through banners hung outside the bank premises and innovative classifieds on bank portals. Further banks like Axis bank have issued very first Rupee denominated Travel Card “India travel card” for Foreign Nationals and Non Resident Indians (NRIs), which can be directly swiped, without any transaction fee, at merchant establishments accepting VISA cards. The card is loaded with Indian Rupees, which protects travelers from exchange rate fluctuation at VISA enabled ATMs (Automated Teller Machines) or POS (Point of Sale) machines. Moreover, various corporate are also increasing incorporating payroll cards for payment of salaries etc. Thus the penetration of travel & payroll cards will 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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