Entry of various banking and non-banking institutions is leading to growth of the prepaid card market, says RNCOS.
Noida, UP -- (SBWIRE) -- 07/09/2014 -- Prepaid card market is expected to witness boom in the coming years on the back of several banking and non-banking institutions entering this arena. According to a new report by RNCOS, “Indian Prepaid Card Market Outlook 2018”, with growing inclination of corporate houses and consumers towards usage of prepaid cards, several banks have started widening their prepaid offerings. Further, non-banking institutions like ItzCash etc are also incorporating new products under prepaid card segment to lure consumers.
According to our report, the banking and the non-banking institutions are investing heavily to increase the popularity of prepaid cards in the country. For instance, ICICI Bank had announced the launch of a combo prepaid card in association with the Uttar Pradesh State Road Transport Corporation (UPSRTC) in 2014. This pre-paid card will offer users the convenience of not having to pay cash for buying tickets for every trip undertaken on a UPSRTC bus. In addition, non-banking institutions like ItzCash etc are also offering unique services to the consumers and other outlets. For instance, ItzCash and OxiCash offer gifts to retail outlets for attaining a particular transaction limit. Thus, all these efforts are bound to propel growth in the market 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.