India Prepaid Cards & Retail Fuel Spend Market

India Prepaid Cards & Retail Fuel Spend Market


Market Overview:

A rapidly evolving market with immense growth potential India Prepaid Cards & Retail Fuel market is being driven bythe rising disposable incomes of the consumers and the varied gift cards offered by companies and retail outlets. The monetary value of the prepaid card is stored on its own, so that such products do not require the opening of a direct deposit or credit account with a bank. Few prepaid cards are not rechargeable, that is, gift cards, so these cards are disposed of off after their virtual sum is completely utilized. On the other hand, rechargeable prepaid cards can be regularly replenished with funds. Prepaid cards can also be bought online as well as from retailers, such as supermarkets, gas stations, office supplies stores, and drug stores.

There are multiple regulatory bodies involved in regulating prepaid cards, including the Reserve Bank of India, the Department of Payment and Settlement Systems, and the Ministry of Finance. This can lead to confusion and delays in launching prepaid card programs.Prepaid cards are not accepted at all merchants particularly in rural or remote areas where digital payment infrastructure is less developed.The India Prepaid Cards Market is with major players in this market are ICICI Bank, HDFC, Rupay, Yes Bank amongst others.

India Prepaid Cards Market Analysis

The Prepaid Instruments market in India has been experiencing significant growth due to increasing adoption and acceptance of digital payment methods, rising e-commerce transactions, and government initiatives promoting a cashless economy.

India Prepaid Instruments is majorly driven by the growing e-commerce market which creates a demand for digital payments and a move towards financial inclusion.

The major recommended strategies for new entrants in the market include offering various incentives, discounts, referral programs and developing user friendly websites or mobile apps.

Key Trends by Market Segment:

By Mode of Payment: The India Prepaid Card & Retail Fuel Market is segmented by mode of payment into Cash, Debit Card, Mobile Wallet & UPI. As of 2022-23, the Cash mode of payment registered the highest share, capturing a whooping 52% of the market. The debit card mode of payment stood second in line with a market share of 23%, followed by mobile wallets & UPI.

By Petrol Fleet: The India Prepaid Instruments & Retail Fuel Market is segmented by petrol fleet into 2W, Private Car, private SUV, Taxis, Taxi SUV & 3W (Goods & Passengers) with 2W capturing the highest share of market, a massive 59, followed by private care (28%), private SUV (8.5%), Taxi (1.9%) & Taxi SUV (1.3%) & 3W (1.2%).

Competitive Landscape:

HDFC Bank has the highest number of merchant partners up to 2 Mn and lowest churn rate of 5-10% among the major players

The latest acquisition of Citibank by Axis Bank for its consumer businesses and its non-banking finance arm has helped the bank become the biggest player in the market

The average revenue per card depends on multiple fees charged by banks like issuance fees, annual fees, amount loading fees among others

Recent Developments:

Fortum Charge & Drive India Introduces Innovative RuPay Pre-paid Card for EV Charging

In December 2022, Amara Raja Batteries Limited (ARBL) announced its plans to invest over USD 1,148.89 million over ten years in setting up research and development and a greenfield manufacturing plant for lithium-ion Prepaid Cards production in Telangana's Mahbubnagar district.

In June 2022, researchers at IIT Madras worked on a new Prepaid Cards technology for electric vehicles. They are developing mechanically rechargeable zinc-air batteries instead of the lithium-ion batteries now used in EVs.

Future Outlook:

The Prepaid Cards Market is estimated to grow robustly with increasing usage and acceptance of cards at multiple merchant locations

The online security and protection against cyber threats remain an important consideration for users while purchasing gift cards

Technologies such as Biometric Authentication, Internet of Things (IoT) and Artificial Intelligence (AI) are expected to drive Industry growth in future

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1. Executive Summary
1.1 Executive Summary – India Pre-Paid Instruments
2. Country Overview
2.1 India Population Analysis
2.2 Banking Sector Overview
2.3 Fuel Spend Overview
3. Gift Cards
3.1 Ecosystem
3.2 Value Chain Analysis
3.3 Growth Drivers of India Gift Cards Market
3.4 Challenges in India Gift Cards Market
3.5 Trends in India Gift Cards Market
3.6 Regulations in India Gift Cards Market
3.7 Market Size of India Gift Card Market
3.8 Cross Comparison of Major Gift Card Players
3.9 Future Technological Innovations in India Gift Cards
4. Prepaid (Reloadable) Cards
4.1 Ecosystem
4.2 Value Chain Analysis
4.3 Growth Drivers of India Prepaid Cards Market
4.4 Challenges in India Prepaid Cards Market
4.5 Trends in India Prepaid Cards Market
4.6 Regulations in India Prepaid Cards Market
4.7 Market Size of India Prepaid Cards Market
4.8 Cross Comparison of Major Prepaid Cards Players in India
4.9 Future Technological Innovations in India Prepaid Cards Market
5. Co-Branded Cards
5.1 Ecosystem
5.2 Value Chain Analysis
5.3 Growth Drivers of India Co-Branded Prepaid Cards Market
5.4 Challenges in India Co-Branded Prepaid Cards Market
5.5 Trends in India Co-Branded Prepaid Cards Market
5.6 Regulations in India Co-Branded Prepaid Cards Market
5.7 Market Size of India Co-Branded Prepaid Card Market
5.8 Cross Comparison of Co-Branded Prepaid Market Players
5.9 Future Technological Innovations in India Co-Branded Prepaid Cards
6. NCMC Cards
6.1 Ecosystem
6.2 Value Chain Analysis
6.3 Growth Drivers of NCMC Cards Market
6.4 Challenges in NCMC Cards Market
6.5 Regulations in NCMC Cards Market
6.6. Market Size of NCMC Cards Market
6.7 Cross Comparison of NCMC Cards Market Players
6.8 Future Technological Innovations in India NCMC Cards Market
7. Fuel Spend in India
7.1 Ecosystem – India Fuel Spend Market
7.2 Market Size: India Fuel Spend Value of Transactions, FY17- FY23
7.3 Market Size: India Fuel Spend Value of Transactions, FY17- FY23
7.4 Market Segmentation by Mode of Payment (Cash, Cards, UPI and mobile wallets)
7.5 Market Segmentation by Type of Fleet (2W, Private Car, SUV, Taxis, Taxis SUV, 3W)
7.6 Market Segmentation by Type of Fleet (Trucks, Private Car, Buses, Commercial Taxis, Others)
7.7 Major Districts with Highest Fuel Spend in India, FY23
7.8 Major Highways and Routes with Highest Fuel Spend in India, FY23
7.9 Growth Drivers of India Fuel Spend Market
7.10 Trends in India Fuel Spend Market
7.11 Challenges in India Fuel Spend Market
7.12 Government Regulations and Policies in India Fuel Spend Market
7.13 Market Segmentation by Location of Total Amount of Petrol Spent in India (Highway, Urban Pumps, Rural)
7.14 Market Segmentation by Location of Total Amount of Diesel Spent in India (Highway, Urban Pumps, Rural)
8. Analyst Recommendations
8.1 Cross Comparison of Prepaid Instruments
8.2 Understanding the Purchasing Decision Making Parameters
8.3 Customer Journey and Promotion Strategy
8.4 Sales and Marketing Strategies
8.5 Recommendations for New Entrants
9. Research Methodology
9.1 Market Definitions and Assumptions and Abbreviations
9.2 Market Sizing Approach
9.3 Consolidated Research Approach
9.4 Sample Size Inclusion
9.5 Limitation and Future Conclusion
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