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Indian prepaid card market worth an estimated $93bn
22 Sep 2010

The prepaid card sector in India is estimated to be worth around $93 billion (£60 billion), according to new research.

A survey conducted by Visa revealed that, despite only two per cent of Indian consumers currently owning a prepaid card, 80 per cent wish to acquire one in the near future.

Prepaid cards are similar to debit cards as they can be used in stores and ATMs to pay for goods and services, but users can only spend the amount of money they load onto the card.

Around 1,000 Indian firms currently use the cards to pay employees their wages, while they can also be used abroad and as gift cards.

Soundarya Viswanathan, an Axis Bank employee, claimed the technology can offer cardholders "financial freedom".

He told siliconindia.com: "What I like the most is it doesn't demand a bill pay or interest like the regular cards charge.

"For an ordinary man, or students across the country provides a credit limit that can have a control over the expense."