'Explosive' growth forecasted for prepaid card market in India

Research conducted by The Global Prepaid Exchange concludes that players in India's prepaid card market have reason to be optimistic. The global association forecasts that the market opportunity for prepaid cards in India will be $ 9.3 billion in 2011, with travel, gift, payroll and government benefit cards leading the way.

In Prepaid the India Way, The Global Prepaid Exchange predicted large growth for gift (30 percent), payroll (20 percent) and government benefit (15 percent) cards, with travel cards already representing a $2 billion market segment. The association said the prepaid card market in India "has started to become a key part of the economy."

The report's co-author, Professor Dan Horne of Providence College in Providence, R.I., said, "As a means to financial inclusion and increased consumer autonomy, prepaid in India stands unparalleled. The optimism of the industry is echoed by the strongly positive consumer attitudes in evidence in the data…Conditions on the ground are ripe for explosive growth."

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