Top Prepaid Cards Market Companies in India | Manufacturers & Suppliers 2025

Top Prepaid Cards Market Companies in India

Prepaid cards in India have attained prominent popularity over the past decade, with a rising number of people opting for them as a convenient as well as secure payment method. The prepaid cards market in India has seen constant growth since it is significantly driven by factors such as rising disposable income, increasing internet and mobile penetration, and government initiatives to promote cashless transactions.

The growth of the prepaid cards market in India is attributed to numerous key players who have made major contributions. Financial institutions, including banks and non-banking financial companies (NBFCs), have played a prominent role in stimulating the growth of prepaid cards in India. They have been at the forefront of introducing innovative prepaid card products, promoting them to their customer base, and providing convenient ways for customers to top-up or reload their cards.

The rise of e-commerce in the nation has also had a prominent impact on the growth of prepaid cards. With the expanding number of people shopping online, e-commerce companies have recognized the importance of offering alternative payment methods such as prepaid cards.  According to 6Wresearch, India Prepaid Cards Market size is expected to grow at a CAGR of around 8% during the forecast period of 2025-2031.

List of Leading Companies in the India Prepaid Cards Marke

1. State Bank of India (SBI)

State Bank of India is the largest bank in India and offers a wide range of prepaid cards to its customers. They offer both physical and virtual prepaid cards that can be used for online purchases, bill payments, and more.

2. ICICI Bank

usICICI Bank is one of the leading private sector banks in India and offers various prepaid card options to its customers. These include travel cards, gift cards, and general purpose reloadable cards for everyday e. commerce transactions.

3. Axis Bank

Axis Bank is another major private sector bank in India that offers a range of prepaid cards for its customers. These include travel cards, gift cards, and even contactless payment cards for quick and easy transactions.

4. HDFC Bank

HDFC Bank is one of the most popular banks in India and also offers a variety of prepaid card options to its customers. These include travel cards, gift cards, and corporate expense management cards for businesses.

5. Citibank

Citibank is a multinational banking and financial services corporation that offers prepaid cards in India. They offer virtual prepaid cards for online purchases and also have a rewards program for cardholders.

6. Paytm Payments Bank

Paytm Payments Bank is a digital bank in India that offers prepaid cards to its customers. These cards can be used for online and offline transactions and also offer cashback rewards.

7. Payoneer

Payoneer is a global payment platform that offers prepaid Mastercard to Indian users. These cards can be used for international transactions and also offer low foreign exchange fees.

8. Oxigen Wallet

Oxigen Wallet is a digital wallet company in India that offers prepaid cards for online and offline payments. They also have a loyalty program for their users.

9. Amazon Pay

Amazon Pay is a digital wallet service by e-commerce giant Amazon that offers prepaid cards to its customers in India. These cards can be used for purchases on Amazon as well as other merchants.

10. Mobikwik

Mobikwik is a digital financial services platform that offers prepaid cards to its users. These cards can be used for online and offline purchases, as well as bill payments and recharges. They also offer cashback rewards to their customers.

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