Print
Email
Digital payment service provider ItzCash has partnered with RBL Bank to launch Rupay Platinum Prepaid Card. It has been powered by digital payment facilitator Rupay and has a bunch of prepaid card services supported across physical and virtual platforms. The Rupay prepaid wallet will be made available across digital and physical network of ItzCash. It will have one time registration system for initiating usage without depending on bank account. It is targeted at home makers, SMEs and other retailers.
India has experienced significant development in terms of infrastructure, regulations and payment service providers in digital payments segment. The prepaid transactions have increased tremendously in past three to four years. The prepaid card market in Gross Dollar Value terms increased at a CAGR of 33.9% during 2011-2015. Over the forecast period of 2016 to 2020, the category is expected to record a CAGR of 24.5% to reach USD 34.6 billion by 2020. Open loop prepaid cards in India are expected to grow at a CAGR of 25.5%.
To know more and gain deeper understanding of prepaid card industry in India, click here
Sign up for The PayNXT360 Insights, and get a weekly roundup of market events, innovations and data you can trust and use.
Sign Up Now
